Deleidi, M;
Mazzucato, M;
(2020)
Directed innovation policies and the supermultiplier: An empirical assessment of mission-oriented policies in the US economy.
Research Policy
, 50
(2)
, Article 104151. 10.1016/j.respol.2020.104151.
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Abstract
This paper investigates the determinants of economic growth from both a theoretical and an empirical perspective. The paper combines the supermultiplier model of growth with the Neo-Schumpeterian framework that emphasises the entrepreneurial role of the state. We aim to detect the macroeconomic effect generated by alternative fiscal policies: generic ones and more directed ‘mission-oriented’ ones. Using an SVAR model for the US economy for the 1947–2018 period, we show that mission-oriented policies produce a larger positive effect on GDP (fiscal multiplier) and on private investment in R&D (crowd-in effect) than the one generated by more generic public expenditures.
| Type: | Article |
|---|---|
| Title: | Directed innovation policies and the supermultiplier: An empirical assessment of mission-oriented policies in the US economy |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1016/j.respol.2020.104151 |
| Publisher version: | https://doi.org/10.1016/j.respol.2020.104151 |
| Language: | English |
| Additional information: | This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
| Keywords: | Directed technical change, Mission-oriented innovation policies, Sraffian supermultiplier, Fiscal multiplier, Crowding-in effect |
| UCL classification: | UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Inst for Innovation and Public Purpose UCL > Provost and Vice Provost Offices > UCL BEAMS UCL |
| URI: | https://discovery-pp.ucl.ac.uk/id/eprint/10142967 |
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