| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17280 |
| DP17280 Quantitative Easing and Corporate Innovation | |
| Niklas Grimm; Luc Laeven; Alexander Popov | |
| 发表日期 | 2022-05-05 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We document a strong and heterogeneous response of corporate R&D investment to changes in debt financing conditions induced by corporate debt purchases under the ECB's QE Program. Companies eligible for the program increase significantly their investment in R&D, relative to similar ineligible companies operating in the same country and sector. This effect is limited to firms with low leverage and with high levels of prior innovation. In contrast, QE-eligible companies with no history of innovation only increase dividend payments. Finally, credit constraints do not appear to matter for the response of R&D investment to QE. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Corporate innovation Real effects Unconventional monetary policy Asset purchases |
| URL | https://cepr.org/publications/dp17280 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546300 |
| 推荐引用方式 GB/T 7714 | Niklas Grimm,Luc Laeven,Alexander Popov. DP17280 Quantitative Easing and Corporate Innovation. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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