Monetary policy impacts innovation, says research


Monetary policy tightening decreases innovation, research presented at the Federal Reserve’s conference in Jackson Hole finds.

The paper adds to a growing body of research that finds monetary policy can have long-lasting impacts, rather than being neutral in the long term. “Monetary policy could have a persistent influence on the productive capacity of the economy,” say authors Yueran Ma and Kaspar Zimmermann.

A 100 basis point policy tightening decreases research and development spending by

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