MISSION-ORIENTED INNOVATION POLICIES: A THEORETICAL AND EMPIRICAL ASSESSMENT FOR THE US ECONOMY
Matteo Deleidi () and
No 248, Departmental Working Papers of Economics - University 'Roma Tre' from Department of Economics - University Roma Tre
The paper investigates the determinants of economic growth from both a theoretical and an empirical perspective. The paper combines the Sraffian supermultiplier model of growth with the Neo-Schumpeterian framework that emphasizes the entrepreneurial role of the state. We aim to detect the macroeconomic effect generated by alternative fiscal policies: generic ones and “mission-oriented” ones. Using a 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 effect produced by generic public expenditures.
Keywords: Mission-oriented innovation policies; Sraffian supermultiplier; SVAR; fiscal multiplier; crowding-in effect. (search for similar items in EconPapers)
JEL-codes: C32 E22 E62 O25 O30 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hme, nep-ino, nep-mac, nep-pke, nep-sbm and nep-tid
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Persistent link: https://EconPapers.repec.org/RePEc:rtr:wpaper:0248
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