Ma, Yueran; Zimmermann, Kaspar - National Bureau of Economic Research - 2023
We document that monetary policy has a substantial impact on innovation activities. After a tightening shock of 100 … declines by about 25 percent in the following 1 to 3 years. Patenting in important technologies, as well as a patent …-based aggregate innovation index, declines by up to 9 percent in the following 2 to 4 years. Based on previous estimates of the …