Building on a standard policy evaluation literature mainly aimed at estimating the additional effect of subsidies on either firms' innovative expenditures or innovative outputs only, this paper tries to move one step further, combining the two (input and output) dimensions of innovation into a...

When investing in research and development (R&D), institutions must decide whether to take a top-down approach – soliciting a particular technology – or a bottom-up approach in which innovators suggest ideas. This paper examines a reform to the U.S. Air Force Small Business Innovation...

The possible negative consequences of Artificial Intelligence (AI) have given rise to calls for public policy to ensure that it is safe, and to prevent improper use and misuse. Human-centered AI (HCAI) draws on ethical principles and puts forth actionable guidelines in this regard. So far...

Korean government has invested significant amount of resources through credit guarantee funds to promote SMEs survival, performance and R&D investment. This study attempts to identify determinants of provision of credit guarantees and estimate their effects on firms R&D expenditures. The...

Using a country-industry panel dataset (EUKLEMS) we uncover a robust empirical regularity, namely that high-risk innovative sectors are relatively smaller in countries with strict employment protection legislation (EPL). To understand the mechanism, we develop a two-sector matching model where...

Subsidized research joint ventures (RJVs) between public research institutions and industry have become increasingly popular in Europe and the US. We study the long-run effects of such a support scheme that has been maintained by the Danish government since 1995. To cope with identification...

Very little is known about the effectiveness of SME policies, and a careful look at the structure, mechanisms and incentives provided by these policies suggest caution in their implementation and, most importantly, the need to carefully and closely monitor their results. This paper relies on the...

The relationship between economic and political liberalization has received a great deal of attention lately, yet the possibility of a nonlinear relationship and the role of reversals remain largely neglected. Focusing on democratization and financial reform, this paper offers evidence for a...

Countries often spend billions on university research. There is growing interest in how to assess whether that money is well spent. Is there an objective way to assess the quality of a nation's world-leading science? I attempt to suggest a method, and illustrate it with modern data on economics....

We study the effect of the Thousand Young Talents Program (TYTP) on the academic quality of return migrant scientists to China. Using a unique dataset of the top Chinese mathematics departments' new hires, we find that the program leads to considerable increases in measures of their educational...