Monetary Policy and Intangible Investment

Robin Döttling, Lev Ratnovski

Research output: Contribution to journalArticleAcademicpeer-review


The investment and stock prices of firms with relatively more intangible assets respond less to monetary policy. 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.
Original languageEnglish
JournalJournal of Monetary Economics
Publication statusPublished - 1 Nov 2022

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