Measuring the macroeconomic responses to public investment in innovation: evidence from OECD countries

IF 2.8 4区管理学 Q2 BUSINESS

Industrial and Corporate Change Pub Date : 2024-01-29 DOI:10.1093/icc/dtae005

Giovanna Ciaffi, Matteo Deleidi, Mariana Mazzucato

引用次数: 0

Abstract

The paper aims to assess the macroeconomic impacts of government investment in Research and Development (R&D) and more generic fiscal policies by quantifying the Gross domestic product (GDP) and business R&D investment multipliers. Following the recent literature on fiscal policy, we combine the Local Projection approach with fiscal shocks estimated using Structural Vector Autoregressive modeling by focusing on a panel of 15 Organization for Economic Co-operation and Development (OECD) countries for the 1981–2017 period. Our findings support the idea that expansionary fiscal policies can positively and persistently affect the GDP level and crowd in business R&D investment. Additionally, our results show that public investment in R&D generates the largest multiplicative effect both on GDP and business R&D than the one associated with more generic public expenditures, even when fiscal expectations are considered.

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衡量对创新公共投资的宏观经济反应：经合组织国家的证据

本文旨在通过量化国内生产总值（GDP）和企业研发投资乘数，评估政府研发投资和更一般的财政政策对宏观经济的影响。根据近期有关财政政策的文献，我们将地方预测方法与使用结构向量自回归模型估算的财政冲击相结合，重点关注 1981-2017 年期间 15 个经济合作与发展组织（OECD）国家的面板数据。我们的研究结果支持这样一种观点，即扩张性财政政策会对国内生产总值水平和企业研发投资人群产生积极而持久的影响。此外，我们的研究结果表明，即使考虑到财政预期，公共研发投资对国内生产总值和企业研发投资产生的乘数效应也要大于与更一般的公共支出相关的效应。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Industrial and Corporate Change Multiple-

CiteScore

5.10

自引率

4.00%

发文量

期刊介绍： The journal covers the following: the internal structures of firms; the history of technologies; the evolution of industries; the nature of competition; the decision rules and strategies; the relationship between firms" characteristics and the institutional environment; the sociology of management and of the workforce; the performance of industries over time; the labour process and the organization of production; the relationship between, and boundaries of, organizations and markets; the nature of the learning process underlying technological and organizational change.