This is Ricardian equivalence in a slightly different context than examined by Robert Barro.17 Whether it applies in practice is an empirical issue, with empirical evidence from many papers written in the Fed and elsewhere suggesting a significant impact in the expected direction from quantitative easing actions undertaken by the Fed and other central banks.18  8. Money Supply versus Interest Rate.
The fragmentation of the productive sector has had a negative effect on firms’ capacity to innovate: expenditure on research and development in the private sector amounted to 0.8 per cent of GDP in 2017, less than half the average in OECD countries. It is low in the public sector too (0.5 against 0.7 per cent).