Innovation, productivity, and monetary policy

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Innovation, productivity, and monetary policy. / Moran, Patrick; Queralto, Albert.

I: Journal of Monetary Economics, Bind 93, 01.2018, s. 24-41.

Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › fagfællebedømt

Harvard

Moran, P & Queralto, A 2018, 'Innovation, productivity, and monetary policy', Journal of Monetary Economics, bind 93, s. 24-41. https://doi.org/10.1016/j.jmoneco.2017.10.006

APA

Moran, P., & Queralto, A. (2018). Innovation, productivity, and monetary policy. Journal of Monetary Economics, 93, 24-41. https://doi.org/10.1016/j.jmoneco.2017.10.006

Vancouver

Moran P, Queralto A. Innovation, productivity, and monetary policy. Journal of Monetary Economics. 2018 jan.;93:24-41. https://doi.org/10.1016/j.jmoneco.2017.10.006

Author

Moran, Patrick ; Queralto, Albert. / Innovation, productivity, and monetary policy. I: Journal of Monetary Economics. 2018 ; Bind 93. s. 24-41.

Bibtex

@article{7ba1a85e0296463f9f76f22e98858ae4,
title = "Innovation, productivity, and monetary policy",
abstract = "To what extent can monetary policy impact business innovation and productivity growth? We use a New Keynesian model with endogenous total factor productivity (TFP) to quantify the TFP losses due to the constraints on monetary policy imposed by the zero lower bound (ZLB) and the TFP benefits of tightening monetary policy more slowly than currently anticipated. In the model, monetary policy influences firms{\textquoteright} incentives to develop and implement innovations. We use evidence on the dynamic effects of R&D and monetary shocks to estimate key parameters and assess model performance. The model suggests significant TFP losses due to the ZLB.",
keywords = "Business cycles, Endogenous technology, Monetary policy",
author = "Patrick Moran and Albert Queralto",
year = "2018",
month = jan,
doi = "10.1016/j.jmoneco.2017.10.006",
language = "English",
volume = "93",
pages = "24--41",
journal = "Journal of Monetary Economics",
issn = "0304-3932",
publisher = "Elsevier",

}

RIS

TY - JOUR

T1 - Innovation, productivity, and monetary policy

AU - Moran, Patrick

AU - Queralto, Albert

PY - 2018/1

Y1 - 2018/1

N2 - To what extent can monetary policy impact business innovation and productivity growth? We use a New Keynesian model with endogenous total factor productivity (TFP) to quantify the TFP losses due to the constraints on monetary policy imposed by the zero lower bound (ZLB) and the TFP benefits of tightening monetary policy more slowly than currently anticipated. In the model, monetary policy influences firms’ incentives to develop and implement innovations. We use evidence on the dynamic effects of R&D and monetary shocks to estimate key parameters and assess model performance. The model suggests significant TFP losses due to the ZLB.

AB - To what extent can monetary policy impact business innovation and productivity growth? We use a New Keynesian model with endogenous total factor productivity (TFP) to quantify the TFP losses due to the constraints on monetary policy imposed by the zero lower bound (ZLB) and the TFP benefits of tightening monetary policy more slowly than currently anticipated. In the model, monetary policy influences firms’ incentives to develop and implement innovations. We use evidence on the dynamic effects of R&D and monetary shocks to estimate key parameters and assess model performance. The model suggests significant TFP losses due to the ZLB.

KW - Business cycles

KW - Endogenous technology

KW - Monetary policy

U2 - 10.1016/j.jmoneco.2017.10.006

DO - 10.1016/j.jmoneco.2017.10.006

M3 - Journal article

AN - SCOPUS:85034845214

VL - 93

SP - 24

EP - 41

JO - Journal of Monetary Economics

JF - Journal of Monetary Economics

SN - 0304-3932

ER -

ID: 250538403