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    The macroeconomic effects of public expenditure in research and development

    Ciaffi, G. and Deleidi, M. and Levrero, E. (2023) The macroeconomic effects of public expenditure in research and development. Working Paper. CIMR, Birkbeck, University of London, London, UK.

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    Abstract

    This paper investigates the impact of public R&D on economic growth and the R&D investment carried out by the private sector. By applying an econometric technique based on the Local-Projection to a dataset of 15 OECD countries considered for the 1981-2017 period, our findings show that public spending in R&D is associated with higher fiscal multipliers than those obtained for other classes of public expenditure. In addition, our results show that this specific class of public expenditure can generate spillover effects within the economic system by producing a crowding-in effect on private investment in R&D.

    Metadata

    Item Type: Monograph (Working Paper)
    Additional Information: CIMR Research Working Paper Series no.64, ISSN: 2052-062X
    Keyword(s) / Subject(s): Macro effects, public expenditure, research and development, OECD, Covid-19
    School: Birkbeck Faculties and Schools > Faculty of Business and Law > Birkbeck Business School
    Research Centres and Institutes: Innovation Management Research, Birkbeck Centre for
    Depositing User: Helen Lawton Smith
    Date Deposited: 04 Dec 2023 16:27
    Last Modified: 04 Dec 2023 20:37
    URI: https://eprints.bbk.ac.uk/id/eprint/52610

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