The impact of economic policy uncertainty and monetary policy on R&D investment: An option pricing approach

被引：12
|
作者：
de la Horra, Luis P. [1 ]
Perote, Javier [2 ]
de la Fuente, Gabriel [1 ]
机构：
[1] Univ Valladolid, Business & Econ Sch, Dept Financial Econ & Accounting, Avda Valle Esgueva 6, Valladolid 47011, Spain
[2] Univ Salamanca, Sch Econ & Business, Dept Econ & Econ Hist, Campus Miguel de Unamuno,Edif FES, Salamanca 37007, Spain
来源：
ECONOMICS LETTERS | 2022年 / 214卷
关键词：
R&D; Monetary policy; Economic policy uncertainty; Real options; Panel data;
D O I：
10.1016/j.econlet.2022.110413
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper adopts a real options approach to investigate the effects of economic policy uncertainty (EPU) and monetary policy on R&D investment. Using a panel of U.S. firms over the period 2000-2019, we show that higher (lower) EPU and contractionary (expansionary) monetary policy exert a positive (negative) and significant influence on R&D investment. Our findings shed light on the counter-intuitive behavior of R&D investments, which may help policymakers to anticipate such collateral effects.(c) 2022 The Author(s). Published by Elsevier B.V. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).
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页数：4
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