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Distance to Frontier, Selection, and Economic Growth

Acemoglu, Daron - 2002

We analyze an economy where managers engage both in the adaptation of technologies from the world frontier and in … investments, but little selection. Closer to the world technology frontier, there is a switch to innovation-based strategy with …. However, societies that cannot switch out of the investment-based strategy fail to converge to the world technology frontier …

Persistent link: https://www.econbiz.de/10012469647

Climate Change, Directed Innovation, and Energy Transition : The Long-run Consequences of the Shale Gas Revolution

Acemoglu, Daron; Aghion, Philippe; Barrage, Lint; … - National Bureau of Economic Research - 2023

We investigate the short- and long-term effects of a natural gas boom in an economy where energy can be produced with coal, natural gas, or clean sources and the direction of technology is endogenous. In the short run, a natural gas boom reduces carbon emissions by inducing substitution away...

Persistent link: https://www.econbiz.de/10014372414

Growth vs. Margins : Destabilizing Consequences of Giving the Stock Market What it Wants

Aghion, Philippe - 2004

We develop a multi-tasking model in which a firm can devote its efforts either to increasing sales growth, or to improving per-unit profit margins by, e.g., cutting costs. If the firm's manager is concerned with the current stock price, she will tend to favor the growth strategy at those times...

Persistent link: https://www.econbiz.de/10012467688

Technology, Information and the Decentralization of the Firm

Acemoglu, Daron - 2006

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, the manager can use her...

Persistent link: https://www.econbiz.de/10012466463

Opposing firm-level Responses to the China Shock : Horizontal Competition Versus Vertical Relationships?

Aghion, Philippe; Bergeaud, Antonin; Lequien, Matthieu; … - National Bureau of Economic Research - 2021

We decompose the "China shock" into two components that induce different adjustments for firms exposed to Chinese exports: a horizontal shock affecting firms selling goods that compete with similar imported Chinese goods, and a vertical shock affecting firms using inputs similar to the imported...

Persistent link: https://www.econbiz.de/10012616643

The Impact of Regulation on Innovation

Aghion, Philippe; Bergeaud, Antonin; Van Reenen, John - National Bureau of Economic Research - 2021

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 firm panel data from France, where many labor regulations apply to firms...

Persistent link: https://www.econbiz.de/10012482599

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

Aghion, Philippe - 2006

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 regulations. The effects are...

Persistent link: https://www.econbiz.de/10012466638

Regulation and Distrust

Aghion, Philippe - 2009

In a cross-section of countries, government regulation is strongly negatively correlated with social capital. We document this correlation, and present a model explaining it. In the model, distrust creates public demand for regulation, while regulation in turn discourages social capital...

Persistent link: https://www.econbiz.de/10012464001

Democracy, Technology, and Growth

Aghion, Philippe - 2007

We explore the question of how political institutions and particularly democracy affect economic growth. Although empirical evidence of a positive effect of democracy on economic performance in the aggregate is weak, we provide evidence that democracy influences productivity growth in different...

Persistent link: https://www.econbiz.de/10012465474

Volatility and Growth : Credit Constraints and Productivity-Enhancing Investment

Aghion, Philippe - 2005

procyclical return but also a higher liquidity risk. Under complete financial markets, long-term investment is countercyclical …

Persistent link: https://www.econbiz.de/10012467334