货币政策会影响创新吗?来自澳大利亚行政数据的证据

IF 1.5 3区 经济学 Q3 ECONOMICS
Omer Majeed , Jonathan Hambur , Robert Breunig
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引用次数: 0

摘要

我们研究货币政策是否会影响澳大利亚的创新活动和生产力。作为一个以进口和采用现有技术为主的小型开放经济体,对澳大利亚的研究是对以往对美国研究的补充。虽然紧缩政策减少了总体研发支出,进而降低了生产率,但与美国相比,这种影响似乎更短暂。当使用衡量创新的调查方法时,我们发现了不同的反应。小企业在应对紧缩货币政策冲击时减少创新,而大企业则增加创新。这种异质性可能反映了对货币政策的需求和金融约束渠道的不同暴露。美国的货币政策至少在一定程度上通过影响全球经济状况影响了澳大利亚公司的创新。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Does monetary policy impact innovation? Evidence from Australian Administrative Data
We examine whether monetary policy affects innovative activity and productivity in Australia. As a small open economy that primarily imports and adopts existing technology, research on Australia complements previous research on the United States. While contractionary policy reduces aggregate research and development spending, and in turn productivity, the effects appear more short-lived compared to the United States. When using survey measures of innovation that capture adoption, we find heterogenous responses. Small firms decrease innovation in response to contractionary monetary policy shocks, whereas large firms increase innovation. This heterogeneity may reflect differing exposures to the demand and financial constraint channels of monetary policy. United States monetary policy affects Australian firms’ innovation, at least in part by influencing global economic conditions.
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来源期刊
CiteScore
2.50
自引率
7.10%
发文量
53
审稿时长
76 days
期刊介绍: Since its inception in 1979, the Journal of Macroeconomics has published theoretical and empirical articles that span the entire range of macroeconomics and monetary economics. More specifically, the editors encourage the submission of high quality papers that are concerned with the theoretical or empirical aspects of the following broadly defined topics: economic growth, economic fluctuations, the effects of monetary and fiscal policy, the political aspects of macroeconomics, exchange rate determination and other elements of open economy macroeconomics, the macroeconomics of income inequality, and macroeconomic forecasting.
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