COVID-19 placed a special role to fiscal policy in rescuing companies short of liquidity from insolvency. In the first months of the crisis, SMEs as the backbone of Europe’s real economy benefited from large and mainly indiscriminate aid measures. Avoiding business failures in a whatever it...

Usually, offcial and survey-based statistics guide policy makers in their choice of response instruments to economic crises. However, in an early phase, after a sudden and unforeseen shock has caused incalculable and fast-changing dynamics, data from traditional statistics are only available...

We study the cyclicality of public R&D in 28 OECD countries (1995 - 2017). While procyclical on average, public R&D reacts asymmetrically over different phases of the business cycle and becomes acyclical during recessions. It is also heterogeneous across countries: Innovation leaders and...

We study the cyclicality of public R&D in 28 OECD countries (1995 - 2017). While procyclical on average, public R&D reacts asymmetrically over different phases of the business cycle and becomes acyclical during recessions. It is also heterogeneous across countries: Innovation leaders and...

COVID-19 placed a special role to fiscal policy in rescuing companies short of liquidity from insolvency. In the first months of the crisis, SMEs as the backbone of Europe's real economy benefited from large and mainly indiscriminate aid measures. Avoiding business failures in a whatever it...