Using quarterly data, we estimate the effects of monetary policy on innovation in the Eurozone over 2000–2021. Variations in the monetary stance may affect how firms and governments allocate resources to innovative investments. The identification of the structural shocks relies on an SVAR framework with a set of exclusion restrictions. Although characterised by the predominance of ZLB periods, conventional monetary policy shocks affect private and public R&D spending in the medium term with some initial inertia. Unconventional monetary shocks affect innovative expenditure in the short to medium term, but their impacts vanish in the longer run.

中文翻译：

---

欧洲的货币政策和创新：SVAR 方法


我们利用季度数据估计了 2000 年至 2021 年货币政策对欧元区创新的影响。货币立场的变化可能会影响企业和政府如何将资源分配给创新投资。结构性冲击的识别依赖于具有一组排除限制的 SVAR 框架。尽管其特点是零利率下限时期占主导地位，但传统的货币政策冲击会在中期影响私人和公共研发支出，并具有一定的初始惯性。非常规货币冲击会在中短期内影响创新支出，但从长期来看，其影响会消失。