The Innovation Union flaship Europe 2020 strategy calls for the delivery of stronger, lasting growth and the creation of more and better jobs while respecting and promoting social and environmental objectives. The strategy proposes a European economy based on knowledge and innovation, ensuring that innovative ideas can be turned into new innovative products and services in an effort to create growth, quality jobs and help address societal challenges. Investments in Research & Innovation (R&I) are a key component of the EU’s strategy for the future of Europe, but research organisations, universities and technology and innovation-based EU companies require higher investment in R&I as well as better framework conditions in areas such as market regulation and the supply of skills and capital. Policymakers are interested in understanding how specific types of innovation affect firm productivity, economic growth and society.
Towards this goal, the MONROE project has developed this interactive online tool, which, along with a modelling toolkit also developed by the project, give the opportunity to a broad range of stakeholders to evaluate the impacts of specific research and innovation (R&I) policies and programmes.
The objective of MONROE has been to analyse how research and innovation (R&I) and related policies affect the European economy, at macro, regional and sectoral level, using a set of macro-economic models ((E3ME, GEM-E3, PACE, EU-EMS, DSGE) specifically designed to explore the implications of private and public R&I. The toolkit is the product of combining novel macroeconomic theory with general econometric analysis to produce innovative models. The parametrisation of these models has been done on the basis of European, country, sector and region specific historical data.
Through the successful integration of R&I, knowledge spillovers and human capital in a set of macroeconomic models and the associated visualisation techniques of this online tool, the project aims to inform policy makers and other relevant stakeholders about the likely outcomes of R&I policies and measures.
The developed toolkit assesses medium and long-term impacts of R&I policies and programmes on economic growth, job creation, competitiveness and sustainability at various geographical levels ranging from world-wide to European, country and regional levels and for various economic sectors. The hope is that the developed modelling toolkit and the visualisation techniques offered by this online tool will encourage collaboration between different societal actors in the process of co-creation for sustainable R&I driven economic growth.
The MONROE research consortium has brought together a scientifically competent and multi-disciplinary group of macro-economic modellers and empirical researchers that have been able to address the objectives of the project. The project consortium includes not only modellers but also specialists in theoretical approaches to R&I and R&I policy experts.