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Monetary Policy And Innovation In Europe: An Svar Approach

Author

Listed:
  • Primo Autore

    (DISCE, Università Cattolica)

  • Secondo Autore

    (ISTAT, Regional Office for Lombardy)

  • Terzo Autore

    (DISCE, Università Cattolica)

  • Quarto Autore

    (DISCE, Università Cattolica)

Abstract

Using quarterly data, we estimate the effects of monetary policy on innovation in the Eurozone over 2000-2021. The identification of the structural shocks relies on an SVAR framework with a set of exclusion restrictions. Although characterised by the predominance of ZLB periods, conventional monetary policy shocks affect private and public R&D spending in the medium term with some initial inertia. Unconventional monetary shocks affect innovative expenditure in the short to medium term, but their impacts vanish in the longer run.

Suggested Citation

  • Primo Autore & Secondo Autore & Terzo Autore & Quarto Autore, 2024. "Monetary Policy And Innovation In Europe: An Svar Approach," DISCE - Quaderni del Dipartimento di Scienze Economiche e Sociali dises160, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
    • Handle: RePEc:ctc:serie2:dises160
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    More about this item

    Keywords

    ECB; Monetary policy; Structural VAR; Innovation;
    All these keywords.

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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