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Professor Philippe Aghion

Professor Philippe Aghion

Associate

Telephone:
020 3486 2656
Email:
p.aghion@lse.ac.uk
Connect:
CV
Links:
CEP Growth

Publications

Blog
Regulation chills minor (but not radical) technological innovations

While there is suggestive evidence that regulations may have a stifling effect on innovation, there is as yet no rigorous economic framework to quantify the magnitude of such regulatory effects on innovation and the aggr... Read more...

Philippe Aghion, Antonin Bergeaud and John Van Reenen

01 February 2021

POID Working Papers
The impact of regulation on innovation

Does regulation affect the pace and nature of innovation and if so, by how much? We build a tractable and quantifiable endogenous growth model with size-contingent regulations. We apply this to population administrative ... Read more...

Philippe Aghion, Antonin Bergeaud and John Van Reenen

29 January 2021

CEP discussion papers
The impact of regulation on innovation

Does regulation affect the pace and nature of innovation and if so, by how much? We build a tractable and quantifiable endogenous growth model with size-contingent regulations. We apply this to population administrative ... Read more...

Philippe Aghion, Antonin Bergeaud and John Van Reenen

18 January 2021

CEP discussion papers
The innovation premium to soft skills in low-skilled occupations

Matched employee-employer data from the UK are used to analyze the wage premium to working in an innovative firm. We find that firms that are more R&D intensive pay higher wages on average, and this is particularly true ... Read more...

Philippe Aghion, Antonin Bergeaud, Richard Blundell and Rachel Griffith

06 December 2019

CEP discussion papers
The heterogeneous impact of market size on innovation: evidence from French firm-level exports

We analyze how demand conditions faced by a firm impacts its innovation decisions. To disentangle the direction of causality between innovation and demand conditions, we construct a firm-level export demand shock which r... Read more...

Philippe Aghion, Antonin Bergeaud, Matthieu Lequien and Marc Melitz

24 October 2019

CEP discussion papers
The inverted-U relationship between credit access and productivity growth

In this paper we identify two counteracting effects of credit access on productivity growth: on the one hand, better access to credit makes it easier for entrepreneurs to innovate; on the other hand, better credit access... Read more...

Philippe Aghion, Antonin Bergeaud, Gilbert Cette, Rémy Lecat and Hélène Maghin

11 December 2018

CEP discussion papers
The social origins of inventors

In this paper, we merge three datasets - individual income data, patenting data, and IQ data - to analyze the deterninants of an individual’s probability of inventing. We find that: (i) parental income matters even after... Read more...

Philippe Aghion, Ufuk Akcigit, Ari Hyytinen and Otto Toivanen

12 December 2017

CEP discussion papers
Tax simplicity and heterogeneous learning

We study the effects of fiscal incentives for self-employment using new French tax data from 1994 to 2012. France serves as a good quasi-laboratory: It has three fiscal regimes - or modes of taxation - for the self-emplo... Read more...

Philippe Aghion, Ufuk Akcigit, Matthieu Lequien and Stefanie Stantcheva

24 November 2017

CEP discussion papers
Missing growth from creative destruction

Statistical agencies typically impute inflation for disappearing products based on surviving products, which may result in overstated inflation and understated growth. Using U.S. Census data, we apply two ways of assessi... Read more...

Philippe Aghion, Antonin Bergeaud, Timo Boppart, Peter J. Klenow and Huiyu Li

20 November 2017

CEP discussion papers
Turbulence, firm decentralization and growth in bad times

What is the optimal form of firm organization during “bad times”? Using two large micro datasets on firm decentralization from US administrative data and 10 OECD countries, we find that firms that delegated more power fr... Read more...

Philippe Aghion, Nicholas Bloom, Brian Lucking, Raffaella Sadun and John Van Reenen

21 April 2017

CEP reports
UK growth: a new chapter

The UK Economy is at a critical juncture. Leaving the EU creates economic challenges that necessitate widespread policy change. But this also generates an opportunity to tackle some of the long-standing challenges which ... Read more...

Philippe Aghion, Terra Allas, Timothy Besley, John Browne, Francesco Caselli, Richard Davies, Richard Lambert, Rachel Lomax, Stephen Machin, G.I.P. Ottaviano, Christopher Pissarides, Isabelle Roland, Xavier Rolet, N Stern and Anna Valero

02 February 2017

Journal article
Innovation and institutional ownership

We find that greater institutional ownership is associated with more innovation. To explore the mechanism, we contrast the "lazy manager" hypothesis with a model where institutional owners increase innovation incentives ... Read more...

Philippe Aghion, John Van Reenen and Luigi Zingales

01 February 2013

CEP reports
Investing for Prosperity: Skills, Infrastructure and Innovation

What institutions and policies are needed to sustain UK economic growth in the dynamic world economy of the twentyfirst century? After years of inadequate investment in skills, infrastructure and innovation, there are lo... Read more...

Philippe Aghion, Timothy Besley, John Browne, Francesco Caselli, Richard Lambert, Rachel Lomax, Christopher Pissarides, Nick Stern and John Van Reenen

31 January 2013

CEP discussion papers
Carbon taxes, path dependency and directed technical change: evidence from the auto industry

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 an... Read more...

Philippe Aghion, Antoine Dechezleprêtre, David Hemous, Ralf Martin and John Van Reenen

30 November 2012

CentrePiece - The magazine for economic performance
In brief: Two cheers for Anglo-Saxon financial markets?

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 nes... Read more...

Philippe Aghion, John Van Reenen and Luigi Zingales

21 May 2012

CEP discussion papers
Innovation and institutional ownership

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 nes... Read more...

Philippe Aghion, John Van Reenen and Luigi Zingales

01 February 2009

CEP discussion papers
The Unequal Effects of Liberalization: Evidence from Dismantling the License Raj in India

This paper investigates whether the effects, on registered manufacturing out- put, employment, entry and investment, of dismantling the .license raja system of central controls regulating entry and production activity in... Read more...

Philippe Aghion, Robin Burgess, Stephen Redding and Fabrizio Zilibotti

01 June 2006

CEP discussion papers
Technology, Information and the Decentralization of the Firm

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 ... Read more...

Daron Acemoglu, Philippe Aghion, Claire Lelarge, John Van Reenen and Fabrizio Zilibotti

01 May 2006

Development Economics Papers
The Unequal Effects of Liberalization: Evidence from Dismantling the License Raj in India

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 entry and production activity... Read more...

Philippe Aghion, Robin Burgess, Stephen Redding and F Zilibotti

01 December 2005

CEP discussion papers
The Economics of Bankruptcy Reform

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 t... Read more...

Philippe Aghion, Oliver Hart and John Moore

01 August 1992

Theoretical Economics Papers
The Economics of Bankruptcy Reform (Now published in Journal of Law, Economics and Organization, vol.8, no.3, (1992), pp. 523-546.)

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 th... Read more...

Philippe Aghion, Oliver Hart and John Moore

01 January 1992

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