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

This paper investigates the determinants of economic growth from both a theoretical and an empirical perspective. The combines supermultiplier model with Neo-Schumpeterian framework that emphasises entrepreneurial role state. We aim to detect macroeconomic effect generated by alternative fiscal policies: generic ones more directed ‘mission-oriented’ ones. Using SVAR for US economy 1947–2018 period, we show mission-oriented policies produce larger positive on GDP (fiscal multiplier) private investment in R&D (crowd-in effect) than one public expenditures.