This paper estimates an unobserved components model to explore the macro dynamics ofentrepreneurship in Spain and the US. We ask whether entrepreneurship exhibits hysteresis,defined as a macro dynamic structure in which cyclical fluctuations have persistent effects onthe natural rate of...

Over the last decade, Spain created more jobs than any other country in Europe; however, now it is destroying them at an equal pace. Nevertheless, the relationship between the level of employment and the level of self-employment has remained relatively stable. In this context, there is a...

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...