We contrast how monetary policy affects intangible relative to tangible investment. We document that the stock prices of firms with more intangible assets react less to monetary policy shocks, as identified from Fed Funds futures movements around FOMC announcements. Consistent with the stock...

We contrast how monetary policy affects intangible relative to tangible investment. We document that the stock prices of firms with more intangible assets react less to monetary policy shocks, as identified from Fed Funds futures movements around FOMC announcements. Consistent with the stock...

We develop an extended real business cycle (RBC) model with financially con-strained firms and non-pledgeable intangible capital. Based on a model-consistentseries for firms' borrowing conditions, we find, within a structural vector autoregres-sion (SVAR) framework, that, in response to an...

This essay designs some simple formulations of the Intellectual Property Currency (ICP) that the International Central Bank for Intellectual Properties (ICB/IP) would issue to finance the implementation of patented innovation and the generation of the next one. When the national central Bank A...

We contrast how monetary policy affects intangible relative to tangible investment. We document that the stock prices of firms with more intangible assets react less to monetary policy shocks, as identified from Fed Funds futures movements around FOMC announcements. Consistent with the stock...

We document that intangible investment responds less to monetary policy compared to tangible investment. Likewise, monetary policy has a smaller effect on the total investment and stock prices of firms with more intangible assets. This novel heterogeneity in monetary policy transmission is most...