G2TT
来源类型Discussion paper
规范类型论文
来源IDDP17280
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
URLhttps://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.
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