Impact of the crisis and the 2020-2021 budget measures on firms (with Laurent Bach, Arthur Guillouzouic & Clément Malgouyres)
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Using high-frequency VAT data, we find that the corporate sales impact of the Covid-19 shock in the spring of 2020 was very heterogeneous both between and within sectors. Emergency subsidies (loan guarantees, short-time work) do target firms with the biggest sales drops, albeit not perfectly. Corporate tax cuts, on the other hand, do not provide significantly more help to firms more affected by the pandemic. More info here