MONETARY POLICY AND INNOVATION IN EUROPE: AN SVAR APPROACH

Gianni Carvelli (), Eleonora Bartoloni (), Maurizio Luigi Baussola () and Quarto Autore ()
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Gianni Carvelli: DISCE, Università Cattolica
Eleonora Bartoloni: ISTAT, Regional Office for Lombardy
Maurizio Luigi Baussola: DISCE, Università Cattolica
Quarto Autore: DISCE, Università Cattolica

No dises160, DISCE - Quaderni del Dipartimento di Scienze Economiche e Sociali from Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE)

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.

Keywords: ECB; Monetary policy; Structural VAR; Innovation (search for similar items in EconPapers)
JEL-codes: E31 E40 E52 O30 (search for similar items in EconPapers)
Pages: 36 pages
Date: 2024-04
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Published in Review of Economics, Month aaaa, pages nn1-nn2

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