Macro-economic consequences of European research policy: Prospects of the Nemesis model in the year 2030

Dorothée Brécard, Arnaud Fougeyrollas, Pierre Le Mouël, Lionel Lemiale () and Paul Zagamé
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Arnaud Fougeyrollas: ERASME - Équipe de Recherche en Analyse des Systèmes et Modélisation Économique - Ecole Centrale Paris
Pierre Le Mouël: ERASME - Équipe de Recherche en Analyse des Systèmes et Modélisation Économique - Ecole Centrale Paris
Lionel Lemiale: ERASME - Équipe de Recherche en Analyse des Systèmes et Modélisation Économique - Ecole Centrale Paris
Paul Zagamé: ERASME - Équipe de Recherche en Analyse des Systèmes et Modélisation Économique - Ecole Centrale Paris

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Abstract: Acknowledging the weakness of R&D expenditure in Europe relative to that in the United States and Japan, Barcelona's European Council agreed in March 2002 to increase investment in R&D to 3% of GDP by 2010. The aim of this paper is to assess the macroeconomic consequences of such a policy, using the European macro-econometric model Nemesis. Results showthat macro-economic trends can be split into two distinct phases. In the first one, growth is directly driven by R&D expenditures, while in the second phase, innovation is the engine of growth through productivity and competitiveness gains.

Keywords: R&D Innovation policy Endogenous technical change European macro-econometric model; R&D; Innovation policy; Endogenous technical change; European macro-econometric model (search for similar items in EconPapers)
Date: 2006-09
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Published in Research Policy, 2006, 35 (7), pp.910-924. ⟨10.1016/j.respol.2006.03.001⟩

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Journal Article: Macro-economic consequences of European research policy: Prospects of the Nemesis model in the year 2030 (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04568081

DOI: 10.1016/j.respol.2006.03.001

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