Does monetary policy impact innovation? Evidence from the euro area
Treball fi de màster de: Master's Degree in Specialized Economic Analysis: International Trade, Finance, and Development. Curs 2023-2024
| Authors: | ; ; ; |
|---|---|
| Format: | Master's thesis |
| Publication date: | 2024 |
| Country: | España |
| Institution: | Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya) |
| Repository: | Recercat. Dipósit de la Recerca de Catalunya |
| OAI Identifier: | oai:recercat.cat:10230/69939 |
| Online Access: | http://hdl.handle.net/10230/69939 |
| Access Level: | Open access |
| Keyword: | Treball de fi de màster – Curs 2023-2024 Monetary policy Innovation Euro area Política monetaria Innovación Zona euro |
| _version_ | 1878729589748924416 |
|---|---|
| author | Pio Tripodi, Vincenzo |
| author2 | Martin, Fausto Nikolskii, Nikita De Kuyper, Derk |
| author2_role | author author author |
| author_browse | De Kuyper, Derk Martin, Fausto Nikolskii, Nikita Pio Tripodi, Vincenzo |
| author_facet | Pio Tripodi, Vincenzo Martin, Fausto Nikolskii, Nikita De Kuyper, Derk |
| author_role | author |
| collection | Recercat. Dipósit de la Recerca de Catalunya |
| description | Treball fi de màster de: Master's Degree in Specialized Economic Analysis: International Trade, Finance, and Development. Curs 2023-2024 |
| eu_rights_str_mv | openAccess |
| format | masterThesis |
| id | ES_0afacefc92bbd6dd9e46bc2fb7fcaa07 |
| institution | Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya) |
| instname_str | Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya) |
| network_acronym_str | ES |
| network_name_str | España |
| oai_identifier_str | oai:recercat.cat:10230/69939 |
| publishDate | 2024 |
| publishDateSort | 2024 |
| reponame_str | Recercat. Dipósit de la Recerca de Catalunya |
| spelling | Does monetary policy impact innovation? Evidence from the euro area Pio Tripodi, Vincenzo Martin, Fausto Nikolskii, Nikita De Kuyper, Derk Treball de fi de màster – Curs 2023-2024 Monetary policy Innovation Euro area Política monetaria Innovación Zona euro Treball fi de màster de: Master's Degree in Specialized Economic Analysis: International Trade, Finance, and Development. Curs 2023-2024 Tutors: Fernando Broner i Geert Mesters This paper provides the first systematic assessment of the effect of monetary policy on innovation activities in the Euro Area. The main finding is that a monetary tightening induces a significant decline in innovation activity at the country, regional, and firm levels. A monetary tightening of 100bps leads to declines in aggregate investment in intellectual property (10% fall one year after the shock), in firm-level R&D spending (15% fall one year after the shock), and in the stock of intangible capital at the regional level (10% fall three years after the shock). We also find the effects to be heterogeneous across firms: in particular, R&D spending falls significantly more for small firms, which is consistent with the common notion that credit constraints may be important drivers of the effects of monetary policy. Este artículo proporciona la primera evaluación sistemática del efecto de la política monetaria en las actividades de innovación en la Eurozona. El hallazgo principal es que un endurecimiento monetario reduce significativamente la actividad innovadora a nivel nacional, regional y empresarial. Una restricción monetaria de 100 puntos básicos provoca un descenso de la inversión agregada en propiedad intelectual (caída del 10% un año después), en el gasto en I+D de las empresas (caída del 15% un año después) y en el stock de capital intangible a nivel regional (caída del 10% tres años después). También observamos que los efectos son heterogéneos entre empresas: en particular, el gasto en I+D cae significativamente más para las pequeñas empresas, lo que es coherente con la idea común de que las restricciones crediticias pueden ser importantes impulsores de los efectos de la política monetaria. http://hdl.handle.net/10230/69939 |
| spellingShingle | Does monetary policy impact innovation? Evidence from the euro area Pio Tripodi, Vincenzo Treball de fi de màster – Curs 2023-2024 Monetary policy Innovation Euro area Política monetaria Innovación Zona euro |
| title | Does monetary policy impact innovation? Evidence from the euro area |
| title_full | Does monetary policy impact innovation? Evidence from the euro area |
| title_fullStr | Does monetary policy impact innovation? Evidence from the euro area |
| title_full_unstemmed | Does monetary policy impact innovation? Evidence from the euro area |
| title_short | Does monetary policy impact innovation? Evidence from the euro area |
| title_sort | Does monetary policy impact innovation? Evidence from the euro area |
| topic | Treball de fi de màster – Curs 2023-2024 Monetary policy Innovation Euro area Política monetaria Innovación Zona euro |
| topic_facet | Treball de fi de màster – Curs 2023-2024 Monetary policy Innovation Euro area Política monetaria Innovación Zona euro |
| url | http://hdl.handle.net/10230/69939 |