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 …

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 …