Technological progress increases the importance of corporate intangible assets. The rise of intangible investment may affect monetary policy. Research by Robin Döttling and Lev Ratnovski assessed the effects of monetary policy on stock prices and investment. They found that stock prices and investment of firms with more intangible assets respond less to monetary policy compared to those with more tangible assets. This effect is driven by a weaker credit channel, as firms with intangible assets rely less on debt financing.