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The Macroeconomic Effects of Aerospace Shocks

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Abstract

As major future space explorations are firmly rooted in the US government agenda, research into the macroeconomic impact of a space mission is still scarce. This paper tries to fill the existing gap by building a narrative of the aerospace structural shocks to assess their macroeconomic effects. The main finding is that almost all the publicly funded space missions significantly and persistently raise real GDP, while this is not the case in the private narrative. We conclude that the latest events, while important from the perspective of private investors, do not reflect yet the milestone achievements carried out under government-driven space activity.

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  • Luisa Corrado & Stefano Grassi & Edgar Silgado-Gómez, 2020. "The Macroeconomic Effects of Aerospace Shocks," CEIS Research Paper 503, Tor Vergata University, CEIS, revised 17 Nov 2020.
    • Handle: RePEc:rtv:ceisrp:503
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    More about this item

    Keywords

    Space Explorations; Narrative Events; Space Economy; VAR.;
    All these keywords.

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General
    • A1 - General Economics and Teaching - - General Economics

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