Report
Who bears the burden of recessions?
We compare France, the euro zone as a whole and the United States and examine who bears the burden of recessions: The government or the private sector? Households or companies? Among households, which categories (age, education level, nature of employment contract)? The main differences between France, the euro zone and the United States are: A larger share of the income loss is borne by the government in the United States than in the euro zone and even more so France; The wage share of GDP rises and the profit share falls in the euro zone and France; the reverse takes place in the United States; The relative situation of low-skilled workers deteriorates more in Europe than in the United States. Common p oints shared by the three regions are the deterioration in the situation of the young and the low-skilled and the major role played by the government in the short term.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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