Webex-seminar: Monetary Policy and Intangible Investment
On Tuesday March 16th 2021, Robin Döttling (Rotterdam School of Management, Erasmus University) will give an online presentation titled: "Monetary Policy and Intangible Investment." To attend this seminar, please send an e-mail to Simone Pailer (S.Pailer@cpb.nl). Then you will receive a Webex-invitation via Outlook.
We document that the stock prices and investment of firms with more intangible assets respond less to monetary policy shocks. Similarly, intangible investment responds less to monetary policy compared to tangible investment. These effects are most pronounced among financially constrained firms, indicating that corporate intangible capital weakens the credit channel of monetary policy transmission. The evidence that higher depreciation rates or higher adjustment costs of intangible assets explain these effects is mixed, suggesting a smaller role for these channels.