Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/273079 
Year of Publication: 
2023
Series/Report no.: 
Kiel Working Paper No. 2250
Publisher: 
Kiel Institute for the World Economy (IfW Kiel), Kiel
Abstract: 
Analyzing US macro data via a structural vector-autoregressive model, Deleidi and Mazzucato (2021) find strong positive spillover of mission-oriented government spending on private research and development activity and on overall economic dynamism ("crowding in"). However the result hinges on specific transformation of the data. Deleidi and Mazzucato deflate all variables in their model via the GDP deflator. Applying originally price adjusted data a spillover on GDP cannot be found. Estimating the model with data starting in 1984, the results point at 'crowding out' of private research and development activity.
Subjects: 
Replcation study
Mission oriented innovation policies
Fiscal multiplier
Sraffian supermultiplier
JEL: 
C32
E22
E62
O25
O30
Document Type: 
Working Paper

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