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Business Cycles and Start-ups across Industries: an Empirical Analysis for Germany

Alexander Konon (), Michael Fritsch () and Alexander Kritikos ()
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Alexander Konon: German Institute for Economic Research (DIW Berlin)

No 2017-013, Jena Economic Research Papers from Friedrich-Schiller-University Jena

Abstract: We analyze whether start-up rates in different industries systematically change with business cycle variables. We mostly find correlations that are consistent with counter-cyclical influences of the business cycle on entries in both innovative and non-innovative industries. Entries into the large-scale industries, including the innovative part of the manufacturing sector, are more strongly influenced by changes in the cyclical component of unemployment, while entries into small-scale industries, like the knowledge intensive services, are merely influenced by changes in the cyclical component of GDP. Business formation may therefore have a stabilizing effect on the economy.

Keywords: New business formation; Entrepreneurship; business cycle; manu- facturing; services; innovative industries (search for similar items in EconPapers)
JEL-codes: L26 E32 L16 R11 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ent, nep-eur, nep-geo, nep-ino, nep-mac, nep-sbm and nep-tid
Date: 2017-10-04
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