Following an unparalleled rise in uncertainty over the Great Recession, the US economy has been experiencing anaemic … productivity growth. This paper offers a quantitative study on the link between uncertainty and low productivity growth. Firstly …, using micro level data I show that uncertainty accounts for half of the drop in intangible capital stock during the Great …

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 …

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 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 …