Now showing items 1-20 of 76

    • Academic Freedom, Private-Sector Focus, and the Process of Innovation 

      Aghion, Philippe; Dewatripont, Mathias; Stein, Jeremy C. (RAND Corporation, 2008)
      We develop a model that clarifies the respective advantages and disadvantages of academic and private-sector research. Rather than relying on lack of appropriability or spillovers to generate a rationale for academic ...
    • Appropriate Growth Policy: A Unifying Framework 

      Aghion, Philippe; Howitt, Peter (MIT Press, 2006)
      In this lecture, we use Schumpeterian growth theory, where growth comes from quality-improving innovations, to elaborate a theory of growth policy and to explain the growth gap between Europe and the US. Our theoretical ...
    • Carbon Taxes, Path Dependency, and Directed Technical Change: Evidence from the Auto Industry 

      Aghion, Philippe; Dechezleprêtre, Antoine; Hemous, David; Martin, Ralf; Van Reenen, John (University of Chicago Press, 2016)
      Can directed technical change be used to combat climate change? We construct new firm-level panel data on auto industry innovation distinguishing between "dirty" (internal combustion engine) and "clean" (e.g. electric and ...
    • The Causal Effects of Competition on Innovation: Experimental Evidence 

      Aghion, Philippe; Bechtold, Stefan; Cassar, Lea; Herz, Holger (National Bureau of Economic Research Inc, 2014)
      In this paper, we design two laboratory experiments to analyze the causal effects of competition on step-by-step innovation. Innovations result from costly R&D investments and move technology up one step. Competition is ...
    • Choosing Electoral Rules: Theory and Evidence from US Cities 

      Aghion, Philippe; Alesina, Alberto Francesco; Trebbi, Francesco (2005)
      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 rules. With the aim of ...
    • Civil Society and the State: The Interplay between Cooperation and Minimum Wage Regulation 

      Aghion, Philippe; Algan, Yann; Cahuc, Pierre (2009)
      In a cross-section of countries, state regulation of labor markets is strongly negatively correlated with the quality of labor relations. In this paper, we argue that these facts reflect different ways to regulate labor ...
    • Competition and Innovation: An Inverted-U Relationship 

      Aghion, Philippe; Bloom, Nick; Blundell, Richard; Griffith, Rachel; Howitt, Peter (MIT Press, 2005)
      This paper investigates the relationship between product market competition and innovation. We find strong evidence of an inverted-U relationship using panel data. We develop a model where competition discourages laggard ...
    • Competition and Productivity Growth in South Africa 

      Aghion, Philippe; Braun, Matias; Fedderke, Johannes (Blackwell Publishing, 2008)
      This article shows that mark-ups are significantly higher in South African manufacturing industries than they are in corresponding industries worldwide. We test for the consequences of this low-level of product market ...
    • Competition, Financial Discipline and Growth 

      Aghion, Philippe; Dewatripont, Mathias; Rey, Patrick (Oxford University Press (OUP), 1999)
      This paper develops a general equilibrium model of technological adoption in an economy populated by 'satisficing' entrepreneurs whose main objective is to minimise innovative effort while keeping the firm alive. In such ...
    • Competition, Imitation and Growth with Step-by-Step Innovation 

      Aghion, Philippe; Harris, Christopher; Howitt, Peter; Vickers, John (Oxford University Press (OUP), 2001)
      Is more intense product market competition and imitation good or bad for growth? This question is addressed in the context of an endogenous growth model with “step-by-step” innovations, in which technological laggards must ...
    • Contagious bank failures in a free banking system 

      Aghion, Philippe; Bolton, Patrick; Dewatripont, Mathias (Elsevier BV, 2000)
      This paper develops a model of an unregulated banking system based around a private clearing house arrangement. Whilst such a system may dominate one with a public safety net in reducing moral hazard in lending and therefore ...
    • Credit Constraints and the Cyclicality of R&D Investment: Evidence from France 

      Aghion, Philippe; Askenazy, Philippe; Berman, Nicolas; Cette, Gilbert; Eymard, Laurent (Wiley-Blackwell, 2012)
      We use a French firm-level data set containing 13,000 firms over the period 1994–2004 to analyze the relationship between credit constraints and firms’ R&D behavior over the business cycle. Our main results can be summarized ...
    • Credit Constraints and the Cyclicality of R&D Investment: Evidence from France 

      Aghion, Philippe; Askenazy, Philippe; Berman, Nicolas; Cette, Gilbert; Eymard, Laurent (Wiley-Blackwell, 2012)
      We use a French firm-level panel data set over the period 1993-2004 to analyze the relationship between credit constraints and firms' R&D behavior over the business cycle. Our main results can be summarized as follows: (i) ...
    • Credit Constraints and the Cyclicality of R&D Investment: Evidence from France 

      Aghion, Philippe; Askenazy, Philippe; Berman, Nicolas; Cette, Gilbert; Eymard, Laurent (Oxford University Press (OUP), 2012)
      We use a French firm-level panel data set over the period 1993-2004 to analyze the relationship between credit constraints and firms' R&D behavior over the business cycle. Our main results can be summarized as follows: (i) ...
    • Credit Constraints as a Barrier to the Entry and Post-Entry Growth of Firms 

      Aghion, Philippe; Fally, Thibault; Scarpetta, Stefano (Wiley-Blackwell, 2007)
      Advanced market economies are characterized by a continuous process of creative destruction. Market forces and technological developments play a major role in shaping this process, but institutional and policy settings ...
    • Credit Constraints, Cyclical Fiscal Policy and Industry Growth 

      Aghion, Philippe; Hemous, David; Kharroubi, Enisse (Elsevier, 2014)
      What are the effects of cyclical fiscal policy on industry growth? We show that industries with a relatively heavier reliance on external finance or lower asset tangibility tend to grow faster (in terms of both value added ...
    • Currency Crises and Monetary Policy in an Economy with Credit Constraints 

      Aghion, Philippe; Bacchetta, Philippe; Banerjee, Abhijit (Elsevier, 2001)
      This paper presents a simple model of currency crises which is driven by the interplay between the credit constraints of private domestic firms and the existence of nominal price rigidities. The possibility of multiple ...
    • Cyclical Budgetary Policy and Economic Growth: What Do We Learn From OECD Panel Data? 

      Aghion, Philippe; Marinescu, Ioana (University of Chicago Press, 2007)
      This paper uses yearly panel data on OECD countries to analyze the relationship between growth and the cyclicality of government debt. We develop new time-varying estimates of the cyclicality of public debt. Our main ...
    • Democracy, Technology, and Growth 

      Aghion, Philippe; Alesina, Alberto Francesco; Trebbi, Francesco (2007)
      We explore the question of how political institutions and particularly democracy affect economic growth. Although empirical evidence of a positive effect of democracy on economic performance in the aggregate is weak, we ...
    • Distance to Frontier, Selection, and Economic Growth 

      Acemoglu, Daron; Aghion, Philippe; Zilibotti, Fabrizio (MIT Press, 2006)
      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 innovation than for adoption. ...