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Financial Development and the Instability of Open Economies

Aghion, Philippe - 2004

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 that firms face credit...

Persistent link: https://www.econbiz.de/10012468447

A Model of Growth Through Creative Destruction

Aghion, Philippe - 1990

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 industrial innovations. This has both...

Persistent link: https://www.econbiz.de/10012475814

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

Aghion, Philippe - 2005

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 of appropriability or spillovers to...

Persistent link: https://www.econbiz.de/10012467136

Patent Rights, Product Market Reforms, and Innovation

Aghion, Philippe - 2013

paper, we address this question by investigating how innovation responses to a substantial policy initiative increasing … product market competition interact with the strength of patent rights. We provide empirical evidence of innovation responding … with step-by-step innovation models predicting that product market competition enhances innovation and, more importantly …

Persistent link: https://www.econbiz.de/10012459807

Carbon Taxes, Path Dependency and Directed Technical Change : Evidence from the Auto Industry

Aghion, Philippe - 2012

innovation distinguishing between "dirty" (internal combustion engine) and "clean" (e.g. electric and hybrid) patents across 80 … tax-inclusive fuel prices. Furthermore, there is path dependence in the type of innovation both from aggregate spillovers … and from the firm's own innovation history. Using our model we simulate the increases in carbon taxes needed to allow …

Persistent link: https://www.econbiz.de/10012460065

The Economics of Bankruptcy Reform

Aghion, Philippe - 1992

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 are exercised once the...

Persistent link: https://www.econbiz.de/10012474878

A Theory of Falling Growth and Rising Rents

Aghion, Philippe - 2019

income is down, mostly due to the rising market share of low labor share firms. We propose a theory for these trends in which …

Persistent link: https://www.econbiz.de/10012480391

Environmental Preferences and Technological Choices : Is Market Competition Clean or Dirty?

Aghion, Philippe - 2020

' decisions whether to innovate "clean" or "dirty". We first develop a step-by-step innovation model to capture the basic … quantify the theory, we bring together patent data, survey data on environmental values, and competition measures. Using a … green innovation as major increase in fuel prices …

Persistent link: https://www.econbiz.de/10012481879

Subgame Perfect Implementation with Almost Perfect Information and the Hold-Up Problem

Aghion, Philippe - 2009

The foundations of incomplete contracts have been questioned using or extending the subgame perfect implementation approach of Moore and Repullo (1988). We consider the robustness of subgame perfect implementation to the introduction of small amounts of asymmetric information. We show that...

Persistent link: https://www.econbiz.de/10012463482

Inducing Leaders to Take Risky Decisions : Dismissal, Tenure, and Term Limits

Aghion, Philippe - 2014

In this paper we analyze the problem of whether and/or when to replace a leader (agent) when no monetary rewards are available, and it is the leader's competence rather than effort that is being evaluated. The only decisions that the leader takes over time are whether to undertake risky but...

Persistent link: https://www.econbiz.de/10012458366