The impact of economic policy uncertainty and monetary policy on R&D investment: An option pricing approach
采用实物期权方法，基于2000-2019年美国企业面板数据，发现经济政策不确定性上升和紧缩性货币政策会显著促进研发投资，揭示了研发投资的逆周期行为。
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.