Template-Type: ReDIF-Paper 1.0
Author-Name: Primo Autore
Author-X-Name-First: Gianni
Author-X-Name-Last: Carvelli
Author-Email: gianni.carvelli@unicatt.it
Author-Workplace-Name: DISCE, Università Cattolica
Author-Name: Secondo Autore
Author-X-Name-First: Eleonora
Author-X-Name-Last: Bartoloni
Author-Email: bartolon@istat.it
Author-Workplace-Name: ISTAT, Regional Office for Lombardy
Author-Name: Terzo Autore
Author-X-Name-First: Maurizio Luigi
Author-X-Name-Last: Baussola
Author-Email: maurizio.baussola@unicatt.it
Author-Workplace-Name: DISCE, Università Cattolica
Author-Name: Quarto Autore
Author-X-Name-First: Quarto
Author-X-Name-Last: Autore
Author-Email: quarto.autore@unicatt.it
Author-Workplace-Name: DISCE, Università Cattolica
Title: MONETARY POLICY AND INNOVATION IN EUROPE: AN SVAR APPROACH
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.
Length: 36 pages
Creation-Date: 2024-04
Publication-Status: Published in Review of Economics, Month aaaa, pages nn1-nn2
File-URL: https://dipartimenti.unicatt.it/dises-Carvelli-Bartoloni-Baussola_160_DEF.pdf
File-Format: Application/pdf
File-Function: First version, aaaa
Number: dises160
Classification-JEL: O30, E31, E40, E52
Keywords: ECB, Monetary policy, Structural VAR, Innovation
Handle: RePEc:ctc:serie2:dises160