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We document that monetary policy has a substantial impact on innovation activities. After a tightening shock of 100 …-based aggregate innovation index, declines by up to 9 percent in the following 2 to 4 years. Based on previous estimates of the … sensitivity of output to innovation activities, these magnitudes imply that output could be 1 percent lower after another 5 years …
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Investments in the US Science, Technology, Engineering, Medicine and Innovation (STEMI) enterprise come from many … innovative than government or business funding alone would yield. It also enables significant innovation in the development of …
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This paper conducts counterfactual historical analysis of several monetary policy rules by contrasting actual settings of instrument variables with values that would have been specified by the rules in response to prevailing conditions. Of particular interest is whether major policy mistakes,...
Persistent link: https://www.econbiz.de/10012471025
Over the last twenty years the wage-education relationships in the US and Germany have evolved very differently, while the education composition of employment has evolved in a surprisingly parallel fashion. In this paper, we propose and test an explanation to these conflicting patterns. The...
Persistent link: https://www.econbiz.de/10012471064