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 …

aimed at stimulating opportunity entrepreneurship versus active labor-market policies supporting self-employment as a way … of new opportunity and new necessity entrepreneurship for the 17 Spanish regions. To test whether exogenous shocks have … more widespread in new opportunity than in new necessity entrepreneurship, implying that shocks and temporary policies are …