Thomas Philippon

The Great Reversal

How America Gave Up on Free Markets

A Financial Times Book of the Year A ProMarket Book of the Year “Superbly argued and important...Donald Trump is in so many ways a product of the de...

Entry Costs and the Macroeconomy

We combine a structural model with cross-sectional micro data to identify the causes and consequences of rising concentration in the US economy. Using...

Household Leverage and the Recession

We evaluate and partially challenge the ‘household leverage’ view of the Great Recession. In the data, employment and consumption declined more in...

The Impact of Differential Payroll Tax Subsidies on Minimum Wage Employment

Paper examines the impact of changes of total labour costs on employment of low-wage workers in France in a period 1980 to 1990, that saw steady incre...

SVB and Beyond

The Banking Stress Of 2023

NYU Stern Faculty and their collaborators provide a diagnosis and organizing framework to understand the banking stress of 2023, as well as a collecti...

Monetary Independence in Emerging Markets

Does the Exchange Rate Regime Make a Difference?

This paper compares the impact of shocks to U.S. interest rates and emerging market bond spreads on domestic interest rates and exchange rates across ...

Have Financial Markets Become More Informative?

The finance industry has grown, financial markets have become more liquid, and information technology allows arbitrageurs to trade faster than ever. B...

Household Leverage and the Recession

We evaluate and partially challenge the 'household leverage' view of the Great Recession. In the data, employment and consumption declined more in sta...

Bail-ins and Bank Resolution in Europe

A Progress Report

The 4th Special Report in the Geneva Reports on the World Economy series reviews the current status of bail-ins and bank resolution in Europe. It firs...

How EU Markets Became More Competitive Than US Markets

A Study of Institutional Drift

Until the 1990's, US markets were more competitive than European markets. Today, European markets have lower concentration, lower excess profits, and ...

Fading Stars

We study the evolution of super star firms in the U.S. economy over the past 60 years. Contrary to common wisdom, sup-er stars firms have not become l...

The Failure of Free Entry

We study the entry and exit of firms across U.S. industries over the past 40 years. The elasticity of entry with respect to Tobin's Q was positive and...

From Good to Bad Concentration?

U.S. Industries Over the Past 30 Years

We study the evolution of profits, investment and market shares in US industries over the past 40 years. During the 1990's, and at low levels of initi...