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Do Monetary Policy and Economic Conditions Impact Innovation? Evidence from Australian Administrative Data

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
We find that contractionary (expansionary) monetary policy reduces (increases) aggregate research and development (R&D) spending, and that lower (higher) R&D spending reduces (increases) future productivity.
https://www.rba.gov.au/publications/rdp/2024/2024-01.html

Results

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
R. 2. 0.20. 0.14. 0.11. 0.09. No of observations. 45,053. 35,635. ... 1.54). R. 2. 0.19. 0.14. 0.12. 0.10. No of observations. 29,551.
https://www.rba.gov.au/publications/rdp/2024/2024-01/results.html

Appendix B: Additional Regression Results

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
1.25. (1.20). R. 2. 0.20. 0.14. 0.11. 0.09. No of observations. ... 5.51. (2.26). R. 2. 0.05. 0.05. 0.05. 0.04. No of observations.
https://www.rba.gov.au/publications/rdp/2024/2024-01/appendix-b.html

Do Monetary Policy and Economic Conditions Impact Innovation? Evidence from Australian Administrative Data

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
Aggregate (log) R&D spending data from the Australian Bureau of Statistics (ABS) national accounts. ... TFP. Based on a Cholesky decomposition with R&D spending ordered last. VAR(1) model.
https://www.rba.gov.au/publications/rdp/2024/2024-01/full.html

Macroeconomic Effects on Productivity

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
Moran and Queralto (2018) demonstrate in their model and empirically that shocks to R&D spending have an effect on productivity in the medium run. ... TFP. Based on a Cholesky decomposition with R&D spending ordered last. VAR(1) model.
https://www.rba.gov.au/publications/rdp/2024/2024-01/macroeconomic-effects-on-productivity.html

References

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
Mancusi ML and A Vezzulli (2010), ‘R&D, Innovation and Liquidity Constraints’, Knowledge, Internationalization and Technology Studies, Università Bocconi, KITeS Working Paper No 30/2010. ... Ouyang M (2011), ‘On the Cyclicality of R&D’, The
https://www.rba.gov.au/publications/rdp/2024/2024-01/references.html

Conclusion

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
Consistent with the overseas literature, we find evidence for Australia that contractionary (expansionary) monetary policy shocks are associated with a decline (increase) in R&D spending. ... We also find that declines (increases) in R&D spending are
https://www.rba.gov.au/publications/rdp/2024/2024-01/conclusion.html

Introduction

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
Moreover, much of the evidence has focused on narrow measures of innovative activity like research and development (R&D) spending and patenting. ... We then consider the aggregate effect of changes in R&D spending on productivity in Section 6 before
https://www.rba.gov.au/publications/rdp/2024/2024-01/introduction.html

Do Monetary Policy and Economic Conditions Impact Innovation? Evidence from Australian Administrative Data

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
VAR MP effects R&D.wf1. lgdp: log real gross domestic product, seasonally adjusted – ABS Australian National Accounts: National Income, Expenditure and Product. ... Bergeaud A, G Cette and R Lecat (2016), ‘Productivity Trends in Advanced Countries
https://www.rba.gov.au/publications/rdp/2024/2024-01/read-me.html

Non-technical summary for ‘Do Monetary Policy and Economic Conditions Impact Innovation? Evidence from Australian Administrative Data’

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
The opposite applies for expansionary monetary policy, which is associated with higher R&D spending. ... Focusing on broader survey measures of innovation and technology adoption, rather than only R&D spending, responses differ somewhat across firms.
https://www.rba.gov.au/publications/rdp/2024/2024-01/non-technical-summary.html