MISSION-ORIENTED INNOVATION POLICIES: A THEORETICAL AND EMPIRICAL ASSESSMENT FOR THE US ECONOMY

Matteo Deleidi and Mariana Mazzucato

No 248, Departmental Working Papers of Economics - University 'Roma Tre' from Department of Economics - University Roma Tre

Abstract: 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)
Pages: 37
Date: 2019-06
New Economics Papers: this item is included in nep-hme, nep-ino, nep-mac, nep-pke, nep-sbm and nep-tid
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://dipeco.uniroma3.it/db/docs/wp%20248.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:rtr:wpaper:0248

Access Statistics for this paper

More papers in Departmental Working Papers of Economics - University 'Roma Tre' from Department of Economics - University Roma Tre Via Silvio d'Amico 77, - 00145 Rome Italy. Contact information at EDIRC.
Bibliographic data for series maintained by Telephone for information ().