As the macro-financial system becomes more complex and unstable, the volatility of monetary policy increases, which inevitably affects firms’ innovation behaviour. This study focuses on firms’ perceived monetary policy uncertainty (MPU) and the duality of innovation structure by constructing a new field patent index to measure the degree of radical innovation, and empirically examines the impact of MPU on firms’ radical innovation. Based on the panel data of Chinese listed manufacturing firms, we find that increased MPU and firm perceptual c...
