Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/35576
Authors: 
Congregado, Emilio
Golpe, Antonio A.
Parker, Simon C.
Year of Publication: 
2009
Series/Report no.: 
IZA discussion papers 4093
Abstract: 
This paper estimates an unobserved components model to explore the macro dynamics of entrepreneurship in Spain and the US. We ask whether entrepreneurship exhibits hysteresis, defined as a macro dynamic structure in which cyclical fluctuations have persistent effects on the natural rate of entrepreneurship. We find evidence of hysteresis in Spain, but not the US, while in both countries business cycle output variations significantly affect future rates of entrepreneurship. The article discusses implications of the findings for the design of entrepreneurship policies.
Subjects: 
Hysteresis
unobserved components model
time series models
business cycles
self-employment
entrepreneurship
JEL: 
C32
E32
J24
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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