Macroeconomic Effects of Public R&D

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ID: 313843
2026
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Abstract
Abstract Direct public funding of R&D investment to stimulate technological innovation has a strong theoretical case and has gained renewed attention in recent times as a way to address the long-term challenges of modern society, such as economic growth, climate change, energy independence, and national security. We estimate the dynamic macroeconomic effects of government R&D investment and we find that it is very effective in fostering the national innovation effort by crowding in private R&D investment and raising aggregate output in the long run, but also that it stimulates a strong expansion from the outset, in particular through anticipation effects.
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openalex_W7160698879 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Vincenzo De Lipsis, Matteo Deleidi, Mariana Mazzucato, Paolo Agnolucci
Journal the economic journal
Year 2026
DOI
10.1093/ej/ueag061
URL
https://doi.org/10.1093/ej/ueag061
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