ENTREPRENEURSHIP AND THE BUSINESS CYCLE

• 成果类型: Article
• 署名作者: Koellinger, Philipp D.; Thurik, A. Roy
• 署名单位: Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00224
• 发表日期: 2012-11
• 页码: 1143-1156
• 关键词: self-employment; prospect-theory; AGENCY COSTS; net worth; MODEL; RISK; overconfidence; fluctuations; DECISION; returns

摘要

We find new empirical regularities in the business cycle in a cross-country panel of 22 OECD countries for the period 1972 to 2007; entrepreneurship Granger-causes the cycles of the world economy. Furthermore, the entrepreneurial cycle is positively affected by the national unemployment cycle. We discuss possible causes and implications of these findings.