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Entrepreneurship Over The Business Cycle

  • Yu, Li
  • Orazem, Peter
  • Jolly, Robert W.

The fraction self-employed rises in recessions because wage work is more sensitivethan self-employment to the business cycle, not because of necessityentrepreneurship. Graduating during a recession reduces the probability of starting a business forthe next 11 years.

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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 36672.

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Date of creation: 27 Oct 2013
Date of revision:
Publication status: Published in Economics Letters, February 2014, vol. 122 no. 2, pp. 105-110
Handle: RePEc:isu:genres:36672
Contact details of provider: Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Web page:

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  1. Marco Cagetti & Mariacristina De Nardi, 2003. "Entrepreneurship, frictions and wealth," Working Papers 620, Federal Reserve Bank of Minneapolis.
  2. Robert W. Fairlie & Alicia Robb, 2007. "Families, Human Capital, and Small Business: Evidence from the Characteristics of Business Owners Survey," ILR Review, Cornell University, ILR School, vol. 60(2), pages 225-245, January.
  3. Fairlie, Robert W, 1999. "The Absence of the African-American Owned Business: An Analysis of the Dynamics of Self-Employment," Journal of Labor Economics, University of Chicago Press, vol. 17(1), pages 80-108, January.
  4. Douglas Holtz-Eakin & David Joulfaian & Harvey S. Rosen, 1993. "Sticking it Out: Entrepreneurial Survival and Liquidity Constraints," NBER Working Papers 4494, National Bureau of Economic Research, Inc.
  5. Blanchflower, D.G. & Oswald, A., 1991. "What Makes an Entrepreneur?," Economics Series Working Papers 99125, University of Oxford, Department of Economics.
  6. Shane, Scott, 2011. "The Great Recession’s effect on entrepreneurship," Economic Commentary, Federal Reserve Bank of Cleveland, issue Mar.
  7. David G. Blanchflower, 2000. "Self-Employment in OECD Countries," NBER Working Papers 7486, National Bureau of Economic Research, Inc.
  8. Robert W. Fairlie & Bruce D. Meyer, 2000. "Trends in Self-Employment among White and Black Men during the Twentieth Century," Journal of Human Resources, University of Wisconsin Press, vol. 35(4), pages 643-669.
  9. Michael Hout & Harvey Rosen, 2000. "Self-Employment, Family Background, and Race," Journal of Human Resources, University of Wisconsin Press, vol. 35(4), pages 670-692.
  10. Rampini, Adriano A., 2004. "Entrepreneurial activity, risk, and the business cycle," Journal of Monetary Economics, Elsevier, vol. 51(3), pages 555-573, April.
  11. Fairlie, Rob, 2011. "Entrepreneurship, Economic Conditions, and the Great Recession," Santa Cruz Department of Economics, Working Paper Series qt0x3809sf, Department of Economics, UC Santa Cruz.
  12. Philip Oreopoulos & Till von Wachter & Andrew Heisz, 2012. "The Short- and Long-Term Career Effects of Graduating in a Recession," American Economic Journal: Applied Economics, American Economic Association, vol. 4(1), pages 1-29, January.
  13. Mattila, J. Peter & Orazem, Peter, 1991. "Human Capital, Uncertain Wage Distributions, and Educational and Occupational Choices," Staff General Research Papers 10841, Iowa State University, Department of Economics.
  14. Sandra E. Black & Philip E. Strahan, 2002. "Entrepreneurship and Bank Credit Availability," Journal of Finance, American Finance Association, vol. 57(6), pages 2807-2833, December.
  15. repec:cup:cbooks:9780521899604 is not listed on IDEAS
  16. Evans, David S & Leighton, Linda S, 1989. "Some Empirical Aspects of Entrepreneurship," American Economic Review, American Economic Association, vol. 79(3), pages 519-35, June.
  17. Orazem, Peter F & Mattila, J Peter, 1991. "Human Capital, Uncertain Wage Distributions, and Occupational and Educational Choices," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 32(1), pages 103-22, February.
  18. Kahn, Lisa B., 2010. "The long-term labor market consequences of graduating from college in a bad economy," Labour Economics, Elsevier, vol. 17(2), pages 303-316, April.
  19. Constant, Amelie & Zimmermann, Klaus F, 2004. "Self-Employment Dynamics Across the Business Cycle: Migrants vs Natives," CEPR Discussion Papers 4754, C.E.P.R. Discussion Papers.
  20. Barton H. Hamilton, 2000. "Does Entrepreneurship Pay? An Empirical Analysis of the Returns to Self-Employment," Journal of Political Economy, University of Chicago Press, vol. 108(3), pages 604-631, June.
  21. repec:cup:cbooks:9780521728355 is not listed on IDEAS
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