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

Aghion, Philippe - 2014

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/10013064941

Turbulence, Firm Decentralization and Growth in Bad Times

Aghion, Philippe - 2017

What is the optimal form of firm organization during “bad times”? We present a model of delegation within the firm to show that the effect is ambiguous. The greater turbulence following macro shocks may benefit decentralized firms because the value of local information increases (the...

Persistent link: https://www.econbiz.de/10012957377

Exchange Rate Volatility and Productivity Growth : The Role of Financial Development

Aghion, Philippe - 2010

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 level of financial development. For countries with relatively low levels of financial development,...

Persistent link: https://www.econbiz.de/10012761684

Volatility and Growth : Credit Constraints and Productivity-Enhancing Investment

Aghion, Philippe; Banerjee, Abhijit V.; Angeletos, … - 2021

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-enhancing one. Because it...

Persistent link: https://www.econbiz.de/10013252334