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Volatility and Growth : Credit Constraints and Productivity-Enhancing Investment

Aghion, Philippe; Banerjee, Abhijit V.; Angeletos, … - 2015

volatility and growth. We first develop a simple growth model where firms engage in two types of investment: a short-term one and …, thus mitigating volatility. But when firms face tight credit constraints, long-term investment turns procyclical, thus … amplifying volatility. Tighter credit therefore leads to both higher aggregate volatility and lower mean growth for a given total …

Persistent link: https://www.econbiz.de/10014028049

Liquidity and Growth : The Role of Counter-Cyclical Interest Rates

Aghion, Philippe - 2015

In this paper, we use cross-industry, cross-country panel data to test whether industry growth is positively affected by the interaction between the reaction of real short-term interest rates to the business cycle and industry-level measures of financial constraints. Financial constraints are...

Persistent link: https://www.econbiz.de/10013028275

Cyclical Macroeconomic Policy, Financial Regulation and Economic Growth

Aghion, Philippe - 2014

This paper investigates the effect of cyclical macroeconomic policy and financial sector characteristics on growth. Using cross-country, cross-industry OECD data, it yields two main findings. First, countercyclical fiscal and monetary policies foster growth disproportionately in more...

Persistent link: https://www.econbiz.de/10013058584

Monetary Policy, Product Market Competition, and Growth

Aghion, Philippe - 2020

In this paper we argue that monetary easing fosters growth more in more credit-constrained environments, and the more so the higher the degree of product market competition. Indeed when Competition is low, large rents allow firms to stay on the market and reinvest optimally, no matter how...

Persistent link: https://www.econbiz.de/10012831595

Cyclical Fiscal Policy, Credit Constraints, and Industry Growth

Aghion, Philippe - 2014

This paper analyzes the impact of cyclical fiscal policy on industry growth. Using Rajan and Zingales' (1998) difference-in-difference methodology on a panel data sample of manufacturing industries across 15 OECD countries over the period 1980-2005, we show that industries with relatively...

Persistent link: https://www.econbiz.de/10013067917

Le bénéfice de la santé. Un apport des théories de la croissance endogène

Aghion, Philippe; Howitt, Peter; Murtin, Fabrice - In: Revue de l'OFCE n° 112 (2010) 1, pp. 87-108

This paper revisits the relationship between health and growth in light of modern endogenous growth theory. We propose a unified framework that encompasses the growth effects of both, the accumulation and the level of health. Based on cross-country regressions where we instrument for both...

Persistent link: https://www.econbiz.de/10008615377

General Purpose Technology and Within-Group Inequality

Aghion, Philippe; Howitt, Peter; Violante, Giovanni L - C.E.P.R. Discussion Papers - 2000

This paper develops a theoretical model to analyse how a General Purpose Technology (GPT) shapes within-group wage inequality when workers are ex-ante equal, but their adaptability to new technologies is subject to stochastic factors that are history dependent. It is argued that the diffusion of...

Persistent link: https://www.econbiz.de/10005791715