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 followers...

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...

Cover -- Contents -- Preface -- PART I: INTRODUCTORY -- 1 Political Economy: Contrasts, Commonalities, Criteria and Contributions -- The perspectives: contrasts and commonalities -- Criteria for evalution -- The contributions -- PART II: CONTRASTS: LIBERAL v. MARXIST PERSPECTIVES -- 2 The...