Congregado, Emilio; Golpe, Antonio; Parker, Simon - In: Empirical Economics 43 (2012) 3, pp. 1239-1261
This article estimates two unobserved components models to explore the macrodynamics of entrepreneurship in Spain and … the USA. We ask whether entrepreneurship exhibits hysteresis, defined as a macrodynamic structure in which the cyclical … component of entrepreneurship has persistent effects on the natural rate of entrepreneurship. We find evidence of hysteresis in …
