Analýza vlivu investic do R&D na ekonomickou výkonnost států v EU v letech 2000 až 2024

This thesis examines the short-term macroeconomic impact of research and development (R&D) investment on economic growth across the 27 European Union member states between 2000 and 2023. The objective is to analyze the costs associated with R&D investment and to verify the influence of the institutional origin of these investments. The analysis utilizes panel data and a systematic robustness strategy that combines models in levels and models in first differences. A First-Difference (FD) model with time effects and robust standard errors clustered at the country level was selected as the primary specification. The results demonstrate the existence of a short-term allocation shock caused by an increase in R&D investment. This shock leads to an immediate slowdown in GDP growth due to opportunity costs and the reallocation of labor. This burden is driven by private research with marginal significance. Public research did not show a statistically significant crowding-out effect on regular production. Furthermore, the structural difference in sensitivity to innovation shocks between the original (EU-15) and new member states (EU-13), as described in the existing literature, was not confirmed. The findings suggest that EU governments should provide steady support linked to the education system to ensure sufficient labor market elasticity and to avoid short-term economic destabilization.