UCL Discovery
UCL home » Library Services » Electronic resources » UCL Discovery

Directed innovation policies and the supermultiplier: An empirical assessment of mission-oriented policies in the US economy

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. Green open access

[thumbnail of Directed innovation policies accepted manuscript.pdf]
Preview
Text
Directed innovation policies accepted manuscript.pdf - Accepted Version

Download (9MB) | Preview

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.ucl.ac.uk/id/eprint/10142967
Downloads since deposit
496Downloads
Download activity - last month
Download activity - last 12 months
Downloads by country - last 12 months

Archive Staff Only

View Item View Item