TY  - RPRT
        AU  - Congregado, Emilio
AU  - Golpe, Antonio A.
AU  - Parker, Simon C.
        TI  - The Dynamics of Entrepreneurship: Hysteresis, Business Cycles and Government Policy
        PY  - 2009/Mar/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 4093
        UR  - https://www.iza.org/index.php/publications/dp4093
        AB  - 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.
        KW  - self-employment
KW  - business cycles
KW  - time series models
KW  - unobserved components model
KW  - hysteresis
KW  - entrepreneurship
        ER  -