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The macroeconomic spillovers from space activity

Author

Listed:
  • Luisa Corrado

    (a Department of Economics and Finance , University of Rome ‘Tor Vergata’ , Rome 00133 , Italy)

  • Stefano Grassi

    (a Department of Economics and Finance , University of Rome ‘Tor Vergata’ , Rome 00133 , Italy)

  • Aldo Paolillo

    (b Faculty of Economics and Management , Free University of Bozen-Bolzano , Bolzano 39100 , Italy)

  • Edgar Silgado-Gómez

    (c Research and Macroeconomic Modelling Unit, Central Bank of Ireland , Dublin D01 F7X3 , Ireland)

Abstract

The resurgence in space activities we are witnessing may provide opportunities for new technologies to generate potential spillovers to the real economy. To address this view, we propose a macroeconomic model with endogenous growth and a space sector. The model describes the relationship between space investment and technological spillovers, which support persistent economic growth. Our estimates indicate that space activities provide growth spillovers that peak from the late 1960s to the early 1980s. Recent space activities have a much lower economic impact. Finally, extensive experiments quantify the economic relevance of our results.

Suggested Citation

  • Luisa Corrado & Stefano Grassi & Aldo Paolillo & Edgar Silgado-Gómez, 2023. "The macroeconomic spillovers from space activity," Proceedings of the National Academy of Sciences, Proceedings of the National Academy of Sciences, vol. 120(43), pages 2221342120-, October.
    • Handle: RePEc:nas:journl:v:120:y:2023:p:e2221342120
    DOI: 10.1073/pnas.2221342120
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