Jahrbucher f. Nationalokonomie u. Statistik (Lucius & Lucius, Stuttgart 2001) Bd. (Vol.) 221/5+6 È È Abhandlungen / Original Papers Employment and Investment of the West German Industry 1968 ± 1998 A Descriptive Analysis Beschaftigung und Investitionen in der westdeutschen Industrie È 1968 ± 1998 Eine deskriptive Untersuchung Von Kai Kirchesch, Hamburg JEL E22, E24 Employment, investment, business cycles, SME. Beschaftigung, Investitionen, Konjunkturzyklen, KMU. È Summary Small and medium-sized enterprises are considered to be the principal generator of new jobs in the industrialised countries at least since the Birch (1979) study. According to this image, they are also stabilising the economy during the business cycles because of the lower volatility of their employment and investment. The results of the following studies were ambiguous, though. This is also valid for the studies about Germany, that are at most based on the Census of Businesses or the Census of Employment. The few studies
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