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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

This discussion paper resulted in a publication in 'The Review of Economics and Statistics' (2012). Volume 94, issue 4, pages 1143-1156. 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.

Suggested Citation

  • P.D. Koellinger & A.R. Thurik, 0000. "Entrepreneurship and the Business Cycle," Tinbergen Institute Discussion Papers 09-032/3, Tinbergen Institute, revised 30 Sep 2009.
  • Handle: RePEc:tin:wpaper:20090032
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    Keywords

    Entrepreneurship; business cycle;

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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