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

Aghion, Philippe - 2014

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 hybrid) patents across 80 countries over several decades. We show that...

Persistent link: https://www.econbiz.de/10013064941

Technology, Information and the Decentralization of the Firm

Acemoglu, Daron - 2014

decentralization decisions of firms. Centralized control relies on the information of the principal, which we equate with publicly … available information. However, the manager can use her informational advantage to make choices that are not in the best … interest of the principal. As the available public information about the specific technology increases, the trade-off shifts in …

Persistent link: https://www.econbiz.de/10012752291

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

Aghion, Philippe; Bacchetta, Philippe; Rancière, Romain; … - 2006

This paper offers empirical evidence that real exchange rate volatility can have a signi.cant impact on the 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 development,...

Persistent link: https://www.econbiz.de/10011397245

Turbulence, Firm Decentralization and Growth in Bad Times

Aghion, Philippe - 2017

the value of local information increases (the “localist” view). On the other hand, the need to make tough decisions may …

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

Competition and Innovation : An Inverted U Relationship

Aghion, Philippe; Bloom, Nicholas; Griffith, Rachel; … - 2021

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 incentives for laggards. There are...

Persistent link: https://www.econbiz.de/10013230578

The Effects of Entry on Incumbent Innovation and Productivity

Aghion, Philippe; Blundell, Richard W.; Griffith, Rachel; … - 2021

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 industries. To explain this...

Persistent link: https://www.econbiz.de/10013228275

A corporate balance-sheet approach to currency crises

Aghion, Philippe; Bacchetta, Philippe; Banerjee, Abhijit V. - 2001

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 model remains...

Persistent link: https://www.econbiz.de/10011397891

Currency crises and monetary policy in an economy with credit constraints

Aghion, Philippe; Bacchetta, Philippe; Banerjee, Abhijit V. - 2000

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 low output and a...

Persistent link: https://www.econbiz.de/10011398300