Using different definitions of what constitutes a small firm, this paper analyses the effect of business conditions on the start-up of small firms. It is found that small firm births exhibit a pro-cyclical hehaviour, irrespective of the threshold used to define a small firm. The smallest new firms,
β¦ LIBER β¦
Macroeconomic fluctuations and equilibrium discount factors
β Scribed by Charles Kramer; Erik Benrud
- Book ID
- 105529360
- Publisher
- Springer US
- Year
- 1997
- Tongue
- English
- Weight
- 87 KB
- Volume
- 3
- Category
- Article
- ISSN
- 1083-0898
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In the last 10 years, a number of "conventional uctuation theorems" have been derived for systems with deterministic or stochastic dynamics, in a transient or in a non-equilibrium stationary state. These theorems gave explicit expressions for the ratio of the probability to ΓΏnd the system with a cer