The impact of US monetary policy on Chinese firms' innovation

被引：0
|
作者：
Feng, Ling [1 ]
Pei, Tingting [1 ]
Zhou, Zhiguang [1 ]
机构：
[1] Shanghai Univ Finance & Econ, Sch Finance, Shanghai, Peoples R China
来源：
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2024年 / 92卷
基金：
中国国家自然科学基金;
关键词：
US monetary policy; Export exposure; Firm innovation; INTERNATIONAL TRANSMISSION; TRADE LIBERALIZATION; SHOCKS; PRODUCTIVITY; MARKETS; SPILLOVERS; DYNAMICS; EXPORTS; CRISIS; MODEL;
D O I：
10.1016/j.iref.2024.02.006
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We construct a simple theoretical model to emphasize the external demand channel through which the monetary policy of the United States (U.S.) impacts the innovation decisions of Chinese manufacturing firms. The model predicts that a contractionary U.S. monetary policy depresses Chinese firms' innovation. We then empirically test this demand-channel spillover effect of the U. S. monetary policy on Chinese firms, and find that firms in an industry that has more export exposure to the U.S. would decrease innovation more during the period of U.S. contractionary monetary policy. In particular, this innovation depressing effect is stronger for firms with low productivity or private ownership.
引用
收藏
页码：1097 / 1111
页数：15
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