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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
It captures around 8,000 firms each year from 2005/06 to 2019/20. ... For example, the central bank is likely to raise rates if it expects economic activity and inflation to increase.
https://www.rba.gov.au/publications/rdp/2024/2024-01/full.html

Results

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
The response of R&D spending is somewhat larger than documented in Moran and Queralto (2018), though it is also shorter lived – they document an 0.8 per cent decline, with ... But it is important to keep in mind that a 100 basis point monetary policy
https://www.rba.gov.au/publications/rdp/2024/2024-01/results.html

Conclusion

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
It also increases the costs associated with such policies being constrained, such as at the effective zero lower bound on interest rates. ... And it potentially alters the trade-offs a central bank faces when stabilising inflation and activity in the
https://www.rba.gov.au/publications/rdp/2024/2024-01/conclusion.html

Data and Methodology

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
It captures around 8,000 firms each year from 2005/06 to 2019/20. ... For example, the central bank is likely to raise rates if it expects economic activity and inflation to increase.
https://www.rba.gov.au/publications/rdp/2024/2024-01/data-and-methodology.html

Introduction

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
The channels we explore include: weaker demand, which lowers incentives to innovate; and tighter credit conditions, which make it harder to finance investment and innovation.
https://www.rba.gov.au/publications/rdp/2024/2024-01/introduction.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
Because macroeconomic policy, such as monetary or fiscal policy, can influence economic conditions, it may play a very important role in limiting such scarring and, more generally, could have long-lasting
https://www.rba.gov.au/publications/rdp/2024/2024-01/non-technical-summary.html

Macroeconomic Effects on Productivity

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
However, given the vastly different structures of the Australian and US economies, it is worth examining whether the results for the United States hold when focusing only on Australia. ... This implies that R&D cannot affect TFP contemporaneously,
https://www.rba.gov.au/publications/rdp/2024/2024-01/macroeconomic-effects-on-productivity.html

Through Which Channels Does Monetary Policy Affect Innovation?

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
It is important to note that there could be other differences between exporting and non-exporting firms that affect these results. ... We use this measure as it is available for a wide range of countries, which could facilitate future analysis.
https://www.rba.gov.au/publications/rdp/2024/2024-01/through-which-channels-does-monetary-policy-affect-innovation.html