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on Small Business Management |
| By: | Simeth, Markus (Universidad Carlos III de Madrid (UC3M)); Mohammadi, Ali (Royal Institute of Technology (KTH), Centre of Excellence for Science and Innovation Studies (CESIS) & Swedish House of finance) |
| Abstract: | Prior research shows that firms can increase their innovation performance by leveraging external sources of knowledge. However, insights related to potential drawbacks of open collaborative approaches for innovation remain scarce. In this paper, we investigate the relationship between R&D collaboration and the departure of skilled employees. Highly qualified scientists and engineers who interact with external partners in the context of R&D collaborations may increase their outside options, resulting in higher rates of employee mobility to other firms and employee entrepreneurship. We analyze our research question using data from the Swedish edition of the Community Innovation (CIS) survey combined with employer-employee register data. Our econometric analysis suggests that a stronger use of research collaborations by firms leads to an increasing number of employee departures. Moreover, we detect heterogeneity for this relationship with respect to the types of employee exits and different collaboration partners. |
| Keywords: | R&D employees; Open Innovation; R&D Collaboration; Employee mobility; Employee Entrepreneurship |
| JEL: | J62 O32 |
| Date: | 2017–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:cesisp:0449&r=sbm |
| By: | Andrin Spescha (KOF Swiss Economic Institute, ETH Zurich, Switzerland); Martin Wörter (KOF Swiss Economic Institute, ETH Zurich, Switzerland) |
| Abstract: | This paper investigates how the macroeconomic business cycle impacts the empirical relation between firms’ innovations and their sales growth rates. Based on firm-level panel data over the time period 1995-2014, the paper finds no visible sales growth differentials between firms in booming economic environments. In the economically difficult times of recessions, by contrast, innovative firms show significantly higher sales growth rates than non-innovative firms. This finding is in line with Schumpeter’s (1939) business cycle theory, where recessions play an important role in the adaptation of the economy towards innovative products and processes. Moreover, the paper shows that small innovative firms, profiting from their higher organizational flexibility and stronger entrepreneurial commitment, are the main beneficiaries in this adaption process. |
| Keywords: | Innovation, Firm growth, Business cycle, Firm size |
| Date: | 2016–10 |
| URL: | http://d.repec.org/n?u=RePEc:kof:wpskof:16-413&r=sbm |
| By: | Lindholm-Dahlstrand, Åsa (CIRCLE); Andersson, Martin (Department of Industrial Economics); Carlsson, Bo (Department of Economics) |
| Abstract: | There is a need for a conceptual approach that, with reference to explicit micro-level mechanisms and processes of industrial dynamics, articulates the role and function of entrepreneurial experimentation in innovation systems. This paper develops the concept of ‘entrepreneurial systems of innovation’ to address this gap in the literature. We argue that entrepreneurial experimentation comprises both ‘technical’ and ‘market’ experimentation, and that entrepreneurship must be conceptualized in terms of its function in innovation systems rather than as an outcome. At the systems level, the central function of entrepreneurial experimentation is to foster creation, selection and scaling-up of innovations. Spinoffs and acquisitions are proposed as examples of micro-mechanisms that give rise to system-wide entrepreneurial experimentation. Interaction between established organizations and new innovative entrants, through spinoffs and acquisitions, is an important characteristic of vibrant entrepreneurial systems of innovation. |
| Keywords: | Entrepreneurship; Experimentation; Innovation systems; New technology-based firms; Entrepreneurial systems of innovation; Scaling up; Growth |
| JEL: | L22 L26 O31 O33 |
| Date: | 2017–02–23 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:iuiwop:1154&r=sbm |
| By: | Ana Gouveia (GPEARI - Research and Economic Policy Division); Sílvia Santos; Marli Fernandes |
| Abstract: | There is a large branch of literature providing empirical evidence on the positive effects of agglomeration economies on productivity. However, for policy makers it is important to understand the role of agglomeration economies at a more micro level, disentangling the effects across industries, firm-level characteristics and time. The present survey reviews this literature, outlining the econometric approaches and methodological challenges. In general, results show that the magnitude of agglomeration economies differ substantially across industries and point to the presence of non-linear effects, also depending on the industry and product life cycles. The channels through which these effects operate may also differ – resulting from specialization externalities (within industries in the same region) and/or urbanisation externalities (across industries in the same region). Overall, the evidence reviewed in this survey highlights the need for policy makers to follow tailor-made approaches and to complement existing evidence with national level studies, maximizing potential productivity gains. |
| Keywords: | Agglomeration economies, Specialization externalities, Urbanization externalities, Productivity |
| JEL: | R1 O3 L6 D24 |
| Date: | 2017–02 |
| URL: | http://d.repec.org/n?u=RePEc:mde:wpaper:0067&r=sbm |
| By: | Andersson, Fredrik (Statistics Sweden); Johansson, Dan (Örebro University School of Business); Karlsson, Johan (Örebro University School of Business); Lodefalk, Magnus (Örebro University School of Business); Poldahl, Andreas (Statistics Sweden) |
| Abstract: | Family firms are often considered characteristically different from non-family firms, and the economic implications of these differences have generated significant academic debate. However, our understanding of family firms suffers from an inability to identify them in total population data, as this requires information on owners, their kinship and involvement in firm governance, which is rarely available. We present a method for identifying domiciled family firms using register data that offers greater accuracy than previous methods. We then apply it to data from Statistics Sweden concerning firm ownership, governance and kinship over the years 2004-2010. Next, we use Swedish data to estimate these firms’ economic contribution to total employment and gross domestic product (GDP) and compare them to private domiciled non-family firms in terms of their characteristics and economic performance. We find that the family firm is the prevalent organizational form, contributing to over one-third of all employment and GDP. Family firms are common across industries and sizes, ranging from the smallest producers to the largest multinational firms. However, their characteristics differ across sizes and legal forms, thereby indicating that the seemingly contradictory findings among previous studies on family firms may be due to unobserved heterogeneity. We furthermore find that they are smaller than private non-family firms in employment and sales and carry higher solidity, although they are more profitable. These differences diminish with firm size, however. We conclude that the term ‘family firm’ contains great diversity and call for increased attention to their heterogeneity. |
| Keywords: | entrepreneur; family firms; employment; GDP; register data |
| JEL: | D22 G32 J21 |
| Date: | 2017–02–21 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:oruesi:2017_001&r=sbm |
| By: | Diego Puga (CEMFI and CEPR) |
| Abstract: | This paper explores the changing distribution of firms and workers across cities. Cities have become increasingly specialized by function rather than sector, with business services, management and innovation concentrating in large urban areas and manufacturing dispersing across smaller cities instead. Big cities attract more educated workers, but the main factor distinguishing big cities is not so much who goes there but what happens to them as a result: locating in a big city allows firms to become more productive and workers to increase their earnings. And yet, as cities have become more different, they have also become more interdependent with important life-cycle patterns emerging. Many new firms and products start up in big diverse cities but eventually relocate, making up space for the next generation of new firms and products. Workers are often willing to pay the higher living cost of bigger cities not just to get higher wages today, but in the hope of learning and acquiring skills that, depending on their own characteristics and luck, they may exploit there or somewhere else. |
| Keywords: | cities, heterogeneity |
| JEL: | R14 |
| Date: | 2017–02–21 |
| URL: | http://d.repec.org/n?u=RePEc:csl:devewp:418&r=sbm |
| By: | Elert, Niklas (Research Institute of Industrial Economics (IFN)); Henrekson, Magnus (Research Institute of Industrial Economics (IFN)) |
| Abstract: | The interplay between entrepreneurship and institutions is crucial for economic development; however, the view that institutions determine the extent to which entrepreneurial activity is productive is only part of the story. We argue that causality is bidirectional, in that entrepreneurship is also, for better or for worse, one of the main drivers of institutional change. Through their actions, entrepreneurs have a fundamental influence on institutions, whether they abide by them, actively try to alter them, or evade them. Particular attention is given to evasive entrepreneurship, an entrepreneurial function which, until recently, has been an underappreciated and poorly understood source of innovation and institutional change. We argue that the influence of evasive entrepreneurship on the economic trajectories of societies is likely to only grow in the future. |
| Keywords: | Economic development; Entrepreneurship; Evasive entrepreneurship; Innovation; Institutional change; Regulation |
| JEL: | L50 M13 O31 P14 |
| Date: | 2017–02–16 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:iuiwop:1153&r=sbm |
| By: | Marco Grazzi; Nanditha Mathew; Daniele Moschella |
| Abstract: | This paper investigates the determinants of export behavior among Indian manufacturing firms, focusing in particular on the role of technology, cost and imported intermediate inputs. Our evidence suggests that innovation, in particular R&D, positively affects both firmsù probability to export and firmsù export volumes. We also find that imported intermediate inputs, incorporating foreign technology, play an important role in expanding export activities of firms. On the other hand, we find that higher productivity or lower unit labour costs are not systematically associated with the probability to enter export market, but they do positively affect export volumes. |
| Keywords: | Export behavior, Innovation, Imported Inputs, Trade policy, India |
| Date: | 2017–02–28 |
| URL: | http://d.repec.org/n?u=RePEc:ssa:lemwps:2017/09&r=sbm |
| By: | Asturias, Jose (Georgetown University Qatar); Hur, Sewon (University of Pittsburgh); Kehoe, Timothy J. (Federal Reserve Bank of Minneapolis); Ruhl, Kim J. (Pennsylvania State University) |
| Abstract: | Using data from Chile and Korea, we find that a larger fraction of aggregate productivity growth is due to firm entry and exit during fast-growth episodes compared to slow-growth episodes. Studies of other countries confirm this empirical relationship. We develop a model of endogenous firm entry and exit based on Hopenhayn (1992). Firms enter with efficiencies drawn from a distribution whose mean grows over time. After entering, a firm’s efficiency grows with age. In the calibrated model, reducing entry costs or barriers to technology adoption generates the pattern we document in the data. Firm turnover is crucial for rapid productivity growth. |
| Keywords: | Entry; Exit; Productivity; Entry barriers; Barriers to technology adoption |
| JEL: | E22 O10 O38 O47 |
| Date: | 2017–02–21 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedmsr:544&r=sbm |
| By: | Voeten, Jaap (Tilburg University, School of Economics and Management); Bos, Marijke (Tilburg University, School of Economics and Management); Vannoorenberghe, Gonzague (Tilburg University, School of Economics and Management) |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:d69d1e73-4630-4882-8403-edf081cc9dd6&r=sbm |
| By: | Cristian Barra (Università di Salerno); Ornella Wanda Maietta (Università di Napoli Federico II and CSEF); Roberto Zotti (Università di Salerno) |
| Abstract: | This paper aims to study the drivers of innovation and of university-industry collaboration in the European manufacturing sector, specifically focusing on the extent to which academic excellence may enhance the capacity of firms to develop new products and processes. It shows that academic research has an important direct impact on the firm’s propensity to develop innovation, apart from the indirect effect of academic excellence on partner choice in university-industry R&D collaboration. The results also suggest that the research at lower tier universities has an impact on business innovation and that there is a strong case in favour of public funding also to less prestigious academic institutions. |
| Keywords: | University–industry interaction; R&D collaboration; Product and process innovation; Academic research quality; University education |
| JEL: | O3 I23 D22 R1 |
| Date: | 2017–02–25 |
| URL: | http://d.repec.org/n?u=RePEc:sef:csefwp:468&r=sbm |
| By: | Ainhoa Arrona (Orkestra - Basque Institute of Competitiveness) |
| Abstract: | There are an increasing number of critical voices within the innovation community who are raising questions around the relevance of innovation policy research to innovation policy practice. With the aim of contributing to a more relevant regional innovation policy research, this paper, builds on reflections along these lines presented by Morlacchi and Martin (2009), followed by Uyarra, Flanagan and Laranja (Flanagan & Uyarra, 2016; Flanagan, Uyarra, & Laranja, 2011), as well as issues raised and developed by action research scholars in general and the ‘action research for territorial development’ approach (Karlsen & Larrea, 2014a) in particular. Specifically, based on the idea that a greater diversity of approaches to policy analysis would benefit innovation studies, the paper argues for incorporating ideas developed by interpretive policy analysis scholars. The paper presents concepts and approaches that in our opinion require further exploration or strengthening, including the practice perspective, ‘ordering devices’, collaborative or dialogical approaches to policy analysis and constructivist approaches to policy learning. |
| Date: | 2017–02–27 |
| URL: | http://d.repec.org/n?u=RePEc:ivc:wpaper:2017r01&r=sbm |
| By: | KEIDA Masayuki; TAKEDA Yosuke |
| Abstract: | This paper seeks to investigate the linkage between free trade agreements (FTAs) and firms' foreign direct investment (FDI), with a focus on firm size. As small and medium-sized enterprises (SMEs) face relatively higher costs when utilizing FTAs, responses to effective FTAs are expected to vary across firms with different scales. A large-scale database is utilized for making multi-level analyses to this effect. The Poisson regression analysis shows that the intensity to undertake initial FDIs becomes stronger under the existence of an FTA (after controlling for the gravity factors of gross domestic product (GDP) and distance). A multi-level analysis reveals that (1) larger-scale initial FDIs are undertaken in FTA-partner countries; (2) the profit margin of firms established after the coming-into-effect of an FTA tends to be higher; and (3) the profit margin of those firms grouped under the service (non-manufacturing) sector tends to be higher. As for the service sector, the degree of restriction (measured by the Hoekman Index under an FTA) is not statistically significant, while the existence of FTAs is significant. Thus, a sunk cost associated with undertaking FDIs, which is deemed to be rather neutral to the degree of investment regulation, could be a critical factor in the conduct of FDIs. As a policy implication, reduction of such sunk costs (e.g., through information sharing of best practices among potential investors) could be an indispensable policy focus for making FTAs effective in terms of content. |
| Date: | 2017–02 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:17012&r=sbm |
| By: | Spyros Arvanitis (KOF Swiss Economic Institute, ETH Zurich, Switzerland); Florian Seliger (KOF Swiss Economic Institute, ETH Zurich, Switzerland); Martin Wörter (KOF Swiss Economic Institute, ETH Zurich, Switzerland) |
| Abstract: | We propose a new patent-based measure of knowledge spillovers that calculates technological proximity based on firms that were identified via patent backward citations links. We argue that this measure has a couple of advantages as compared to the 'standard' measure proposed by Jaffe: First, it reflects spillovers from both domestic and foreign technologically 'relevant' firms, second, it is more precise because it only takes into account knowledge relations with technologically 'relevant' firms. Our empirical results indeed show that the measure performs better than the standard measure in an innovation model. We find - for a representative sample of Swiss firms - that knowledge spillovers measured in this way have a positive and significant impact on innovation success. However, the knowledge spillovers appear to be localized: Spillovers from geographically distant areas such as the USA and Japan matter less than spillovers from near destinations such as Europe and particularly Switzerland itself. Moreover, the spillover effect on innovation performance decreases with increasing number of competitors on the main product market so that this effect would appear only in niche markets or oligopolistic market structures. However, an additional effect of competition can only be detected for more radical innovation success. |
| Keywords: | Knowledge Spillovers, Innovation Success, Knowledge Capital, Patent Citations, Competition |
| Date: | 2016–10 |
| URL: | http://d.repec.org/n?u=RePEc:kof:wpskof:16-414&r=sbm |
| By: | Nagler, Markus; Watzinger, Martin; Fackler, Thomas; Schnitzer, Monika |
| Abstract: | How large is the impact of intellectual property on cumulative innovation in electronics, computers and communications? Following an antitrust lawsuit against Western Electric and AT&T, Bell Labs had to license all patents published by 1956 for free. We find that this removal of patent rights increased subsequent citations to Bell’s patents by 7%. Patenting in affected patent subclasses increased by 17%. The effect comes from young and small firms in fields in which Bell did not remain commercially active. Placebo regressions support the identification assumption of parallel trends in citations. |
| JEL: | O31 O33 L43 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc16:145580&r=sbm |
| By: | Voeten, Jaap (Tilburg University, School of Economics and Management); van Uden, A. |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:d7fbab15-db32-4d08-955a-c24615e81351&r=sbm |
| By: | Spyros Arvanitis (KOF Swiss Economic Institute, ETH Zurich, Switzerland); Michael Peneder (KOF Swiss Economic Institute, ETH Zurich, Switzerland); Christian Rammer (KOF Swiss Economic Institute, ETH Zurich, Switzerland); Tobias Stucki (KOF Swiss Economic Institute, ETH Zurich, Switzerland); Martin Wörter (KOF Swiss Economic Institute, ETH Zurich, Switzerland) |
| Abstract: | Based on representative firm-level survey data for the three countries Austria, Germany, and Switzerland, we investigate the effects of regulation, energy taxes, voluntary agreements, and subsidies, on the creation of green product innovations. Our data set allows us to distinguish between the supply-side effects (cost effects) and the demand-side effects of policy measures, which improves our understanding of the frequently observed positive net effect of policies. Controlling for the demand effect, taxes and regulations are negatively related with product innovations. Hence, if taxes and regulation do not trigger additional demand, they decrease the propensity to innovate. These effects are ameliorated for technologically very advanced firms and for firms with a high level of financial awareness. Subsidies and (partly) voluntary agreements are positively related with product innovations. |
| Keywords: | Innovation, Policy, Demand |
| Date: | 2016–11 |
| URL: | http://d.repec.org/n?u=RePEc:kof:wpskof:16-417&r=sbm |
| By: | Demir, Caner |
| Abstract: | The study investigates whether raising technology transfer and strengthening the intellectual property rights (IPR) regime trigger domestic innovation by employing a panel data analysis for 58 developed and developing countries in the 1960-2010 period. Since theoretical and empirical literature has proved that innovation and technology were the prominent drivers of development process, analyzing the determinants of these factors have become crucial. Due to the globalization process, knowledge spreads faster than any other social and economic indicators; which makes the interactions between the types of knowledge more important. Thus, the study analyzes the impacts of foreign patents (as a proxy for technology transfer) and IPR on domestic innovation. According to the empirical analysis, it is found that technology transfer triggers domestic innovation both in developed and developing world. Contrary, it is also found that intellectual property protection is a detrimental factor for domestic innovation in mid income group while it bears fruit in high income group. |
| Keywords: | Innovation, technology transfer, intellectual property rights, patents. |
| JEL: | O31 O34 |
| Date: | 2016–12–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:76693&r=sbm |
| By: | Thuyen, Truong Thi Ngoc; Jongwanich, Juthathip; Ramstetter, Eric D. |
| Abstract: | This paper investigates the how effective protection and firm ownership affected firm productivity in Vietnam during 2005-2010. In labour-intensive industries and industries with intermediate labour intensity, the level of effective protection in an industry had a significantly negative effect on firm productivity. Multinational enterprise (MNE) joint ventures (JVs) and state-owned enterprises (SOEs) had consistently higher productivity than private firms, with productivity usually being highest in JVs. Wholly-foreign MNEs (WOs) also had significantly higher productivity than private firms in 2005-2007, but lower productivity than JVs or SOEs, and in 2008-2010, WO-private differentials were insignificant. In capital-intensive industries, the pattern of productivity differentials (highest in JVs, followed by SOEs, WOs, and private firms) was similar in the earlier period, but not in the latter period or when all years were included in the sample. The level of effective protection also did not have a significant, independent effect on firm productivity in capital-intensive industries. |
| Keywords: | MNEs, trade policy, productivity, ownership mode, MNEs, trade policy, productivity, ownership mode |
| URL: | http://d.repec.org/n?u=RePEc:agi:wpaper:00000121&r=sbm |
| By: | Jan Ruffner (KOF Swiss Economic Institute, ETH Zurich, Switzerland); Michael Siegenthaler (KOF Swiss Economic Institute, ETH Zurich, Switzerland) |
| Abstract: | What is the effect of opening the labor market to foreign workers on the success of firms? We address this question by analyzing how firms in Switzerland were affected by the introduction of the free movement of persons with the European Union (EU) countries. This immigration reform granted all EU workers free access to the Swiss labor market. Our firm-level panel data models exploit the exceptional facts that the reform incidentally affected firms at different time periods and had a stronger effect on firmsclosetotheborder. We find that the Reform increased employment, skill intensity, and sales of incumbent firms, especially for those that relied heavily on foreign workers and had reported that they suffered from skill shortages before the reform. In these firms, the reform also increased labor productivity. We explain these effects through the higher innovation performance of incumbent firms and the reallocation of economic activity into highly affected regions, as evidenced by the entry of new establishments and by the changes in establishment size within multi-establishment firms. |
| Date: | 2016–12 |
| URL: | http://d.repec.org/n?u=RePEc:kof:wpskof:16-424&r=sbm |
| By: | Tsvetkova, Alexandra; Partridge, Mark |
| Abstract: | economic growth and overall regional socioeconomic wellbeing. Entrepreneurship is particularly important for economic health of rural and remote areas. The recent shale boom brought growth to many communities creating new jobs; however, it is unclear how these effects are distributed across self-employed and wage and salary segments of local economies. The resource curse literature suggests that a booming energy sector may crowd out entrepreneurship. Given the self-reinforcing nature of local self-employment and entrepreneurship in general, such a negative impact of expanding energy sector, if present, is likely to suppress future growth prospects in regions that experience the shale revolution. Using SUR and IV approaches and a differencing strategy, this paper estimates the effects of the growth in oil and gas extraction industry on self-employment growth in metropolitan and rural US counties during the 2001-2013 period. The results suggest that after three years, oil and gas sector expansion tends to crowd out self-employment. In contrast, energy sector expansion promotes wage and salary employment growth in nonmetro counties but has crowding out effects in metro counties. Overall, we find that the expanding energy sector suppresses self-employment, especially in rural communities, in line with one mechanism of the resource curse. |
| Keywords: | Entrepreneurship; Oil and Gas Extraction; economic development; regional economics |
| JEL: | L26 O1 O13 P25 |
| Date: | 2017–02–23 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:77058&r=sbm |
| By: | Florian Seliger (KOF Swiss Economic Institute, ETH Zurich, Switzerland) |
| Abstract: | This paper studies determinants of knowledge flows as measured with patent forward citations that occur between 'input' and 'output sector-countries'. We look at the impact of absorptive capacity of a focal sector-country, knowledge spillovers and technological distance between sector-countries on further knowledge flows. For this purpose, we develop a knowledge flow matrix similar to input-output tables in trade where patent citations capture knowledge flows that go from the input sector-country to the output sector-country. We estimate a gravity model with variables that capture technological distance and knowledge that comes from either inside the input output pair or from external spillover sources. Our results indicate that knowledge accumulated in the output sector-country and - in some cases - external spillovers are key in generating further knowledge flows that go to the output sector-country. A distinction between high-tech and low-tech sector-countries shows that spillovers are more useful for the generation of knowledge flows if the input sector-country is low-tech. Low-tech sector-countries benefit from both high-tech knowledge from the output sector-country and external knowledge from the technological frontier. In contrast, knowledge flows based on high-tech sector-countries cannot benefit from low-tech sector-countries and only to a very limited extent from other high-tech sources. Technological distance between sector-countries has a negative impact on further knowledge flows so that only technologically proximate sector-countries are more likely to generate knowledge flows. |
| Keywords: | Knowledge flows, Patent citations, Spillovers, Absorptive capacity, Gravity model |
| Date: | 2016–10 |
| URL: | http://d.repec.org/n?u=RePEc:kof:wpskof:16-415&r=sbm |
| By: | Ahlborn, Markus; Wortmann, Marcus |
| Abstract: | The literature on business cycle synchronization in Europe frequently presumes an alleged 'core-periphery' pattern without providing empirical verification of the underlying cyclical (dis)similarities or the supposed but unobservable 'European business cycle(s)'. To provide a data-based country group analysis, we apply a fuzzy clustering approach to quarterly output gap series of 27 European countries over the period 1996-2015. Our results confirm the existence of a persistent core cluster as opposed to clusters on the Eastern and Southern European peripheries, highlighting the inadequate composition of the euro area (EA). Moreover, we find that Germany's business cycle is not a suitable substitute for the core. By analyzing the relation between the identified 'European core business cycle' and the peripheral cycles over time, we show diverging patterns for the southern periphery after the financial crisis, casting doubt on the endogeneity properties of the EA. |
| Keywords: | business cycles,core-periphery,euro area,fuzzy cluster analysis |
| JEL: | C38 E32 F15 F45 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cegedp:305&r=sbm |
| By: | Voeten, Jaap (Tilburg University, School of Economics and Management) |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:546e320e-0ad5-4306-8de1-5f0dc454359e&r=sbm |