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  4. Can R&D subsidies counteract the economic crisis? – Macroeconomic effects in Germany
 
Zitierlink DOI
10.26092/elib/185
Verlagslink DOI
10.1016/j.respol.2014.11.012

Can R&D subsidies counteract the economic crisis? – Macroeconomic effects in Germany

Veröffentlichungsdatum
2015
Autoren
Brautzsch, Hans-Ulrich  
Günther, Jutta  
Loose, Brigitte  
Ludwig, Udo  
Nulsch, Nicole  
Zusammenfassung
During the economic crisis of 2008 and 2009, governments in Europe stabilized their economies by means of fiscal policy. After decades of absence, deficit spending was used to counteract the heavy decline in demand. In Germany, public spending went partially into R&D subsidies in favor of small and medium sized enterprises. Applying the standard open input-output model, the paper analyzes the macroeconomic effects of R&D subsidies on employment and production in the business cycle. Findings in the form of backward multipliers suggest that R&D subsidies have stimulated a substantial leverage effect. Almost two thirds of the costs of R&D projects are covered by the enterprises themselves. Overall, a subsidized R&D program results in a production, value added and employment effect that amounts to at least twice the initial financing. Overall, the R&D program counteracts the decline of GDP by 0.5% in the year 2009. In the year 2010 the effects are already procyclical since the German economy recovered quickly. Compared to the strongly discussed alternative uses of subsidies for private consumption, R&D spending is more effective.
Schlagwörter
economic crisis

; 

R&D subsidies

; 

stabilization policy

; 

macroeconomic effects

; 

backward multipliers

; 

input-output model
Institution
Universität Bremen  
Fachbereich
Fachbereich 07: Wirtschaftswissenschaft (FB 07)  
Dokumenttyp
Artikel/Aufsatz
Zeitschrift/Sammelwerk
Research Policy  
Startseite
623
Endseite
633
Zweitveröffentlichung
Nein
Lizenz
http://creativecommons.org/licenses/by/3.0/de/
Sprache
Englisch
Dateien
Lade...
Vorschaubild
Name

12_2015_Research Policy Brautzsch Günther Loose Ludwig Nulsch.pdf

Description
Can R&D subsidies counteract the economic crisis? Postprint
Size

707.54 KB

Format

Adobe PDF

Checksum

(MD5):bdee633c0a8f5826f1cc7a7209841118

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