Congregado, Emilio; Golpe, Antonio A.; Parker, Simon - Institut zur Zukunft der Arbeit <Bonn> - 2009
This paper estimates an unobserved components model to explore the macro dynamics ofentrepreneurship in Spain and the … fluctuations have persistent effects onthe 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 ofentrepreneurship. The …