Coming of Age: Report on the euro area. Bruegel blueprint series 2008/4. Volume IV (2008)
Pisani-Ferry, Jean, Aghion, Philippe, Belka, Marek, Von Hagen, Jurgen, Heikensten, Lars, Sapir, Andre, ...
(From introduction). By many standards, economic and monetary union (EMU) is a major success. The transition to the new currency was remarkably smooth. The euro area has enjoyed remarkable price...
Coming of Age: Report on the euro area. Bruegel blueprint series, Volume IV/January 2008 (2008)
Pisani-Ferry, Jean, Aghion, Philippe, Belka, Marek, Von Hagen, Jurgen, Heikensten, Lars, Sapir, Andre, ...
The euro marks its tenth year in 2008. It is unlikely to be the easiest one in its successful first decade. At the end of 2007, inflation in the euro area had jumped to above three percent, yet with...
Technology, information, and the decentralization of the firm (2007)
Acemoglu, Daron, Aghion, Philippe, Lelarge, Claire, Van Reenen, John, Zilibotti, Fabrizio
Technology, information, and the decentralization of the firm (2007)
Acemoglu, Daron, Aghion, Philippe, Lelarge, Claire, Van Reenen, John, Zilibotti, Fabrizio
Linking Policy Research and Practice in 'STIG Systems': Many Obstacles, but Some Ways Forward (2007)
Aghion, Philippe, David, Paul A., Foray, Dominique
This paper reflects on the relevance of "systems-theoretic" approaches to the interdependent policy issues bearing on the dynamics of science, technology and innovation in their relationship to...
Linking policy research and practice in 'STIG systems': Many obstacles, but some ways forward (2006)
Aghion, Philippe, David, Paul A., Foray, Dominique
This paper reflects on the relevance of systems thinking about the interdependent policy issues bearing on the dynamics of science, technology and innovation in their relationship to economic growth....
A Primer on Innovation and Growth. Bruegel policy brief 2006/06, October 2006 (2006)
Summary. In sharp contrast with the post-war period, over the last 10 years income per head in the EU has begun to decline in comparison to that of the US. Against this background, the revival of...
Aghion, Philippe, Dewatripont, Mathias, Hoxby, Caroline, Mas-Colell, Andreu, Sapir, Andre
Since the introduction of the Shanghai ranking of the world’s universities it has been clear that European universities are underperforming. This blueprint discusses the potential explanations and...
The unequal effects of liberalization: evidence from dismantling the license Raj in India (2006)
Aghion, Philippe, Burgess, Robin, Redding, Stephen, Zilibotti, Fabrizio
This paper investigates whether the effects, on registered manufacturing out-put, employment, entry and investment, of dismantling the ‘license raj’ - a system of central controls regulating...
The unequal effects of liberalization: evidence from dismantling the license Raj in India (2006)
Aghion, Philippe, Burgess, Robin, Redding, Stephen, Zilibotti, Fabrizio
This paper investigates whether the effects, on registered manufacturing out-put, employment, entry and investment, of dismantling the ‘license raj’ - a system of central controls regulating...
Interaction Effects in the Relationship Between Growth and Finance (2006)
This paper analyzes how interacting financial development with initial income, macroeconomic volatility and policy variables, can improve our understanding of convergence and divergence across...
Interaction Effects in the Relationship Between Growth and Finance (2006)
This paper analyzes how interacting financial development with initial income, macroeconomic volatility and policy variables, can improve our understanding of convergence and divergence across...
Interaction Effects in the Relationship Between Growth and Finance (2006)
This paper analyzes how interacting financial development with initial income, macroeconomic volatility and policy variables, can improve our understanding of convergence and divergence across...
Interaction Effects in the Relationship Between Growth and Finance (2006)
This paper analyzes how interacting financial development with initial income, macroeconomic volatility and policy variables, can improve our understanding of convergence and divergence across...
Technology, information and the decentralization of the firm (2006)
Acemoglu, Daron, Aghion, Philippe, Lelarge, Claire, Van Reenen, John, Zilibotti, Fabrizio
This paper develops a framework to analyze the relationship between the diffusion of new technologies and the decentralization decisions of firms. Centralized control relies on the information of the...
Technology, information and the decentralization of the firm (2006)
Acemoglu, Daron, Aghion, Philippe, Lelarge, Claire, Van Reenen, John, Zilibotti, Fabrizio
This paper develops a framework to analyze the relationship between the diffusion of new technologies and the decentralization decisions of firms. Centralized control relies on the information of the...
Technology, information and the decentralization of the firm (2006)
Acemoglu, Daron, Aghion, Philippe, Lelarge, Claire, Van Reenen, John, Zilibotti, Fabrizio
This paper develops a framework to analyze the relationship between the diffusion of new technologies and the decentralization decisions of firms. Centralized control relies on the information of the...
The unequal effects of liberalization: evidence from dismantling the license Raj in India (2005)
Aghion, Philippe, Burgess, Robin, Redding, Stephen, Zilibotti, Fabrizio
This paper investigates whether the effects, on registered manufacturing out-put, employment, entry and investment, of dismantling the ‘license raj’ - a system of central controls regulating...
The unequal effects of liberalization: evidence from dismantling the license Raj in India (2005)
Aghion, Philippe, Burgess, Robin, Redding, Stephen, Zilibotti, Fabrizio
This paper investigates whether the effects, on registered manufacturing out-put, employment, entry and investment, of dismantling the ‘license raj’ - a system of central controls regulating...
Productivity Growth and the Exchange Rate Regime: The Role of Financial Development (2005)
Aghion, Philippe, Bacchetta, Philippe, Rancière, Romain, Rogoff, Kenneth S.
This paper offers empirical evidence that a country's choice of exchange rate regime can have a signifficant impact on its medium-term rate of productivity growth. Moreover, the impact depends...
Entry liberalization and inequality in industrial performance (2005)
Aghion, Philippe, Burgess, Robin, Redding, Steve, Zilibotti, Fabrizio
Entry liberalization and inequality in industrial performance (2005)
Aghion, Philippe, Burgess, Robin, Redding, Stephen, Zilibotti, Fabrizio
Entry liberalization and inequality in industrial performance (2005)
Aghion, Philippe, Burgess, Robin, Redding, Stephen, Zilibotti, Fabrizio
Hellwig, Martin, Sapir, André, Aghion, Philippe, Bertola, Giuseppe, Pisani-Ferry, Jean, Rosati, Dariusz, ...
An Agenda for a Growing Europe: The Sapir Report (2004)
WALLACE, Helen, SAPIR, Andre, AGHION, Philippe, BERTOLA, Giuseppe, HELLWIG, Martin, PISANI-FERRY, Jean, ...
An Agenda for a Growing Europe: The Sapir Report (2004)
WALLACE, Helen, SAPIR, Andre, AGHION, Philippe, BERTOLA, Giuseppe, HELLWIG, Martin, PISANI-FERRY, Jean, ...
An Agenda for a Growing Europe: The Sapir Report (2004)
WALLACE, Helen, SAPIR, Andre, AGHION, Philippe, BERTOLA, Giuseppe, HELLWIG, Martin, PISANI-FERRY, Jean, ...
The unequal effects of liberalization : theory and evidence from India (2003)
Aghion, Philippe, Burgess, Robin, Redding, Stephen, Zilibotti, Fabrizio
The unequal effects of liberalization : theory and evidence from India (2003)
Aghion, Philippe, Burgess, Robin, Redding, Stephen, Zilibotti, Fabrizio
The unequal effects of liberalization : theory and evidence from India (2003)
Aghion, Philippe, Burgess, Robin, Redding, Stephen, Zilibotti, Fabrizio
Competition, Innovation and Growth in Transition: Exploring the Interactions between Policies (2002)
Aghion, Philippe, Carlin, Wendy, Schaffer, Mark E.
Transition has entailed the introduction of policies to stimulate product market competition, to establish effective corporate governance and to harden enterprise budget constraints. How do these...
An analytical framework for evaluating transition impact of infrastructure projects (2000)
Aghion, Philippe, Schankerman, Mark
This paper provides a non-technical summary of a framework for evaluating the transition impact (social returns) of any infrastructure investment that reduces transaction costs and thereby...
An analytical framework for evaluating transition impact of infrastructure projects (2000)
Aghion, Philippe, Schankerman, Mark
This paper provides a non-technical summary of a framework for evaluating the transition impact (social returns) of any infrastructure investment that reduces transaction costs and thereby...
A model of market-enhancing infrastructure (2000)
Aghion, Philippe, Schankerman, Mark
This paper develops a framework for evaluating the social returns to infrastructure investments that intensify product market competition. We use a circular model with asymmetric production costs...
A model of market-enhancing infrastructure (2000)
Aghion, Philippe, Schankerman, Mark
This paper develops a framework for evaluating the social returns to infrastructure investments that intensify product market competition. We use a circular model with asymmetric production costs...
Competition, entry, and the social returns to infrastructure in transition economies (1999)
Aghion, Philippe, Schankerman, Mark
This paper presents a simple model for analysing the contribution of investments in physical and institutional infrastructure to the transition process. In addition to the direct cost savings,...
Competition, entry, and the social returns to infrastructure in transition economies (1999)
Aghion, Philippe, Schankerman, Mark
This paper presents a simple model for analysing the contribution of investments in physical and institutional infrastructure to the transition process. In addition to the direct cost savings,...
The economics of bankruptcy reform (1992)
Aghion, Philippe, Hart, Oliver, Moore, John
We propose a new bankruptcy procedure. Initially, a firm''s debts are cancelled, and cash and non-cash bids are solicited for the "new" (all equity) firm. Former claimants are given shares, or...
The economics of bankruptcy reform (1992)
Aghion, Philippe, Hart, Oliver, Moore, John
We propose a new bankruptcy procedure. Initially, a firm''s debts are cancelled, and cash and non-cash bids are solicited for the "new" (all equity) firm. Former claimants are given shares, or...
Towards the establishment of a continental European Customs Union (1992)
Aghion, Philippe, Burgess, Robin, Fitoussi, JP, Messerlin, PA
Towards the establishment of a continental European Customs Union (1992)
Aghion, Philippe, Burgess, Robin, Fitoussi, JP, Messerlin, PA
Towards the establishment of a continental European Customs Union (1992)
Aghion, Philippe, Burgess, Robin, Fitoussi, JP, Messerlin, PA
Mémoire DEA : Economie mathématique et économétrie / Paris 1 ; 1981 : sess. oct.
Volatility and Growth: Credit Constraints and Productivity-Enhancing Investment
Philippe Aghion, George-Marios Angeletos, Abhijit Banerjee, Kalina Manova
We examine how credit constraints affect the cyclical behavior of productivity-enhancing investment and thereby volatility and growth. We first develop a simple growth model where firms engage in two...
Financial Development and the Instability of Open Economies
Philippe Aghion, Philippe Bacchetta, Abhijit Banerjee
This paper introduces a framework for analyzing the role of financial factors as a source of instability in small open economies. Our basic model is a dynamic open economy model with a tradeable good...
Growth vs. Margins: Destabilizing Consequences of Giving the Stock Market What it Wants
Philippe Aghion, Jeremy C. Stein
We develop a multi-tasking model in which a firm can devote its efforts either to increasing sales growth, or to improving per-unit profit margins by, e.g., cutting costs. If the firm's manager is...
Vertical integration and technology: theory and evidence
Daron Acemoglu, Philippe Aghion, Rachel Griffith, Fabrizio Zilibotti
This paper investigates the determinants of vertical integration using data from the UK manufacturing sector. We find that the relationship between a downstream (producer) industry and an upstream...
Vertical Integration and Technology: Theory and Evidence
Daron Acemoglu, Philippe Aghion, Rachel Griffith, Fabrizio Zilibotti
This paper investigates the determinants of vertical integration using data from the UK manufacturing sector. We find that the relationship between a downstream (producer) industry and an upstream...
Vertical Integration and Technology: Theory and Evidence
Acemoglu, Daron, Aghion, Philippe, Griffith, Rachel, Zilibotti, Fabrizio
This paper investigates the determinants of vertical integration. We first derive a number of predictions regarding the relationship between technology intensity and vertical integration from a...
The Effects of Entry on Incumbent Innovation and Productivity
Aghion, Philippe, Blundell, Richard William, Griffith, Rachel, Howitt, Peter, Prantl, Susanne
How does firm entry affect innovation incentives and productivity growth in incumbent firms? Micro-data suggests that there is heterogeneity across industries - incumbents in technologically advanced...
Competition, Innovation and Growth in Transition: Exploring the Interactions between Policies
Philippe Aghion, Wendy Carlin, Mark Schaffer
Transition has entailed the introduction of policies to stimulate product market competition, to establish effective corporate governance and to harden enterprise budget constraints. How do these...
Choosing Electoral Rules: Theory and Evidence from US Cities
Philippe Aghion, Alberto Alesina, Francesco Trebbi
This paper studies the choice of electoral rules, in particular, the question of minority representation. Majorities tend to disenfranchise minorities through strategic manipulation of electoral...
Exchange Rate Volatility and Productivity Growth: The Role of Financial Development
Philippe Aghion, Philippe Bacchetta, Romain Ranciere, Kenneth Rogoff
This paper offers empirical evidence that real exchange rate volatility can have a significant impact on long-term rate of productivity growth, but the effect depends critically on a country's level...
Exchange Rate Volatility and Productivity Growth: The Role of Financial Development
Philippe Aghion, Philippe Bacchetta, Romain Ranciere, Kenneth Rogoff
This paper offers empirical evidence that real exchange rate volatility can have a significant impact on long-term rate of productivity growth, but the effect depends critically on a country%u2019s...
The Effects of Entry on Incumbent Innovation and Productivity
Philippe Aghion, Richard Blundell, Rachel Griffith, Peter Howitt, Susanne Prantl
How does firm entry affect innovation incentives and productivity growth in incumbent firms? Micro-data suggests that there is heterogeneity across industries--incumbents in technologically advanced...
The Unequal Effects of Liberalization: Evidence from Dismantling the License Raj in India
Philippe Aghion, Robin Burgess, Stephen Redding, Fabrizio Zilibotti
We study the effects of the progressive elimination of the system of industrial regulations on entry and production, known as the "license raj," on registered manufacturing output, employment, entry...
Exchange Rate Volatility and Productivity Growth: The Role of Financial Development
Aghion, Philippe, Bacchetta, Philippe, Rancière, Romain, Rogoff, Kenneth
This paper offers empirical evidence that real exchange rate volatility can have a significant impact on long-term rate of productivity growth, but the effect depends critically on a country's level...
The Unequal Effects of Liberalization: Evidence from Dismantling the License Raj in India
Aghion, Philippe, Burgess, Robin, Redding, Stephen J, Zilibotti, Fabrizio
This paper investigates whether the effects, on registered manufacturing output, employment, entry and investment, of dismantling the 'license raj' - a system of central controls regulating entry and...
The Effect of Financial Development on Convergence: Theory and Evidence
Philippe Aghion, Peter Howitt, David Mayer-Foulkes
We introduce imperfect creditor protection in a multi-country version of Schumpeterian growth theory with technology transfer. The theory predicts that the growth rate of any country with more than...
Distance to Frontier, Selection, and Economic Growth
Daron Acemoglu, Philippe Aghion, Fabrizio Zilibotti
We analyze an economy where firms undertake both innovation and adoption of technologies from the world technology frontier. The selection of high-skill managers and firms is more important for...
Philippe Aghion, Gilles Saint-Paul
This paper reviews the recent literature on the interactions between business cycles and growth. It focuses on the causality from cycles to growth, but also deals to some extent with the reverse...
The Unequal Effects of Liberalization: Evidence fromDismantling the License Raj in India
Philippe Aghion, Robin Burgess, Stephen Redding, F Zilibotti
This paper investigates whether the effects, on registered manufacturing out-put,employment, entry and investment, of dismantling the 'license raj' - a system of centralcontrols regulating entry and...
Jones, Charles I., Philippe Aghion, Steven Durlauf
Ideas are different from nearly all other economic goods in that they are nonrivalrous. This nonrivalry implies that production possibilities are likely to be characterized by increasing returns to...