A significant amount of money is spent on programs to stimulate innovative activities. In this analysis, we review the effects of a specific government-sponsored R&D program from various angles. We start by evaluating whether we find positive effects of subsidies on R&D investment and (R&D) employment. Then, we analyze how the observed effects of subsidies on R&D intensity and employment vary over time, vary depending on how many supported projects a single firm has at the same time or vary if a same firm gets support consecutively. Finally, we estimate the macroeconomic impact these grants have on the local economy in terms of (R&D) employment.
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