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Entrepreneurship and the Business Cycle

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  • P.D. Koellinger

    (Erasmus School of Economics, Erasmus University Rotterdam)

  • A.R. Thurik

    (Erasmus School of Economics, Erasmus Universiteit Rotterdam)

Abstract

We study the cyclical pattern of entrepreneurial activity. Results across 22 OECD countries for the period 1972-2007 show that entrepreneurial activity is a leading indicator of the business cycle in a Granger-causality sense. This contradicts existing theoretical hypotheses which predict that entrepreneurship is pro-cyclical or not cyclical. We discuss possible causes and implications of this finding.

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File URL: http://papers.tinbergen.nl/09032.pdf
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Bibliographic Info

Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 09-032/3.

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Date of creation: 00 0000
Date of revision: 30 Sep 2009
Handle: RePEc:dgr:uvatin:20090032

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Web page: http://www.tinbergen.nl

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Keywords: Entrepreneurship; business cycle;

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  1. Nikolaj Malchow-Møller & Bertel Schjerning & Anders Sørensen, 2011. "Entrepreneurship, job creation and wage growth," Small Business Economics, Springer, vol. 36(1), pages 15-32, January.
  2. Andre van Stel & Martin Carree & Roy Thurik, . "The effect of entrepreneurial activity on national economic growth," Papers on Entrepreneurship, Growth and Public Policy 2005-04, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
  3. Thorsten Beck & Asli Demirguc-Kunt & Ross Levine, 2005. "SMEs, Growth, and Poverty," NBER Working Papers 11224, National Bureau of Economic Research, Inc.
  4. Åstebro, Thomas & Thompson, Peter, 2011. "Entrepreneurs, Jacks of all trades or Hobos?," Research Policy, Elsevier, vol. 40(5), pages 637-649, June.
  5. de Meza, David & Southey, Clive, 1996. "The Borrower's Curse: Optimism, Finance and Entrepreneurship," Economic Journal, Royal Economic Society, vol. 106(435), pages 375-86, March.
  6. Jolanda Hessels & Marco Gelderen & Roy Thurik, 2008. "Entrepreneurial aspirations, motivations, and their drivers," Small Business Economics, Springer, vol. 31(3), pages 323-339, October.
  7. André van Stel, 2004. "COMPENDIA: Harmonizing business ownership data across countries and over time," Scales Research Reports N200413, EIM Business and Policy Research.
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