GSS EU Science Funding Gateway

Existing macroeconomic models still fall short in providing sound ex-ante estimates of the various impacts of R&I. Therefore, the European Commission has engaged in a medium- to long-term agenda to improve the treatment of research and innovation (R&I) in macroeconomic models by supporting and financing cutting edge research on macroeconomic modelling able to attract the best researchers to work and develop new models capable of supporting the rising demand for policy evaluation tools in the EU.

The Council of the European Union called on the Commission to promote further research to build the evidence base for R&I policy making and for budgetary decision making, including by further improving the way R&I is accounted for in macro-economic models.

There is a crucial need for more developed and nuanced tools that would be able to account for the heterogeneity of different economic actors and that would be able to simulate the effects of a wide range of policies along different dimensions relevant for societal wellbeing.