Monetary Policy and Intangible Investment

We document that intangible investment responds less to monetary policy compared to tangible investment. Likewise, monetary policy has a smaller effect on the total investment and stock prices of firms with more intangible assets. This novel heterogeneity in monetary policy transmission is most pronounced among financially constrained firms, consistent with a weaker credit channel of monetary policy for firms with more intangible assets. The evidence that higher intangible asset depreciation rates or higher adjustment costs explain this heterogeneity is mixed, suggesting a smaller role for these channels

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Year of publication:	2020
Authors:	Döttling, Robin
Other Persons:	Ratnovski, Lev (contributor)
Publisher:	[2020]: [S.l.] : SSRN
Subject:	Geldpolitik \| Monetary policy \| Investition \| Investment \| Immaterielle Werte \| Intangible assets \| Zins \| Interest rate

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