Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/318260 
Year of Publication: 
2025
Citation: 
[Journal:] Research Policy [ISSN:] 1873-7625 [Volume:] 54 [Issue:] 3 [Article No.:] 105176 [Publisher:] Elsevier [Place:] Amsterdam [Year:] 2025 [Pages:] 1-12
Publisher: 
Elsevier, Amsterdam
Abstract: 
Analyzing US macro data via a structural vector-autoregressive model (SVAR), Deleidi and Mazzucato (2021) find strong positive spillovers from mission-oriented government spending on private research and development, as well as on overall economic activity (“crowding in”). Deleidi and Mazzucato apply the SVAR to first-differenced data despite the possibility of cointegration. The replication shows that the result hinges on the transformation of the data and the choice of the sample period. The time variation of the estimation results is substantial. When estimating the model with data starting after 1985, the results point to a temporary “crowding out” of private research and development spending.
Subjects: 
Replication study
Mission oriented innovation policies
Fiscal multiplier
Sraffian supermultiplier
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

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