Schmöller, Michaela; Goldfayn-Frank, Olga; Schmidt, Tobias - 2024 - This Version: August 15, 2024
question using unique, granular data on innovation investment in R&D and diffusion from a representative survey of German firms …. Our data allows to identify the crisis-induced innovation investment cuts with mean conditional reductions of -65% (R … estimate that a 1% cyclical output drop translates into a -0.3% fall in innovation investment. Firm-level financial constraints …