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220928 ||| eng |
| 020 |
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|a 9781513552521
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| 100 |
1 |
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|a Döttling, Robin
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| 245 |
0 |
0 |
|a Monetary Policy and Intangible Investment
|c Robin Döttling, Lev Ratnovski
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2020
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| 300 |
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|a 53 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Inflation
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| 653 |
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|a Government and the Monetary System
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| 653 |
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|a Payment Systems
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| 653 |
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|a Investment
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| 653 |
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|a Regimes
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| 653 |
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|a Monetary economics
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| 653 |
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|a Value of Firms
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| 653 |
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|a Deflation
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| 653 |
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|a Intangible Capital
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| 653 |
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|a National accounts
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| 653 |
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|a Money
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| 653 |
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|a Asset prices
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| 653 |
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|a Price Level
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| 653 |
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|a Standards
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| 653 |
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|a Depreciation
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| 653 |
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|a Saving and investment
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| 653 |
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|a Capital and Ownership Structure
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| 653 |
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|a Goodwill
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| 653 |
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|a Investments: General
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| 653 |
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|a Currencies
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| 653 |
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|a Monetary Systems
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| 653 |
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|a Prices
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Intangible capital
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| 653 |
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|a Capacity
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| 653 |
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|a Financial Risk and Risk Management
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| 653 |
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|a Capital
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| 653 |
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|a Financing Policy
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| 653 |
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|a Monetary Policy
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Investment policy
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| 700 |
1 |
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|a Ratnovski, Lev
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
0 |
|a 10.5089/9781513552521.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2020/160/001.2020.issue-160-en.xml?cid=49623-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a We contrast how monetary policy affects intangible relative to tangible investment. We document that the stock prices of firms with more intangible assets react less to monetary policy shocks, as identified from Fed Funds futures movements around FOMC announcements. Consistent with the stock price results, instrumental variable local projections confirm that the total investment in firms with more intangible assets responds less to monetary policy, and that intangible investment responds less to monetary policy compared to tangible investment. We identify two mechanisms behind these results. First, firms with intangible assets use less collateral, and therefore respond less to the credit channel of monetary policy. Second, intangible assets have higher depreciation rates, so interest rate changes affect their user cost of capital relatively less
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