What drives innovation? How does it contribute to the growth of firms, industries, and economies? And do intellectual … property rights help or hurt innovation and growth? Uniquely combining microeconomics, macroeconomics, and theory with … to the complex process of innovation. By addressing all the major dimensions of innovation in a single text, Christine …

Christine Greenhalgh explains the complex process of innovation & how it sustains the growth of firms, industries …

vulnerable to financial frictions. By sheltering intangible investment from financial shocks, counter-cyclical macroeconomic … policy through the intangible investment channel, and its complementarity with pro-competition product market deregulation …

We contrast how monetary policy affects intangible relative to tangible investment. We document that the stock prices … total investment in firms with more intangible assets responds less to monetary policy, and that intangible investment … responds less to monetary policy compared to tangible investment. We identify two mechanisms behind these results. First, firms …

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 …