> Compare America and the EU. In the spring of 2020 aggregate working hours in both economies tanked. America then passed gargantuan stimulus packages, while Eu

> Compare America and the EU. In the spring of 2020 aggregate working hours in both economies tanked. America then passed gargantuan stimulus packages, while European governments chose more modest measures. The recovery in working hours since then has been only marginally better in America—not much extra labour for a lot of extra cash. Does this take the difference in automatic stabilizers into account? There was probably quite a lot of extra cash injected from the stronger social net in the EU. Eg https://www.nber.org/papers/w16275 https://www.nber.org/papers/w16275 says "In the case of an unemployment shock 47 percent of the shock are absorbed in the EU, compared to 34 per cent in the US."