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Macro-Economic Models for R&D and Innovation Policies - A Comparison of QUEST, RHOMOLO, GEM-E3 and NEMESIS

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This report compares the modelling of R&D in four macroeconomic models used by the European Commission for ex-ante policy impact assessment: QUEST, RHOMOLO, GEM-E3 and NEMESIS. Whereas the former three are general equilibrium models, the latter is a reduced form macro-econometric model. QUEST and RHOMOLO are in-house models developed and used within the European Commission, whereas GEM-E3 and NEMESIS are external models of University of Athens and University of Paris, respectively. The report highlights particularly those parts of the models that are relevant to R&D transmission mechanisms and interfaces for implementing policy shocks.

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  • Francesco Di Comite & D'Artis Kancs, 2015. "Macro-Economic Models for R&D and Innovation Policies - A Comparison of QUEST, RHOMOLO, GEM-E3 and NEMESIS," JRC Research Reports JRC94323, Joint Research Centre (Seville site).
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    2. Minford, Lucy & Meenagh, David, 2019. "Testing a model of UK growth: A role for R&D subsidies," Economic Modelling, Elsevier, vol. 82(C), pages 152-167.
    3. Andries Brandsma & D'Artis Kancs, 2015. "RHOMOLO: A Dynamic General Equilibrium Modelling Approach to the Evaluation of the European Union's R&D Policies," Regional Studies, Taylor & Francis Journals, vol. 49(8), pages 1340-1359, August.
    4. d’Artis Kancs & Boriss Siliverstovs, 2020. "Employment effect of innovation," Empirical Economics, Springer, vol. 59(3), pages 1373-1391, September.
    5. Francesco Di Comite & D'Artis Kancs & Wouter Torfs, 2015. "Macroeconomic Modelling of R&D and Innovation Policies," JRC Research Reports JRC89558, Joint Research Centre (Seville site).
    6. Minford, Lucy & Meenagh, David, 2018. "Testing a model of UK growth - a causal role for R&D subsidies," Cardiff Economics Working Papers E2018/3, Cardiff University, Cardiff Business School, Economics Section.
    7. Miguel Sanchez-Martinez & Cristiana Benedetti-Fasil & Peder Christensen & Nicolas Robledo-Bottcher, 2017. "R&D tax credits and their macroeconomic impact in the EU: an assessment using QUEST III," JRC Research Reports JRC108931, Joint Research Centre (Seville site).
    8. Kostas Fragkiadakis & Panagiotis Fragkos & Leonidas Paroussos, 2020. "Low-Carbon R&D Can Boost EU Growth and Competitiveness," Energies, MDPI, vol. 13(19), pages 1-29, October.
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    10. Hirschbühl, Dominik & Spitzer, Martin, 2021. "International medium-term business cycles," Working Paper Series 2536, European Central Bank.
    11. Thomas von Brasch & Ådne Cappelen & Håvard Hungnes & Terje Skjerpen, 2020. "Modeling R&D spillovers to productivity. The effects of tax policy," Discussion Papers 927, Statistics Norway, Research Department.

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    More about this item

    Keywords

    QUEST; RHOMOLO; GEM-E3; NEMESIS; Macro-Economic Models; R&D Policies;
    All these keywords.

    JEL classification:

    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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