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2025

How Different Uses of AI Shape Labor Demand: Evidence from France. AEA Papers and Proceedings (2025), with Bunel S., Jaravel X., Mikaelsen T., Roulet A., Sogaard J. 

2024

A Year Older, a Year Wiser (And Farther From Frontier): Invention Rents and Human Capital Depreciation. Review of Economics and Statistics (2024), with Akcigit U., Hyytinen A., Toivanen O.

The Heterogeneous Impact of Market Size On Innovation: Evidence From French Firm-Level Exports. Review of Economics and Statistics (2024), with Bergeaud A., Lequien M., Melitz M. J. 

Opposing Firm-Level Responses to the China shock: Output Competition versus Input Supply. American Economic Journal: Economic Policy (2024), with Bergeaud A., Lequien M., Melitz M. J., Zuber T.

2023

The Impact of Regulation on Innovation. American Economic Review (2023), with Bergeaud A., Van Reenen J.

A Theory of Falling Growth and Rising Rents. Review of Economic Studies (2023), with Bergeaud A., Boppart T., Klenow P. J., Li H. 

The Creative Destruction Approach to Growth Economics. European Review (2023), with Howitt P.

2022 Klein Lecture Parental Education and Invention: The Finnish Enigma. International Economic Review (2023), with Aghion P., Akcigit U., Hyytinen A., Toivanen O. 

The Power of Creative Destruction: Economic Upheaval and the Wealth of Nations. Cambridge, MA: Belknap Press (imprint of Harvard University Press) (2023), with Antonin C., Bunel S. (2023). 

Environmental Preferences and Technological Choices: Is Market Competition Clean or Dirty?. American Economic Review: Insights (2023), with Benabou R., Martin R., Roulet A. 

2022

The Effect of COVID Certificates on Vaccine Uptake, Health Outcomes, and the Economy. Nature Communications (2022), with Oliu-Barton M., Pradelski B. S. R., Woloszko N., Guetta-Jeanrenaud L., Artus P., Fontanet A., Martin P., Wolff G. B. 

2021

Environmental Preferences and Technological Choices: Is Market Competition Dirty or Clean? (2021), forthcoming, American Economic Review Insights, with Benabou R., Martin R., and Roulet A.

Chaebols and Firm Dynamics in Korea. Economic Policy (2021), with Guriev S., Jo K. 

SARS-CoV-2 Elimination, Not Mitigation, Creates Best Outcomes for Health, the Economy, and Civil Liberties. The Lancet (2021), with Oliu-Barton M., Pradelski B. S. R., Artus P., Kickbusch I., Lazarus J. V., Sridhar D., Vanderslott S.

Unclear Conclusions on SARS-CoV-2 Elimination Versus Mitigation - Authors’ Reply. The Lancet (2021), with Oliu-Barton M., Pradelski B. S. R., Artus P., Kickbusch I., Lazarus J. V., Vanderslott S.

Turbulence, Firm Decentralization, and Growth in Bad Times. American Economic Journal: Applied Economics (2021), with Bloom N., Lucking B., Sadun R., Van Reenen J.

2019

Innovation and Top Income Inequality (2019), Review of Economic Studies, lead article, with Akcigit U., Bergeaud A., Blundell R., and Hemous D.

The Inverted-U Relationship Between Credit Access and Productivity Growth (2019), Coase Lecture, Economica, with Bergeaud A., Cette G., Lecat R., and Maghin H.

Monetary Policy, Product Market Competition, and Growth (2019), Coase Lecture, Economica, with Farhi E., and Kharroubi E.

Missing Growth from Creative Destruction (2019), American Economic Review, with Bergeaud A., Boppart T., Klenow P., and Li H.

Turbulence, Firm Decentralization and Growth in Bad Times (2019), forthcoming in American Economic Journal: Applied, with Bloom N. Lucking B., Sadun R., and Van Reenen J.

Education and Military Rivalry (2019), Journal of the European Economic Association, with Jaravel X., Persson T., and Rouzet D.

2018

On the Returns to Invention Within Firms: Evidence from Finland (2018), American Economic Review, Papers and Proceedings, with Akcigit U., Hyytinen A., and Toivanen O.

Firm Dynamics and Growth Measurement in France (2018), Journal of the European Economic Association, with Bergeaud A., Boppart T., and Bunel S.

The Causal Effects of Competition on Innovation: Experimental Evidence (2018), Journal of Law, Economics and Organizations, with Bechtold S., Cassar L., and Herz H.

2017

Artificial Intelligence and Economic Growth (2017), NBER Working Papers, with Jones B., and Jones C.

2016

Industrial Policy and Competition (2016),  American Economic Journal: Macroeconomics, Sun Yefang Award 2017, with Cai J., Dewatripont M., Du L., Harrison A., and Legros P.

Patent Rights, Product Market Reforms and Innovation (2016),  Journal of Economic Growth, with Howitt P., Prantl S.

Carbon Taxes, Path Dependency and Directed Technical Change : Evidence from the Auto Industry (2016), Journal of Political Economy, lead article, with Dechezlepretre A., Hemous D., Martin R., and Van Reenen J.

Of Mice and Academics: Examining the Effect of Openness on Innovation (2016), American Economic Journal: Policy, Best AEJ Paper Award 2017, with Murray F., Dewatripont M., Kolev J., and Stern S.

Inducing Leaders to Take Risky Decisions: Dismissal, Tenure, and Term Limits (2016), American Economic Journal: Microeconomics, with Jackson M.

Corruption, and Growth (2016), European Economic Review, with Akcigit U., Cage J., and Kerr, W.

Creative Destruction and Subjective Well Being (2016), American Economic Review, with Akcigit U., Deaton A., and Roulet A.

Subgame Perfect Implementation Under Approximate Common Knowledge: Evidence from a Laboratory Experiment (2016), mimeo Harvard and NBER Working Paper, Journal of the European Economic Association, with Fehr E., Holden R., and Wilkening T.

2014

Credit Constraints, Cyclical Fiscal Policy and Industry Growth (2014), Journal of Monetary Economics, with Hemous D. and Kharroubi E.

Incomplete Contracts and the Internal Organization of Firms (2014), Journal of Law, Economics, and Organizations, with Bloom N., and Van Reenen J.

2013

Credit Constraints and the Cyclicality of R&D Investments: Evidence from France (2013), Journal of the European Economic Association, with Askenazy P., Berman N., Cette G. and Eymard L.

Innovation and Institutional Ownership (2013), American Economic Review, with Van Reenen J. and Zingales L.

Revisiting the Relationship Between Competition, Patenting and Innovation (2013),  Advances in Economic Theory, Econometric Society World Congress, with Howitt P. and Prantl S.

What Do We Learn From Schumpeterian Growth Theory? (2013), Handbook of Economic Growth, with Akcigit U., and Howitt P.

2012

The Environment and Directed Technical Change (2012), American Economic Review, with Acemoglu D., Bursztyn L. and Hemous D.

Subgame Perfect Implementation With Informational Perturbations (2012), Quarterly Journal of Economics 127:  1843-1881, with Fudenberg D., Holden R., Kunimoto T. and Tercieux O.

2011

Volatility and Growth: Financial Development and the Cyclical Composition of Investment (2011), Journal of Monetary Economics, with Angeletos M., Banerjee A. and Manova K.

Civil Society and the State: The Interplay Between Cooperation and Minimum Wage Regulation (2011), Journal of the European Economic Association, with Algan Y. and Cahuc P.

Incomplete Contracts and the Theory of the Firm: What Have We Learned Over the Past 25 Years? (2011), Journal of Economic Perspectives, with Holden R.

The Relationship Between Health and Growth: When Lucas Meets Nelson-Phelps (2011), Institutional Economic, with Howitt P. and Murtin F.

2010

Distrust and Regulation (2010), Quarterly Journal of Economics, with Algan Y., Cahuc P. and Shleifer A.

Governance and Peformance of Universities (2010) , Economic Policy, with Dewatripont M., Hoxby C., Mas-Colell A. and Sapir A.

2009

Acedemic Freedom, Private Sector Focus, and the Process of Innovation (2009), Rand Journal of Economics, with Dewatripont M. and Stein J.

Vertical Integration and Technology: Theory and Evidence (2009),  Journal of the European Economic Association, with Acemoglu D., Griffith R. and Zilibotti F.

Exchange Rate Regimes and Productivity Growth (2009), Journal of Monetary Economics, with Bacchetta P., Ranciere R. and Rogoff K.

2008

The Unequal Effects of Liberalization: Evidence from Dismantling the License Raj in India (2008), American Economic Review 94 (4): 1397-1412, with Burgess R., Redding S. and Zilibotti F.

2007

Choosing Electoral Rules: Theory and Evidence from US Cities (2007), Quarterly Journal of Economics, with Alesina A. and Trebbi F.

Growth versus Profit Maximizing Strategies over the Cycle: Giving the Market What It Wants (2007), Journal of Finance, with Stein J.

Technology, Information, and the Decentralization of the Firm (2007), Quarterly Journal of Economics, with Acemoglu D., Lelarge C., Van Reenen J. and Zilibotti F.

Negotiating Free Trade (2007), Journal of International Economics, with Antras P. and Helpman E.

Credit Constraints as a Barrier to the Entry and Post Entry Growth of Firms: Theory and Evidence (2007), Economic Policy, with Fally T., and Scarpetta S.

Productivity Growth and Countercyclical Budgetary Policy: What Do We Learn from OECD Panel Data? (2007), NBER Macroeconomic Annual, with Marinescu I.

Entry, Innovation, and Growth: Theory and Evidence (2007), Review of Economics and Statistics, with Blundell R., Griffith R., Howitt P. and Prantl S.

Democracy, Technology, and Growth, forthcoming in Institutions and Economic Performance (2007), Helpman E, ed., Harvard University Press, with Alesina A., and Trebbi F.

2006

Distance to Frontier, Selection, and Economic Growth (2006), Journal of the European Economic Association, with Acemoglu D., and Zilibotti F.

Appropriate Growth Policy, Schumpeter Lecture (2006), Journal of the European Economic Association, with Howitt P.

Competition and Vertical Integration (2006), American Economic Review, Papers and Proceedings, with Griffith R. and Howitt P.

Distance to Frontier, Growth, and the Composition of Human Capital (2006), Journal of Economic Growth, with Meghir C. and Vandenbussche J.

2005

The Effect of Financial Development on Convergence (2005), Quarterly Journal of Economics, with Howitt P. and Mayer D.

Competition and Innovation: An Inverted U Relationship (2005), Quarterly Journal of Economics, with Bloom N., Blundell R., Griffith R. and Howitt P.

2004

A Balance-Sheet Approach to Currency Crises (2004), Journal of Economic Theory, with Bacchetta P., and Banerjee A.

Capital Markets and the Instability of Open Economies (2004), Journal of Monetary Economics, with Bacchetta P. and Banerjee A.

A Model of the Private and Social Returns to Market-Enhancing Infrastructure (2004), Economic Journal, with Schankerman M.

Exit Options in Corporate Finance: Liquidity versus Incentives (2004), Review of Finance, with Bolton P. and Tirole J.

Endogenous Political Institutions (2004), Quarterly Journal of Economics, with Alesina A. and Trebbi F.

2003

Incomplete Social Contracts (2003), Journal of the European Economic Association, with Bolton P.

Vertical Integration and Distance to Frontier (2003), Journal of the European Economic Association, Papers and Proceedings, with Acemoglu D. and Zilibotti F.

Transferable Control (2003), Journal of the European Economic Association, with Dewatripont M. and Rey P.

2002

Schumpeterian Growth Theory and the Dynamics of Income Inequality (2002), Walras-Bowley Lecture, Econometrica

General Purpose Technologies and Within-group Inequality (2002), Journal of Economic Growth, with Howitt P. and Violante G.

On Partial Contracting (2002), European Economic Review, Papers and Proceedings, with Dewatripont M. and Rey P.

Allocating Decision Rights under Liquidity Constraints: A Simple Framework (2002), in Essays on Incomplete Contracts, Cambridge University Press, E.Brousseau Ed., with Rey P.

2001

Competition , Imitation and Growth with Step-by-Step Innovation (2001), Review of Economic Studies 68(3): 467-492; lead article, with Harris C., Howitt P. and Vickers J.

Currency Crises and Monetary Policy in an Economy with Credit Constraints (2001), European Economic Review, ISOM Volume, with Bacchetta P. and Banerjee A.

Deunionization, Technical Change and Inequality (2001), Carnegie-Rochester Conference Series on Public Policy 55: 229-264, with Acemoglu D. and Violante G.L.

2000

A Simple Model of Monetary Policy and Currency Crises (2000), European Economic Review, with Banerjee A. and Bacchetta P.

Contagious Bank Failures in a Free Banking System (2000), European Economic Review, with Bolton P. and Dewatripont M.

1999

Inequality and Economic Growth: The Perspective of the New Growth Theories (1999), Journal of Economic Literature with Caroli E. and Garcia-Penalosa C.

Optimal Design of Bank Bailouts: The Case of Transition Economies (1999), Journal of Institutional and Theoretical Economics, with Bolton P. and Fries S.

Competition, Entry, and the Social Returns to Infrastructure in Transition Economies (1999), Economics of Transition, with Schankerman M.

Competition, Financial Discipline, and Growth (1999), Review of Economic Studies 66(4): 825-852, with Dewatripont M. and Rey P.

Dualism and Macroeconomic Volatility (1999), Quarterly Journal of Economics, with Banerjee A. and Piketty T.

1998

Bargaining While Searching for Outside Options: A Potential Role for Unions (1998), European Economic Review, with Compte O. and Jehiel P.

Capital Accumulation and Innovation as Complementary Factors in Long-Run Growth (1998), Journal of Economic Growth 3: 111-130, with Howitt P.

Market Structure and the Growth Process (1998), Review of Economic Dynamics 1: 276-305, with Howitt P.

On the Macroeconomic Effects of Major Technological Change (1998), in General Purpose Technologies and Economic Growth, E. Helpman, ed., Cambridge, MA: MIT Press, pp 121-144, with Howitt P.

1997

Competition and Growth with Step-by-Step Innovation; An Example (1997), European Economic Review 41: 771-782, with Harris C. and Vickers J.

Corporate Governance, Competition Policy and Industrial Policy (1997), European Economic Review 41(3-5): 797-805, with Dewatripont M. and Rey P.

Real and Formal Authority in Organizations (1997), lead article in the Journal of Political Economy, with Tirole J.

A Theory of Trickle-Down Growth and Development (1997), lead article in the Review of Economic Studies 64(2): 151-172, with Bolton P.

A Schumpeterian Perspective on Growth and Competition (1997), in Advances in Economics and Econometrics, invited lecture to the 7th World Congress of the Econometrics Society, D. Kreps ed., with Howitt P.

The Economics of Enterprise Restructuring in Central and Eastern Europe, (1997), in Property Relations, Incentives and Welfare, J. Roemer ed., McMillan Press and St. Martin's Press, with Blanchard O. and Carlin W.

A Schumpeterian Perspective on Growth and Competition (1997), in Advances in Economics and Econometrics: Theory and Applications, vol. 2, D.M. Kreps and K.F. Wallis, eds., Cambridge University Press, pp 279-317, with Howitt P.

Ajustement macroéconomique aux technologies multi-usage (1997), l’Actualité économique, Revue d’analyse économique 73: 575-593, with Howitt P.

1996

Research and Development in the Growth Process (1996), Journal of Economic Growth 1: 49-73, with Howitt P.

The Observational Implications of Schumpeterian Growth Theory (1996), Empirical Economics 21: 13-25, with Howitt P.

On Insider Privatisation (1996), European Economic Review, with Blanchard O.

1995

Some Implications of Growth for Ownership Structure and Organisational Forms (1995), European Economic Review, with Tirole J.

Technical Progress in the Theory of Economic Growth (1995), in Economics in a Changing World: Proceedings of the 10th World Congress of the International Economic Association, vol 5, Jean-Paul Fitoussi, ed., London: Macmillan, pp 101-122, with Howitt P.

1994

Renegotiation Design With Unverifiable Information (1994), Econometrica 62(2): 257-282; lead article, with Dewatripont M. and Rey P.

Growth and Unemployment (1994), Review of Economic Studies 61(3): 477-494, with Howitt P.

On the Management of Innovation (1994), Quarterly Journal of Economics, with Tirole J.

On the Speed of Transition in Central Europe (1994), NBER Macro Annuals with Blanchard O.

The Behaviour of State Firms in Eastern Europe, Pre-Privatisation (1994), European Economic Review (ISOM issue), with Blanchard O. and Burgess R.

Uncovering Some Casual Relationships between Productivity Growth and the Structure of Economic Fluctuations (1994), NBER and Labour, with St Paul G.

Opening the Black Box of Innovation (1994), European Economic Review with Tirole J.

1993

Economic Reform in Eastern Europe: Can Theory Help? (1993), European Economic Review.

Dynamic Duopoly with Learning Through Price-Experimentation (1993), Economic Theory, with Espinoza M. and Jullien B.

1992

An Incomplete Contracts Approach to Financial Contracting (1992), Review of Economic Studies 59(3): 473-494, with Bolton P.

A Model of Growth through Creative Destruction (1992), Econometrica 60(2): 323-351, with Howitt P.

The Economics of Bankruptcy Reform (1992), Journal of Law, Economics and Organisation, and forthcoming in the NBER volume on Transition in Eastern Europe with Hart O. and Moore J.

Distribution and Growth in Models of Imperfect Capital Markets (1992), European Economic Review, Papers and Proceedings of the 6th Annual Congress of the European Economic Association 36(2/3): 603-611, with Bolton P.

Financing and Development in Eastern Europe and the Former Soviet Union (1992), Financial Institutions in Europe, CEPR and Cambridge, with Burgess R.

1991

Unemployment: A Symptom of Stagnation or a Side-Effect of Growth? (1991), European Economic Review 35: 535-541, with Howitt P.

Optimal Learning by Experimentation (1991), Review of Economic Studies 58(4): 621-654, with Bolton P, Harris C and Jullien B.

1990

Legal Restrictions on Private Contracts can Enhance Efficiency (1990), Journal of Law, Economics and Organisations with Hermalin B.

Government Domestic Debt and the Risk of Default: A Political-Economic Model of the Strategic Role of Debt (1990) with Bolton P., published in "Capital Markets and Debt Management ", R. Dornbusch and M. Draghi, eds., Cambridge, MA: MIT Press.

1989

The Financial Structure of the Firm and the Problem of Control (1989), European Economic Review, with Bolton P.

On Renegotiation Design (1989), European Economic Review 34 (2/3): 322-329, with Dewatripont M and Rey P

1987

Contracts as a Barrier to Entry (1987), American Economic Review 77(3): 388-401, reprinted in Industrial Economics, Oliver Williamson, ed., Edward Elgar Publishing Limited (1990) with Bolton P

1985

On the Generic Inefficiency of Differentiable Market Games (1985), Journal of Economic Theory

Working Papers

Exploiting States’ Mistakes to Identify the Causal Impact of Higher Education on Growth (2009), Mimeo Harvard, with Boustan L., Hoxby C. and Vandenbussche J.

The Social Origins of Inventors (2021), with Akcigit U., Hyytinen A., and Toivanen O.

Climate Change, Directed Innovation, and Energy Transition: The Long-run Consequences of the Shale Gas Revolution (2021), with Acemoglu D., Barrage L., and Hemous D.

The Innovation Premium to Soft Skills in Low-Skilled Occupations (2021), with Bergeaud A., Blundell R., and Griffith R.

Tax Evasion versus Tax Simplicity: Evidence from the Self-Employed in France (2021), with Akcigit U., Gravoueille M., Lequien M., and Stantcheva S.

Spreading Knowledge Across the World: Innovation Spillover Through Trade Expansion (2021), with Bergeaud A., Gigout T., Lequien M., and Melitz M.

The Vertical and Horizontal Components of the China Shock: Firm-Level Evidence from France (2021), with Bergeaud A., Lequien M., Melitz M., and Zuber T.

What are the Labor and Product Market Effects of Automation? New Evidence from France (2021), with Antonin C., Bunel S., and Jaravel X.

Innovation Networks and Business-Stealing (2021), with Jackson M., Mayerowitz A., and Tagade A.

Books

Endogenous Growth Theory (1998), Cambridge, MA: MIT Press, with Howitt P.

Inequality, Growth, and Globalization - Theory, History and Policy (1999), Raffaele Mattioli Memorial Lecture, Cambridge University Press, with Williamson J.

An Agenda for a Growing Europe: The Sapir Report (2003), Oxford University Press, with Bertola G., Hellwig M., Pisani-Ferry J., Sapir A., Vinals J., and Wallace H.

Education et Croissance (2004), La Documentation Francaise, with Cohen E.

Volatility and Growth (2005), Clarendon Lectures, Oxford University Press, with Banerjee A.

Competition and Growth (2005), Zeuthen Lectures, MIT Press, with Griffith R.

Handbook of Economic Growth (2005), North-Holland: Elsevier, with Durlauf S.

The Economics of Growth (2009), MIT Press, with Howitt P.

Repenser l’Etat (2011), Seuil, with Roulet A.

Handbook of Economic Growth (2013), Volume II, North-Holland: Elsevier, with Durlauf S.

Changer de modele (2014), Odile Jacob, with Cette G., and Cohen E.

Repenser la croissance economique (2016), Fayard

Le pouvoir de la destruction créatrice (2020), Odile Jacob, with Antonin C., and Bunel S.

The Power of Creative Destruction (2021), Harvard University Press, with Antonin C., and Bunel S.

Working in progress

  • Papers:

Are Large Firms More Innovative? with Bergeaud A., Boppart T., Klenow P., and Li H.

Income Mobility: Evidence from French Panel Data with Ciornohuz V., Gravoueille M., and Stantcheva S.

Structural Change and Emissions with Boppart T., Peters M., Zilibotti F., and Schwartzman M.

Freedom and the Mobility of Researchers with Antonin C., Stromberg D., and Sun X.

The Effects of Research Tax Credit on Innovation in France with Chanut N. and Jaravel X.

Infrastructure and Innovation: Evidence from France with Duranton G., Lequien M. and Pintus P.

Production Chains and the Environment: A Tribute to Emmanuel Farhi with Hemous D. and Margolin S.

Outsourcing and the Environment with Bergeaud A., Hemous D.

  • Books:

Growth Economics - graduate textbook with Akcigit U. and Howitt P., MIT Press

The Economics of Creative Destruction, Ferschrift Volume edited by Akcigit U. and J. Van Reenen J. Harvard University Press

Contact

Philippe Aghion
Professor of Economics

INSEAD Europe Campus
Boulevard de Constance
77305 Fontainebleau Cedex
France

Assistant: Sandra Teixeira
Tel: +33 1 60 72 90 49
Email: [email protected]