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A model of growth through creative destruction

[PDF] from ucl.ac.uk
P Aghion, P Howitt - 1990 - nber.org
This paper develops a model based on Schumpeter's process of creative destruction. It
departs from existing models of endogenous growth in emphasizing obsolescence of old
technologies induced by the accumulation of knowledge and the resulting process or ...
Cited by 5558 - Related articles - Library Search - All 32 versions

[BOOK] Endogenous growth theory

[PDF] from fordham.edu
P Aghion, P Howitt… - 1998 - books.google.com
Advanced economies have experienced a tremendous increase in material well-being since
the industrial revolution. Modern innovations such as personal computers, laser surgery, jet
airplanes, and satellite communication have made us rich and transformed the way we ...
Cited by 5212 - Related articles - Get it from MIT Libraries - Library Search - All 19 versions

Formal and real authority in organizations

[PDF] from harvard.edu
P Aghion, J Tirole - Journal of political economy, 1997 - JSTOR
This paper develops a theory of the allocation of formal authority (the right to decide) and
real authority (the effective control over decisions) within organizations, and it illustrates how
a formally integrated structure can accommodate various degrees of" real" integration. ...
Cited by 2298 - Related articles - Get it from MIT Libraries - Library Search - BL Direct - All 48 versions

An incomplete contracts approach to financial contracting

[PDF] from sdu.edu.cn
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P Aghion… - The review of economic Studies, 1992 - restud.oxfordjournals.org
Abstract We analyze incomplete long-term financial contracts between an entrepreneur with
no initial wealth and a wealthy investor. Both agents have potentially conflicting objectives
since the entrepreneur cares about both pecuniary and non-pecuniary returns from the ...
Cited by 1865 - Related articles - All 29 versions

Inequality and economic growth: the perspective of the new growth theories

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P Aghion, E Caroli… - Journal of Economic literature, 1999 - JSTOR
THE QUESTION of how inequality is generated and how it reproduces over time has been a
major concern of social scientists for more than a century. Yet the relationship between
inequality and the process of economic development is far from being well understood. ...
Cited by 1485 - Related articles - Library Search - BL Direct - All 31 versions

Competition and innovation: An inverted U relationship

[PDF] from oxfordjournals.org
P Aghion, N Bloom, R Blundell, R Griffith… - 2002 - nber.org
This paper investigates the relationship between product market competition (PMC) and
innovation. A growth model is developed in which competition may increase the incremental
profit from innovating; on the other hand, competition may also reduce innovation ...
Cited by 1432 - Related articles - Library Search - BL Direct - All 65 versions

A theory of trickle-down growth and development

[PDF] from isid.ac.in
P Aghion… - The Review of Economic Studies, 1997 - JSTOR
This paper develops a model of growth and income inequalities in the presence of imperfect
capital markets, and it analyses the trickle-down effect of capital accumulation. Moral hazard
with limited wealth constraints on the part of the borrowers is the source of both capital ...
Cited by 1095 - Related articles - Get it from MIT Libraries - BL Direct - All 21 versions

The management of innovation

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P Aghion, J Tirole - The Quarterly Journal of Economics, 1994 - qje.oxfordjournals.org
Abstract The paper analyzes the organization of the R&D activity in an incomplete contract
framework. It provides theoretical foundations:(a) to understand how the allocation of
property rights on innovations may affect both the frequency and the magnitude of these ...
Cited by 942 - Related articles - BL Direct - All 18 versions

Contracts as a Barrier to Entry

P Aghion… - The American economic review, 1987 - JSTOR
It is shown that an incumbent seller who faces a threat of entry into his or her market will sign
long-term contracts that prevent the entry of some lower-cost producers even though they do
not preclude entry completely. Moreover, when a seller possesses superior information ...
Cited by 890 - Related articles - Get it from MIT Libraries - All 12 versions

Distance to frontier, selection, and economic growth

[PDF] from ucl.ac.uk
D Acemoglu, P Aghion… - 2002 - nber.org
We analyze an economy where managers engage both in the adaptation of technologies
from the world frontier and in innovation activities. The selection of high-skill managers is
more important for innovation activities. As the economy approaches the technology ...
Cited by 847 - Related articles - Library Search - BL Direct - All 66 versions

Competition, imitation and growth with step‐by‐step innovation

[PDF] from brown.edu
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P Aghion, C Harris, P Howitt… - Review of Economic …, 2001 - Wiley Online Library
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 first catch up with the leading-edge ...
Cited by 613 - Related articles - BL Direct - All 27 versions

Growth and unemployment

Full text - MIT Libraries
P Aghion, P Howitt - The Review of Economic Studies, 1994 - restud.oxfordjournals.org
Abstract This paper analyses the effects of growth on long-run unemployment using a
search model of equilibrium unemployment where growth arises explicitly from the
introduction of new technologies that require labour reallocation for their implementation.
Cited by 593 - Related articles - BL Direct - All 11 versions

[PDF] On the speed of transition in Central Europe

[PDF] from nber.org
P Aghion… - 1994 - nber.org
Transition in Central Europe is four years old. State firms that dominated the economy are
struggling with market forces. A new private sector quickly emerged and has taken hold.
Unemployment, which did not exist, is high and still increasing. These changes are raising ...
Cited by 578 - Related articles - View as HTML - Library Search - BL Direct - All 22 versions

The economics of bankruptcy reform

[PDF] from ucl.ac.uk
P Aghion, O Hart… - 1992 - nber.org
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 options to buy shares, in the new firm on the basis of absolute priority. Options ...
Cited by 577 - Related articles - Library Search - BL Direct - All 22 versions

Renegotiation design with unverifiable information

[PDF] from edegan.com
P Aghion, M Dewatripont… - Econometrica: Journal of the …, 1994 - JSTOR
This paper considers a buyer-seller relationship with observable but unverifiable
investments and/or random utility parameters. In such situations, it is known that contract
renegotiation may prevent the implementation of first-best outcomes. In this paper, we ...
Cited by 577 - Related articles - Get it from MIT Libraries - Library Search - BL Direct - All 21 versions

Currency crises and monetary policy in an economy with credit constraints

[PDF] from unimib.it
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P Aghion, P Bacchetta… - European economic review, 2001 - Elsevier
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 equilibria, including a 'currency crisis' equilibrium with ...
Cited by 507 - Related articles - Library Search - BL Direct - All 42 versions

The effect of financial development on convergence: Theory and evidence

[PDF] from oxfordjournals.org
P Aghion, P Howitt… - 2004 - nber.org
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 some critical level of financial development will converge to the ...
Cited by 436 - Related articles - Library Search - BL Direct - All 51 versions

Joseph schumpeter lecture appropriate growth policy: A unifying framework

[PDF] from ucl.ac.uk
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P Aghion, P Howitt - Journal of the European Economic …, 2006 - Wiley Online Library
Abstract 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 apparatus systematizes the case- ...
Cited by 433 - Related articles - BL Direct - All 37 versions

Endogenous political institutions

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P Aghion, A Alesina… - The Quarterly Journal of …, 2004 - qje.oxfordjournals.org
Abstract A fundamental aspect of institutional design is how much society chooses to
delegate unchecked power to its leaders. If, once elected, a leader cannot be restrained,
society runs the risk of a tyranny of the majority, if not the tyranny of a dictator. If a leader ...
Cited by 367 - Related articles - Library Search - BL Direct - All 57 versions

[CITATION] An Agenda for a Growing Europe: Making the EU Economic System Deliver: Report of an Independent High-Level Study Group Established on the …

A Sapir, P Aghion, G Bertola, M Hellwig… - 2003 - European Commission
Cited by 341 - Related articles - Get it from MIT Libraries - Library Search

A simple model of monetary policy and currency crises

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P Aghion, P Bacchetta… - European economic review, 2000 - Elsevier
This paper analyzes the optimal interest rate policy in currency crises. Firms are credit
constrained and have debt in domestic and foreign currency, a situation that may easily lead
to a currency crisis. An interest rate increase has an ambiguous effect on firms since it ...
Cited by 306 - Related articles - Library Search - All 18 versions

Growth, distance to frontier and composition of human capital

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J Vandenbussche, P Aghion… - Journal of economic growth, 2006 - Springer
Abstract We examine the contribution of human capital to economy-wide technological
improvements through the two channels of innovation and imitation. We develop a
theoretical model showing that skilled labor has a higher growth-enhancing effect closer ...
Cited by 333 - Related articles - Library Search - BL Direct - All 27 versions

Dualism and macroeconomic volatility

[PDF] from oxfordjournals.org
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P Aghion, A Banerjee… - The Quarterly Journal of …, 1999 - qje.oxfordjournals.org
Abstract This paper develops a simple macroeconomic model that shows that combining
capital market imperfections together with unequal access to investment opportunities
across individuals can generate endogenous and permanent fluctuations in aggregate ...
Cited by 295 - Related articles - Library Search - BL Direct - All 18 versions

Legal restrictions on private contracts can enhance efficiency

[PDF] from escholarship.org
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P Aghion… - Journal of Law, Economics, & Organization, 1990 - JSTOR
A common reaction to legal restrictions on contracts is that they cannot improve efficiency. 1
Either the restrictions are not binding, in which case they have no effect, or they are binding,
in which case they prevent the parties from doing as they wish. As we show in this article, ...
Cited by 273 - Related articles - Library Search - All 12 versions

A corporate balance-sheet approach to currency crises

[PDF] from psu.edu
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P Aghion, P Bacchetta… - Journal of Economic theory, 2004 - Elsevier
This paper presents a general equilibrium currency crisis model of the 'third generation', in
which the possibility of currency crises is driven by the interplay between private firms' credit-
constraints and nominal price rigidities. Despite our emphasis on microfoundations, the ...
Cited by 252 - Related articles - Library Search - BL Direct - All 32 versions

Exchange rate volatility and productivity growth: the role of financial development

[PDF] from ucl.ac.uk
P Aghion, P Bacchetta, R Ranciere… - 2006 - nber.org
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 of financial development. For countries with relatively low levels of financial ...
Cited by 257 - Related articles - Library Search - BL Direct - All 55 versions

Financial development and the instability of open economies

[PDF] from ucl.ac.uk
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P Aghion, P Bacchetta… - Journal of Monetary Economics, 2004 - Elsevier
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 produced with capital and a country-specific factor. We also assume ...
Cited by 231 - Related articles - BL Direct - All 35 versions

Volatility and growth: Credit constraints and productivity-enhancing investment

[PDF] from ucl.ac.uk
P Aghion, GM Angeletos, A Banerjee… - 2005 - nber.org
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 types of investment: a short-term one and a long-term productivity- ...
Cited by 245 - Related articles - Library Search - All 25 versions

Competition and growth with step-by-step innovation: An example

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P Aghion, C Harris… - European Economic Review, 1997 - Elsevier
This paper develops a simple example to analyse the relationship between product market
competition and growth in a model with step-by-step innovations, where laggards can never
leapfrog the current industry leaders, but instead must first catch up with the leaders ...
Cited by 238 - Related articles - All 11 versions

The economics of growth

[PDF] from ucl.ac.uk
P Aghion, P Howitt - 2009 - discovery.ucl.ac.uk
This comprehensive introduction to economic growth presents the main facts and puzzles
about growth, proposes simple methods and models needed to explain these facts,
acquaints the reader with the most recent theoretical and empirical developments, and ...
Cited by 244 - Related articles - Library Search - All 18 versions

Optimal learning by experimentation

Full text - MIT Libraries
P Aghion, P Bolton, C Harris… - The review of …, 1991 - restud.oxfordjournals.org
Abstract This paper considers a problem of optimal learning by experimentation by a single
decision maker. Most of the analysis is concerned with the characterisation of limit beliefs
and actions. We take a two-stage approach to this problem: first, understand the case ...
Cited by 226 - Related articles - Library Search - All 10 versions

The behaviour of state firms in eastern Europe, pre-privatisation

Full text - MIT Libraries
P Aghion, O Blanchard… - European Economic Review, 1994 - Elsevier
In this paper we explore the behaviour of state firms pre-privatisation, the incentives and the
constraints facing managers and the nature and the power of the coalitions within the firms.
We show that managers on low incentive payment schemes with little formal stake in ...
Cited by 219 - Related articles - Library Search - All 16 versions

[BOOK] Growth, inequality, and globalization: theory, history, and policy

[PDF] from fordham.edu
P Aghion… - 1998 - books.google.com
The question of how inequality is generated and how it reproduces over time has been a
major concern for social scientists for more than a century. Yet the relationship between
inequality and the process of economic development is far from being well understood. ...
Cited by 215 - Related articles - Get it from MIT Libraries - Library Search - All 18 versions

Competition and growth: reconciling theory and evidence

[PDF] from ucl.ac.uk
P Aghion… - 2008 - eprints.ucl.ac.uk
From book description: Though competition occupies a prominent place in the history of
economic thought, among economists today there is still a limited, and sometimes
contradictory, understanding of its impact. In Competition and Growth, Philippe Aghion ...
Cited by 216 - Related articles - Get it from MIT Libraries - Library Search - All 12 versions

Academic freedom, private-sector focus, and the process of innovation

[PDF] from ucl.ac.uk
P Aghion, M Dewatripont… - 2005 - nber.org
We develop a model that clarifies the respective advantages and disadvantages of
academic and private-sector research. Our model assumes full protection of intellectual
property rights at all stages of the development process, and hence does not rely on lack ...
Cited by 201 - Related articles - BL Direct - All 52 versions

The unequal effects of liberalization: Evidence from dismantling the License Raj in India

[PDF] from lse.ac.uk
P Aghion, R Burgess, S Redding… - 2006 - nber.org
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 and investment across Indian states with different labor market ...
Cited by 202 - Related articles - Library Search - BL Direct - All 61 versions

[BOOK] Handbook of economic growth

[PDF] from olek.waw.pl
P Aghion, SN Durlauf - 2005 - books.google.com
The Handbooks in Economics series continues to provide the various branches of
economics with handbooks which are definitive reference sources, suitable for use by
professional researchers, advanced graduate students, or by those seeking a teaching ...
Cited by 199 - Related articles - Get it from MIT Libraries - Library Search - All 20 versions

Schumpeterian growth theory and the dynamics of income inequality

[PDF] from harvard.edu
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P Aghion - Econometrica, 2002 - Wiley Online Library
In this lecture, it is argued that Schumpeterian Growth Theory, in which growth is driven by a
sequence of quality-improving innovations, can shed light on two important puzzles raised
by the recent evolution of wage inequality in developed economies. The first puzzle ...
Cited by 191 - Related articles - BL Direct - All 35 versions

11 Government domestic debt and the risk of default: a political-economic model of the strategic role of debt

[PDF] from 18.7.29.232
P Aghion… - Public debt management: theory and …, 1990 - books.google.com
Until recently, most research and controversy on macro fiscal policies was about when and
whether debt-financed government deficits have real effects on aggregate output and
employment. This problem has typically been studied in a model of a representative agent ...
Cited by 184 - Related articles - Library Search - All 11 versions

Technology, Information and the Decentralization of the Firm

[PDF] from oxfordjournals.org
D Acemoglu, P Aghion, C Lelarge, J Van Reenen… - 2006 - nber.org
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 principal, which we equate with publicly available information. However, ...
Cited by 186 - Related articles - Library Search - BL Direct - All 64 versions

On insider privatization

Full text - MIT Libraries
O Blanchard… - European Economic Review, 1996 - Elsevier
Privatization is proceeding slowly in many Eastern European countries. This is largely
because the insiders, who currently have control but not property rights to the firms, oppose
outsider privatization. Privatization would proceed faster if governments decided to go the ...
Cited by 175 - Related articles - All 9 versions

Research and development in the growth process

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P Aghion, P Howitt - Journal of Economic Growth, 1996 - Springer
This paper introduces into Schumpeterian growth theory an important element of
heterogeneity in the structure of innovative activity—namely, the distinction between
research and development. We construct a simple model of growth to investigate how the ...
Cited by 161 - Related articles - Library Search - All 10 versions

Capital accumulation and innovation as complementary factors in long-run growth

Full text - MIT Libraries
P Howitt, P Aghion - Journal of Economic Growth, 1998 - Springer
We study capital accumulation and innovation as determinants of long-run growth by adding
capital to our earlier model of creative destruction. No special functional forms are imposed
on the aggregate production function. The equations describing perfect foresight ...
Cited by 161 - Related articles - BL Direct - All 13 versions

Deunionization, technical change and inequality

[PDF] from nyu.edu
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D Acemoglu, P Aghion… - Carnegie-Rochester Conference …, 2001 - Elsevier
Over the past 25 years, the US and the UK experienced sharp increases in wage inequality
and rapid deunionization. We argue that these two phenomena are related, and that skill-
biased technical change has been an important factor in deunionization as well as in the ...
Cited by 154 - Related articles - BL Direct - All 14 versions

Virtues of bad times interaction between productivity growth and economic fluctuations

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P Aghion… - Macroeconomic Dynamics, 1998 - Cambridge Univ Press
Abstract We develop a model of optimal productivity growth under demand fluctuations. We
consider two alternative hypotheses. First, we assume that productivity growth is costly in
terms of current production. Second, we assume that the cost of productivity improvements ...
Cited by 151 - Related articles - BL Direct - All 11 versions

The effects of entry on incumbent innovation and productivity

[PDF] from ucl.ac.uk
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P Aghion, R Blundell, R Griffith, P Howitt… - The Review of …, 2009 - MIT Press
Abstract How does firm entry affect innovation incentives in incumbent firms? Microdata
suggest that there is heterogeneity across industries. Specifically, incumbent productivity
growth and patenting is positively correlated with lagged greenfield foreign firm entry in ...
Cited by 153 - Related articles - All 18 versions

Credit constraints as a barrier to the entry and post‐entry growth of firms

[PDF] from harvard.edu
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P Aghion, T Fally… - Economic Policy, 2007 - Wiley Online Library
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 also influence firms' decision to enter, to ...
Cited by 147 - Related articles - BL Direct - All 43 versions

Optimal design of bank bailouts: the case of transition economies

[PDF] from columbia.edu
P Aghion, P Bolton… - … Economics (JITE)/Zeitschrift für die gesamte …, 1999 - JSTOR
The paper proposes a framework to analyze the effects of various bank bailout policies on
bank managers' incentives first to lend prudently and second to disclose truthfully their non-
performing loans. It is shown that tough bank closure rules have counterproductive effects ...
Cited by 145 - Related articles - Get it from MIT Libraries - Library Search - BL Direct - All 16 versions

Growth with quality-improving innovations: an integrated framework

[PDF] from harvard.edu
P Aghion, P Howitt - Handbook of economic growth, 2005 - Elsevier
Abstract In this chapter we argue that the endogenous growth model with quality-improving
innovations provides a framework for analyzing the determinants of long-run growth and
convergence that is versatile, simple and empirically useful. Versatile, as the same ...
Cited by 136 - Related articles - All 20 versions

The effects of entry on incumbent innovation and productivity

[PDF] from ucl.ac.uk
P Aghion, R Blundell, R Griffith, P Howitt… - 2006 - nber.org
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 industries react positively to foreign firm entry, but not in laggard ...
Cited by 135 - Related articles - Library Search - BL Direct - All 27 versions

On privatization methods in Eastern Europe and their implications1

Full text - MIT Libraries
P Aghion… - Economics of Transition, 1998 - Wiley Online Library
Abstract We have two goals in this paper. The first is to draw lessons from the privatization
experiences in Eastern Europe so far, in particular with respect to the relation between
alternative privatization methods, the evolution of ownership after privatization and ...
Cited by 131 - Related articles - Library Search - BL Direct - All 9 versions

Entry liberalization and inequality in industrial performance

[PDF] from ucl.ac.uk
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P Aghion, R Burgess, S Redding… - Journal of the …, 2005 - Wiley Online Library
Abstract Industrial delicensing, which began in 1985 in India marked a discrete break from a
past of centrally planned industrial development. Similar liberalization episodes are taking
place across the globe. We develop a simple Schumpeterian growth model to understand ...
Cited by 130 - Related articles - All 23 versions

General purpose technology and wage inequality

[PDF] from nyu.edu
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P Aghion, P Howitt… - Journal of Economic Growth, 2002 - Springer
The recent changes in the US wage structure are often linked to the new wave of capital-
embodied information technologies. The existing literature has emphasized either the
accelerated pace or the skill-bias of embodied technical progress as the driving force ...
Cited by 125 - Related articles - BL Direct - All 14 versions

Vertical integration and technology: theory and evidence

[PDF] from mit.edu
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D Acemoglu, R Griffith, P Aghion… - Journal of the …, 2010 - Wiley Online Library
Abstract We study the determinants of vertical integration. We first derive a number of
predictions regarding the relationship between technology intensity and vertical integration
from a simple incomplete contracts model. Then, we investigate these predictions using ...
Cited by 126 - Related articles - Library Search - BL Direct - All 80 versions

Incomplete social contracts

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P Aghion… - Journal of the European Economic …, 2003 - Wiley Online Library
Abstract There is a long normative 'Social Contract'tradition that attempts to characterize ex-
post income inequalities that are agreeable to all 'behind a veil of ignorance.'This paper
takes a similar normative approach to characterize social decision-making procedures. It ...
Cited by 123 - Related articles - BL Direct - All 20 versions

Entry and productivity growth: Evidence from microlevel panel data

[PDF] from ucl.ac.uk
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P Aghion, R Blundell, R Griffith… - Journal of the …, 2004 - Wiley Online Library
Abstract How does entry affect productivity growth of incumbents? In this paper we exploit
policy reforms in the United Kingdom that changed entry conditions by opening up the UK
economy during the 1980s and panel data on British establishments to shed light on this ...
Cited by 122 - Related articles - BL Direct - All 18 versions

Contagious bank failures in a free banking system

[PDF] from columbia.edu
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P Aghion, P Bolton… - European Economic Review, 2000 - Elsevier
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 the scope for individual bank ...
Cited by 119 - Related articles - All 17 versions

Distribution and growth in models of imperfect capital markets

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P Aghion… - European Economic Review, 1992 - Elsevier
A full analysis of the distribution of income should include both the inequality in income
between different generations of the same family—what is usually called intergenerational
'ocial'mobility—and the inequality in income between different families in the same ...
Cited by 118 - Related articles - All 11 versions

Restructuring outcomes and the evolution of ownership patterns in Central and Eastern Europe

W Carlin… - Economics of Transition, 1996 - Wiley Online Library
Abstract This paper begins from the proposition that 'deep restructuring'requires both finance
and managerial expertise. It addresses the question of how this second stage of enterprise
restructuring will come about in the majority of state-owned or former state-owned firms ...
Cited by 116 - Related articles - Get it from MIT Libraries - BL Direct - All 11 versions

Vertical integration and distance to frontier

[PDF] from ucl.ac.uk
D Acemoglu, P Aghion… - 2002 - nber.org
We construct a model where the equilibrium organization of firms changes as an economy
approaches the world technology frontier. In vertically integrated firms, owners (managers)
have to spend time both on production and innovation activities, and this creates ...
Cited by 113 - Related articles - Library Search - BL Direct - All 45 versions

Exit options in corporate finance: liquidity versus incentives

[PDF] from wu-wien.ac.at
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P Aghion, P Bolton… - Review of Finance, 2004 - rof.oxfordjournals.org
Abstract This paper provides a first study of the optimal design of active monitors' exit options
in a problem involving a demand for liquidity and costly monitoring of the issuer. Optimal
incentives to monitor the issuer may involve restricting the monitor's right to sell her claims ...
Cited by 107 - Related articles - All 20 versions

[CITATION] Volatility and growth

P Aghion… - 2005 - Oxford University Press, USA
Cited by 106 - Related articles - Get it from MIT Libraries - Library Search - All 10 versions

Uncovering some causal relationships between productivity growth and the structure of economic fluctuations: a tentative survey

[PDF] from ucl.ac.uk
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P Aghion… - Labour, 1998 - Wiley Online Library
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 causality. It discusses both “Keynesian” and “Schumpeterian” theories of ...
Cited by 101 - Related articles - Library Search - BL Direct - All 17 versions

Negotiating free trade

[PDF] from ucl.ac.uk
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P Aghion, P Antrās… - Journal of International Economics, 2007 - Elsevier
We develop a dynamic bargaining model in which a leading country endogenously decides
whether to sequentially negotiate free trade agreements with subsets of countries or engage
in simultaneous multilateral bargaining with all countries at once. We show how the ...
Cited by 100 - Related articles - Library Search - BL Direct - All 37 versions

On the dynamics of inequality in the transition

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P Aghion… - Economics of transition, 1999 - Wiley Online Library
Inequality has increased in many of the transition economies. At the same time, spending on
education has declined. In this paper we survey the factors driving these changes. We then
set up a small general equilibrium model to simulate the effect of different policy choices ...
Cited by 97 - Related articles - BL Direct - All 11 versions

When does domestic saving matter for economic growth?

[PDF] from ucl.ac.uk
P Aghion, D Comin… - 2006 - nber.org
Can a country grow faster by saving more? We address this question both theoretically and
empirically. In our model, growth results from innovations that allow local sectors to catch up
with the frontier technology. In relatively poor countries, catching up with the frontier ...
Cited by 98 - Related articles - Library Search - BL Direct - All 78 versions

Transferable control

[PDF] from univ-tlse1.fr
P Aghion, P Rey… - Journal of the European Economic …, 2004 - JSTOR
In this paper, we introduce the notion of transferable control, defined as a situation where
one party (the principal, say) can transfer control to another party (the agent) but cannot
commit herself to do so. One theoretical foundation for this notion builds on the distinction ...
Cited by 92 - Related articles - Get it from MIT Libraries - BL Direct - All 37 versions

[PDF] The unequal effects of liberalization: theory and evidence from India

[PDF] from lse.ac.uk
P Aghion, R Burgess, S Redding… - Harvard University, …, 2003 - econ.lse.ac.uk
Abstract This paper exploits the 1991 Indian liberalization to illustrate how such a reform
may have unequal effects on industries and regions within a single country. We begin by
developing a Schumpeterian growth model to analyze the effects on growth and inequality ...
Cited by 91 - Related articles - View as HTML - All 12 versions

On the macroeconomic effects of major technological change

[PDF] from samfunnsforskning.no
P Aghion, P Howitt - Annales d'Economie et de Statistique, 1998 - JSTOR
This paper analyses how a General Purpose Technology (GPT) diffuses throughout the
various sectors of an economy. The model outlined in this paper can account for a number of
empirical observations: in particular, the existence of delays followed by acceleration ...
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Technology and financial structure: are innovative firms different?

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P Aghion, S Bond, A Klemm… - Journal of the European …, 2004 - Wiley Online Library
Abstract We use data on publicly traded UK firms to investigate whether financing choices
differ systematically with R&D intensity. As well as looking at a balance sheet measure of the
debt/assets ratio, we also consider the probability of raising finance by issuing new equity, ...
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[PDF] Why reform Europe's universities

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P Aghion, M Dewatripont, C Hoxby… - Bruegel Policy …, 2007 - dipot.ulb.ac.be
Summary Recently published international rankings indicate that the performance gap
between European and American universities is large and, in particular, that the best
European universities lag far behind the best American universities. The country ...
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[CITATION] A primer on innovation and growth

P Aghion - Policy Briefs, 2006 - econpapers.repec.org
By Philippe Aghion; Abstract: Philippe Aghion emphasises that for Europe to stimulate
innovation and growth, it is not enough to increase spending. ...
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[PDF] Exploiting states' mistakes to identify the causal impact of higher education on growth

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P Aghion, L Boustan, C Hoxby… - NBER Working Paper. …, 2005 - nber.org
Should countries or regions invest more in higher education in order to grow faster? Recent
policy reports on growth and productivity in Europe versus the United States1, for example
argue that a major cause for the relatively slow growth in Europe is its underinvestment in ...
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On the welfare effects and political economy of competition‐enhancing policies*

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P Aghion… - The Economic Journal, 2004 - Wiley Online Library
We analyse the welfare effects of policies that intensify product market competition, and the channels
through which they operate. Using a circular model of horizontal product differentiation with asymmetric
costs, we study the effects of increased price competition on market selection among ...
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A Schumpeterian perspective on growth and competition

P Aghion, P Howitt - ECONOMETRIC SOCIETY …, 1997 - books.google.com
The revival of growth theory in the 1980s was originally stimulated by" technical progress
within economics"-by the development of new tools for handling old ideas. The neoclassical
models of the 1960s had already shown that growth in per capita income was sustainable ...
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Some implications of growth for organizational form and ownership structure

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P Aghion, J Tirole - European Economic Review, 1995 - Elsevier
Building on previous modeling of the separation between formal and real authority in
organizations, the paper investigates some implications of growth for the scope of
integration and the internal organization of firms. It stresses the role of headquarters' ...
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Opening the black box of innovation

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P Aghion, J Tirole - European Economic Review, 1994 - Elsevier
The paper views the R&D process as encompassing several actors with dissonant
objectives: the creators, the financiers, the owners of the patent, and the users of the
innovation. It endogenizes the governance of R&D and the distribution of investments, ...
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[CITATION] Volatility and growth: Financial development and the cyclical composition of investment

P Aghion, GM Angeletos, A Banerjee… - NBER Working paper, 2004
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On partial contracting

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P Aghion, M Dewatripont… - European Economic Review, 2002 - Elsevier
This paper investigates contracting situations where giving away some control rights
enhances both the donor's and the receiver's incentives to cooperate in the future. We define
a partial contracting framework with nonverifiable actions for which either control is ...
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Competition, entry and the social returns to infrastructure in transition economies

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P Aghion… - Economics of Transition, 1999 - Wiley Online Library
2. Abstract 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, infrastructure investment generates important indirect effects, or transition ...
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Credit constraints and the cyclicality of R&D investment: Evidence from France

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P Aghion, P Askenazy, N Berman… - Paris School of …, 2008 - papers.ssrn.com
Abstract: 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) the share of R&D investment over total ...
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[PDF] Cyclical budgetary policy and economic growth: What do we learn from OECD panel data?

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P Aghion… - 2008 - nber.org
A common view among macroeconomists is that there is a decoupling between
macroeconomic policy (eg, budget deficit, taxation, money supply), which should primarily
affect price and income stability1 and long-run economic growth, which, if anything, ...
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The governance and performance of universities: evidence from Europe and the US

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P Aghion, M Dewatripont, C Hoxby… - Economic …, 2010 - Wiley Online Library
We test the hypothesis that universities are more productive when they are both more
autonomous and face more competition. Using survey data, we construct indices of
university autonomy and competition for both Europe and the United States. We show that ...
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[CITATION] Endogenous growth

P Aghion, P Howitt - 1998 - discovery.ucl.ac.uk
UCL logo UCL Discovery. UCL home » Library Services » Electronic resources » UCL
Discovery. Enter your search terms. Everything Everything [Searches all fields, including
full text] Author Author [Enter author as on the published work. ...
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The economics of enterprise restructuring in Central and Eastern Europe

P Aghion, OJ Blanchard… - CEPR Discussion Papers, 1994 - ideas.repec.org
This paper begins from the twin observation that on the one hand, privatization which leaves
control in the hands of the insiders has produced little restructuring while on the other, state-
owned enterprises have engaged in some restructuring even in the absence of a clear ...
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[CITATION] howitt P.(1998)“Endogenous Growth Theory”

P Aghion - 1998 - MIT Press, Cambridge MA
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Innovation and institutional ownership

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P Aghion, J Van Reenen… - 2009 - nber.org
We find that institutional ownership in publicly traded companies is associated with more
innovation (measured by cite-weighted patents). To explore the mechanism through which
this link arises, we build a model that nests the lazy-manager hypothesis with career- ...
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On the virtue of bad times: an analysis of the interaction between economic fluctuations and productivity growth

P Aghion… - CEPR Discussion Papers, 1991 - ideas.repec.org
This paper develops a simple model, which shows how economic fluctuations can stimulate
growth. It is shown that firms tend to invest more in productivity growth during recessions,
since the opportunity cost (in terms of forgone profits) of investing capital or labour ...
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[BOOK] Higher aspirations: An agenda for reforming European universities

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P Aghion, M Dewatripont, CM Hoxby, A Mas-Colell… - 2008 - dariobraga.it
European growth has been disappointing for the past 30 years, remaining persistently lower
than in the United States. There is now much evidence that this situation is closely linked to
the state of innovation and higher education in Europe (see Sapir et al. 2004, and Aghion ...
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[CITATION] On renegotiation design

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P Aghion, M Dewatripont… - European Economic …, 1990 - econpapers.repec.org
By P. Aghion, Mathias Dewatripont and Patrick Rey; On renegotiation design.
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Volatility and growth: Credit constraints and the composition of investment

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P Aghion, GM Angeletos, A Banerjee… - Journal of Monetary …, 2010 - Elsevier
How does uncertainty and credit constraints affect the cyclical composition of investment and
thereby volatility and growth? This paper addresses this question within a model where firms
engage in two types of investment: a short-term one; and a long-term one, which ...
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Inequality and economic growth

P Aghion, E Caroli… - Aghion and Williamson, …, 1998 - books.google.com
The question of how inequality is generated and how it reproduces over time has been a
major concern for social scientists for more than a century. Yet the relationship between
inequality and the process of economic development is far from being well understood. In ...
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[CITATION] Endogenous economic growth

P Aghion, P Howitt - Cambridge (Mass.), 1998
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Market structure and the growth process

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P Aghion, P Howitt - Review of Economic Dynamics, 1998 - Elsevier
Recent empirical work has pointed to apositivecorrelation betweenproduct market
competitionandproductivity growth. In this lecture we try to reconcile this evidence with the
Schumpterian growth paradigm. Three alternative explanations are successively ...
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A theory of trickle-down growth and development with debt-overhang

P Aghion… - LSE FINANCIAL MARKETS GROUP …, 1993 - nuff.ox.ac.uk
Abstract This paper considers a model of growth and income distribution in the presence of
imperfect capital markets. Moral hazard on the part of borrowers is the source of both capital
market imperfections and the emergence of persistent income inequalities. This model ...
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[CITATION] An" incomplete contract" approach to bankruptcy and the financial structure of the firm

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P Aghion, P Bolton - 1988 - dspace.mit.edu
Abstract In contrast to Modigliani and Miller, who distinguishbetween debt and equity
contracts only in terms of the return-streams of the two types of assets, we emphasize the
differences between debt and equity in terms of the rights of control the two assets give ...
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Wage inequality and the new economy

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P Aghion, P Howitt - Oxford Review of Economic Policy, 2002 - Oxford Univ Press
Abstract Many economists have argued that the observed increase in wage inequality in
developed economies over the past 30 years is due to skill‐biased technical progress. In
this paper we put forward a somewhat different technology‐based argument, namely that ...
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[BOOK] Financial liberalization and volatility in emerging market economies

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P Aghion, P Bacchetta, A Banerjee… - 1998 - hec.unil.ch
Abstract The recent East Asian crisis has highlighted the relationship between… nancial
development and output volatility. In this essay we develop a simple model of a small open
economy producing a tradeable good using a non-tradeable input and where… rms ...
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Dynamic duopoly with learning through market experimentation

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P Aghion, MP Espinosa… - Economic Theory, 1993 - Springer
Summary This paper analyzes how learning behaviors can substantially modify the outcome
of competition in an oligopolistic industry facing demand uncertainty. We consider the case
of a symmetric duopoly game where firms have imperfect information about market ...
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Empirical estimates of the relationship between prod'uct market competition and innovation

P Aghion - Institu'tions, Innovation and Growth, Selected …, 2003 - books.google.com
Both the theoretical industrial organization (IO) literature and the more recent endogenous
growth literature have raised the issue of the relationship between product market
competition (PMC) and innovation or productivity growth. The theoretical IO literature ...
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