framework where the mass of firms is endogeneously determined. In contrast to the recent literature, the entry and exit …

, exit, and growth. The analysis shows that growth occurred primarily at the extensive margin. Firm entry was procyclical but … exit and growth were both acyclical. The new evidence reveals cyclical selection into entry. Booms systematically selected … exports, I use fluctuations in the world price of cotton to identify the direct impact of the business cycle on firm entry …