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 business cycle fluctuations have persistent effects on the natural rate of...

This paper provides estimates of the elasticity of substitution between operational and managerial jobs in the US economy during the years 1969- 2011. Estimating the long-term relationship between the aggregate employment/self-employment ratio and the returns from paid-employment relative to...

We explore the macrostructure of entrepreneurship rates in a panel of 23 OECD countries over 1972--2006. We find that rates of entrepreneurship in OECD countries exhibit persistence rather than hysteresis. Implications for the design of entrepreneurship policies are discussed.

Some three to four decades ago, it was generally accepted in economic literature that the average size of firms would continue to increase with progressive economic development. This would be the result of an ever increasing importance of exploitation of scale economies. However, since that...