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1. The evaluation of fiscal and monetary policy in Croatia over a business cycle

Author

Manuel Benazić and Daniel Tomić

Subjects
macroeconomic management, policy evaluation, fiscal policy, monetary policy, business cycles, Hodrick-Prescott filter, Croatia, Economic theory. Demography, HB1-3840
Abstract

The aim of this paper is to evaluate the controversies of fiscal and monetary policies in defining business cycles in Croatia, i.e. to answer the question whether they can, and in what way, determine the cyclical movements. Using Hodrick-Prescott filter for extracting cycles from selected macroeconomic variables for the period 1994-2013, this paper gives a reflection on the past relationship between the characteristics of Croatian fiscal and monetary policies by testing whether these two economic pillars are in fact coordinated over a business cycle. We found that both fiscal and monetary variables exhibit counter-cyclical behaviour with relatively weak correlation to the real GDP suggesting that they are coordinated during a business cycle but their reach is ambiguous. Finally, we conclude that fiscal and monetary policies in Croatia are constrained by internal and external factors, and thus they often cannot accomplish their counter-cyclical role.

Published
2014

2. Capital incentive policies in the age of cloud computing : an empirical case study

Author

Andres, Raphaela, DeStefano, Timothy, Niebel, Thomas, and Viete, Steffen

Subjects
ComputingMilieux_GENERAL, O33, Policy Evaluation, ICT Adoption, 330 Wirtschaft, ddc:330, L22, D25, Cloud Computing, Investment Scheme, Technology Diffusion
Abstract

The following paper assesses whether current policy environments are appropriate for the emergence of cloud computing technology. In particular, this research uses firm-level data for Germany and the UK to examine the impact of capital incentive programmes (a common policy present in most OECD countries) on cloud adoption. The design for many of these policies target investments in physical capital while excluding digital services like the cloud. Firms view digital investments and digital services as substitutes, therefore narrowly define dincentive programmes may actually discourage the use of emerging tools like cloud computing, which are found to enable the growth and performance of young entrants. Overall, the results find that while capital incentive policies encourage firm investments in ICT and other forms of capital, they actually reduce the probability of cloud adoption. Policy makers may therefore need to reconsider the design of capital incentive programmes within their jurisdictions.

Published
2020

3. R&D policies for young SMEs : input and output effects

Author

Czarnitzki, Dirk and Delanote, Julie

Subjects
O31, NTBFs, subsidies, M13, R&D, 330 Wirtschaft, H25, patents, ddc:330, treatment effects, policy evaluation, O38
Abstract

This paper evaluates the current focus of EU policy makers on small and medium-sized, young independent firms in high-tech sectors. Therefore, the effect of subsidies on both R&D input and R&D output is compared between independent high-tech young firms (NTBFs), independent low-tech young firms (LTBFs) and their non-independent counterparts. A treatment effects analysis reveals that full crowding-out with regard to public funding is rejected for all firm types. However, the treatment effect is highest for independent high-tech firms. The indirect effect of subsidies on R&D output is evaluated within a patent production framework. These results show that independent high-tech firms have no lower output effects than other firms and thus suggest that the current policy focus on certain firm types is not ineffective.

Published
2015