Philippe Aghion

Education:

1976-80 Ecole Normale Supérieure de Cachan, Mathematics Section
1981 Diplome d’Etudes Approfondies d’Economie Mathématique, Université de Paris I
1983 Doctorat de 3éme cycle d’Economie Mathématique, Université de Paris I Pantheon-Sorbonne
1987 Ph.D. Harvard University (Economics)

Professional Experience:

1986-87 Sloan Foundation Dissertation Fellowship
1987-89 Assistant Professor, Massachusetts Institute of Technology
1989- Chargé de Recherches au Centre National de la Recherche Scientifique
1990-1992 Deputy Chief Economist, EBRD (London)
1992-96 Official Fellow, Nuffield College (Oxford)
1992-2000 Research Co-ordinator, EBRD (London)
1996-2002 Professor of Economics, University College London (UCL)
2000-2002 Professor of Economics, Harvard University
2002- 2015 Robert C. Waggoner Professor of Economics, Harvard University
2009-2015 Invited Professor, Institute of International Economic Studies, Stockholm
2015- Professor at College de France, Chair entitled “Institutions, Innovation, et Croissance”
2015- Centennial Professor of Economics, London School of Economics
2018-2020 Visiting Professor, Department of Economics, Harvard University
2020- Professor at INSEAD

Other Professional Positions or Appointments:

1991-97 Associate Editor, Review of Economic Studies
1992- Managing Editor, The Economics of Transition
1994- Fellow of the Econometric Society
1992-95 Associate Editor, Econometrica
1995-2000 Council, European Economic Association
1998-2006 CEPR Program Director in Industrial Organization
2008-2016 Editor, Review of Economics and Statistics
2009- Fellow of the American Academy of Arts and Science
2015- Foreign Fellow of the British Academy
2016- Managing Editor, Annual Reviews in Economics
2016-2017 President of the European Economic Association
2016-2017 President of the French Economic Association

Awards and Honors:

1995 Medaille de Bronze du CNRS
2001 Prix de la Revue Francaise d’Economie
2001 Yrjo Jahnsson Award of the European Economic Association
2005 Honorary Doctorate, Stockhom School of Economics
2006 Medaille d’Argent du CNRS
2006 Schumpeter Prize of the International Schumpeter Society
2009 John Von Neumann Award
2016 Global Award in Entrepreneurship Research
2017 AEA Award for best AEJ paper
2017 Foreign Honorary Member of the American Economic Association
2017 Sun Yefang Award
2018 Honorary Doctorate, University of Tucuman
2020: BBVA Frontier of Knowledge Award

Bibliography:

Published Papers:
Aghion P (1985) On the Generic Inefficiency of Differentiable Market Games, Journal of
Economic Theory.
Aghion P and Bolton P (1987) Contracts as a Barrier to Entry, American Economic Review 77(3):
388-401, reprinted in Industrial Economics, Oliver Williamson, ed., Edward Elgar Publishing
Limited (1990).
Aghion P and Bolton P (1989) The Financial Structure of the Firm and the Problem of Control,
European Economic Review.
Aghion P, Dewatripont M and Rey P (1989) On Renegotiation Design, European Economic
Review 34 (2/3): 322-329.
Aghion P and Hermalin B (1990) Legal Restrictions on Private Contracts can Enhance
Efficiency, Journal of Law, Economics and Organisations.
Aghion P and Bolton P (1990) Government Domestic Debt and the Risk of Default: A PoliticalEconomic Model of the Strategic Role of Debt, published in "Capital Markets and Debt
Management ", R. Dornbusch and M. Draghi, eds., Cambridge, MA: MIT Press.
Aghion P and Howitt P (1991) Unemployment: A Symptom of Stagnation or a Side-Effect of
Growth?, European Economic Review 35: 535-541.
Aghion P, Bolton P, Harris C and Jullien B (1991) Optimal Learning by Experimentation,
Review of Economic Studies 58(4): 621-654.
Aghion P and Bolton P (1992) An Incomplete Contracts Approach to Financial Contracting,
Review of Economic Studies 59(3): 473-494.
Aghion P and Howitt P (1992) A Model of Growth through Creative Destruction, Econometrica
60(2): 323-351.
Aghion P, Hart O and Moore J (1992) The Economics of Bankruptcy Reform, Journal of Law,
Economics and Organisation, and forthcoming in the NBER volume on Transition in Eastern
Europe.
Aghion P and Bolton P (1992) Distribution and Growth in Models of Imperfect Capital Markets,
European Economic Review, Papers and Proceedings of the 6th Annual Congress of the
European Economic Association 36(2/3): 603-611.
Aghion P and Burgess R (1992) Financing and Development in Eastern Europe and the Former
Soviet Union, Financial Institutions in Europe, CEPR and Cambridge.
Aghion P (1993) Economic Reform in Eastern Europe: Can Theory Help?, European Economic
Review.
Aghion P, Espinoza M and Jullien B (1993) Dynamic Duopoly with Learning Through PriceExperimentation, Economic Theory.
Aghion P, Dewatripont M and Rey P (1994) Renegotiation Design With Unverifiable
Information, Econometrica 62(2): 257-282; lead article.
Aghion P and Howitt P (1994) Growth and Unemployment, Review of Economic Studies 61(3):
477-494.
Aghion P and Tirole J (1994) On the Management of Innovation, Quarterly Journal of
Economics.
Aghion P and Blanchard O (1994) On the Speed of Transition in Central Europe, NBER Macro
Annuals.
Aghion P, Blanchard O and Burgess R (1994) The Behaviour of State Firms in Eastern Europe,
Pre-Privatisation, European Economic Review (ISOM issue).
Aghion P and St Paul G (1994) Uncovering Some Casual Relationships between Productivity
Growth and the Structure of Economic Fluctuations, NBER and Labour.
Aghion P and Tirole J (1994) Opening the Black Box of Innovation, European Economic
Review.
Aghion P and Tirole J (1995) Some Implications of Growth for Ownership Structure and
Organisational Forms, European Economic Review.
Aghion P and Howitt P (1995) Technical Progress in the Theory of Economic Growth, 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.
Aghion P and Howitt P (1996) Research and Development in the Growth Process, Journal of
Economic Growth 1: 49-73.
Aghion P and Howitt P (1996) The Observational Implications of Schumpeterian Growth
Theory, Empirical Economics 21: 13-25.
Aghion P and Blanchard O (1996) On Insider Privatisation, European Economic Review.
Aghion P, Harris C and Vickers J (1997) Competition and Growth with Step-by-Step Innovation;
An Example, European Economic Review 41: 771-782.
Aghion P, Dewatripont M and Rey P (1997) Corporate Governance, Competition Policy and
Industrial Policy, European Economic Review 41(3-5): 797-805.
Aghion P and Tirole J (1997) Real and Formal Authority in Organizations, lead article in the
Journal of Political Economy.
Aghion P and Bolton P (1997) A Theory of Trickle-Down Growth and Development, lead article
in the Review of Economic Studies 64(2): 151-172.
Aghion P and Howitt P (1997) A Schumpeterian Perspective on Growth and Competition, in
Advances in Economics and Econometrics, invited lecture to the 7th World Congress of the
Econometrics Society, D. Kreps ed.
Aghion P, Blanchard O and Carlin W (1997) The Economics of Enterprise Restructuring in
Central and Eastern Europe, in Property Relations, Incentives and Welfare, J. Roemer ed.,
McMillan Press and St. Martin's Press.
Aghion P and Howitt P (1997) A Schumpeterian Perspective on Growth and Competition, 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.
Aghion P and Howitt P (1997) Ajustement macroéconomique aux technologies multi-usage,
l’Actualité économique, Revue d’analyse économique 73: 575-593.
Aghion P, Compte O and Jehiel P (1998) Bargaining While Searching for Outside Options: A
Potential Role for Unions, European Economic Review.
Aghion P and Howitt P (1998) Capital Accumulation and Innovation as Complementary Factors
in Long-Run Growth, Journal of Economic Growth 3: 111-130.
Aghion P and Howitt P (1998) Market Structure and the Growth Process, Review of Economic
Dynamics 1: 276-305.
Aghion P and Howitt P (1998) On the Macroeconomic Effects of Major Technological Change,
in General Purpose Technologies and Economic Growth, E. Helpman, ed., Cambridge, MA:
MIT Press, pp 121-144.
Aghion P, Dewatripont M and Rey P (1999) Competition, Financial Discipline, and Growth,
Review of Economic Studies 66(4): 825-852.
Aghion P, Banerjee A and Piketty T (1999) Dualism and Macroeconomic Volatility, Quarterly
Journal of Economics.
Aghion P, Caroli E and Garcia-Penalosa C (1999) Inequality and Economic Growth: The
Perspective of the New Growth Theories, Journal of Economic Literature.
Aghion P, Bolton P and Fries S (1999) Optimal Design of Bank Bailouts: The Case of Transition
Economies, Journal of Institutional and Theoretical Economics.
Aghion P and Schankerman M (1999) Competition, Entry, and the Social Returns to
Infrastructure in Transition Economies, Economics of Transition.
Aghion P, Banerjee A and Bacchetta P (2000) A Simple Model of Monetary Policy and Currency
Crises, European Economic Review.
Aghion P, Bolton P and Dewatripont M (2000) Contagious Bank Failures in a Free Banking
System, European Economic Review.
Aghion P, Harris C, Howitt P and Vickers J (2001) Competition , Imitation and Growth with
Step-by-Step Innovation, Review of Economic Studies 68(3): 467-492; lead article.
Aghion P, Bacchetta P and Banerjee A (2001) Currency Crises and Monetary Policy in an
Economy with Credit Constraints, European Economic Review, ISOM Volume.
Aghion P, Acemoglu D and Violante GL (2001) Deunionization, Technical Change and
Inequality, Carnegie-Rochester Conference Series on Public Policy 55: 229-264.
Aghion P (2002) Schumpeterian Growth Theory and the Dynamics of Income Inequality,
Walras-Bowley Lecture, Econometrica.
Aghion P, Howitt P and Violante G (2002) General Purpose Technologies and Within-group
Inequality, Journal of Economic Growth.
Aghion P, Dewatripont M and Rey P (2002) On Partial Contracting, European Economic Review,
Papers and Proceedings.
Aghion P and Rey P (2002) Allocating Decision Rights under Liquidity Constraints: A Simple
Framework, in Essays on Incomplete Contracts, Cambridge University Press, E.Brousseau Ed.
Aghion P and Bolton P (2003) Incomplete Social Contracts, Journal of the European Economic
Association.
Aghion P, Acemoglu D and Zilibotti F (2003) Vertical Integration and Distance to Frontier,
Journal of the European Economic Association, Papers and Proceedings.
Aghion P, Alesina A and Trebbi F (2004) Endogenous Political Institutions, Quarterly Journal of
Economics.
Aghion P, Dewatripont M and Rey P (2003) Transferable Control, Journal of the European
Economic Association.
Aghion P, Bacchetta P, and Banerjee A (2004) A Balance-Sheet Approach to Currency Crises,
Journal of Economic Theory.
Aghion P, Bacchetta P and Banerjee A (2004) Capital Markets and the Instability of Open
Economies, Journal of Monetary Economics.
Aghion P and Schankerman M (2004) A Model of the Private and Social Returns to MarketEnhancing Infrastructure, Economic Journal.
Aghion P, Bolton P and Tirole J (2004) Exit Options in Corporate Finance: Liquidity versus
Incentives, Review of Finance.
Aghion P, Howitt P and Mayer D (2005) The Effect of Financial Development on Convergence,
Quarterly Journal of Economics.
Aghion P, Bloom N, Blundell R, Griffith R and Howitt P (2005) Competition and Innovation: An
Inverted U Relationship, Quarterly Journal of Economics.
Acemoglu D, Aghion P and Zilibotti F (2006) Distance to Frontier, Selection, and Economic
Growth, Journal of the European Economic Association.
Aghion P and Howitt P (2006) Appropriate Growth Policy, Schumpeter Lecture, Journal of the
European Economic Association.
Aghion P, Griffith R and Howitt P (2006) Competition and Vertical Integration, American
Economic Review, Papers and Proceedings.
Aghion P, Meghir C and Vandenbussche J (2006) Distance to Frontier, Growth, and the
Composition of Human Capital, Journal of Economic Growth.
Aghion P, Alesina A and Trebbi F (2007) Choosing Electoral Rules: Theory and Evidence from
US Cities, Quarterly Journal of Economics.
Aghion P and Stein J (2007) Growth versus Profit Maximizing Strategies over the Cycle: Giving
the Market What It Wants, Journal of Finance.
Acemoglu D, Aghion P, Lelarge C, Van Reenen J and Zilibotti F (2007) Technology,
Information, and the Decentralization of the Firm, Quarterly Journal of Economics.
Aghion P, Antras P and Helpman E (2007) Negotiating Free Trade, Journal of International
Economics.
Aghion P, Fally T, and Scarpetta S (2007) Credit Constraints as a Barrier to the Entry and Post
Entry Growth of Firms: Theory and Evidence, Economic Policy.
Aghion P and Marinescu I (2007) Productivity Growth and Countercyclical Budgetary Policy:
What Do We Learn from OECD Panel Data?, NBER Macroeconomic Annual.
Aghion P, Blundell R, Griffith R, Howitt P and Prantl S (2007) Entry, Innovation, and Growth:
Theory and Evidence, Review of Economics and Statistics.
Aghion P, Alesina A, and Trebbi F (2007) Democracy, Technology, and Growth, forthcoming in
Institutions and Economic Performance, Helpman E, ed., Harvard University Press.
Aghion P, Burgess R, Redding S and Zilibotti F (2008) The Unequal Effects of Liberalization:
Evidence from Dismantling the License Raj in India, American Economic Review 94 (4): 1397-
1412.
Aghion P, Dewatripont M and Stein J (2009) Acedemic Freedom, Private Sector Focus, and the
Process of Innovation, Rand Journal of Economics.
Acemoglu D, Aghion P, Griffith R and Zilibotti F (2009) Vertical Integration and Technology:
Theory and Evidence, Journal of the European Economic Association.
Aghion P, Bacchetta P, Ranciere R and Rogoff K (2009) Exchange Rate Regimes and
Productivity Growth, Journal of Monetary Economics.
Aghion P, Algan Y, Cahuc P and Shleifer A (2010) Distrust and Regulation, Quarterly Journal
of Economics.
Aghion P, Dewatripont M, Hoxby C, Mas-Colell A and Sapir A (2010) Governance and
Peformance of Universities, Economic Policy.
Aghion P, Angeletos M, Banerjee A and Manova K (2011) Volatility and Growth: Financial
Development and the Cyclical Composition of Investment, Journal of Monetary Economics.
Aghion P, Algan Y and Cahuc P (2011) Civil Society and the State: The Interplay Between
Cooperation and Minimum Wage Regulation, Journal of the European Economic Association.
Aghion P and Holden R (2011) Incomplete Contracts and the Theory of the Firm: What Have We
Learned Over the Past 25 Years?, Journal of Economic Perspectives.
Aghion P, Howitt P and Murtin F (2011) The Relationship Between Health and Growth: When
Lucas Meets Nelson-Phelps, Institutional Economics.
Acemoglu D, Aghion P, Bursztyn L and Hemous D (2012) The Environment and Directed
Technical Change, American Economic Review.
Aghion P, Fudenberg D, Holden R, Kunimoto T and Tercieux O (2012) Subgame Perfect
Implementation With Informational Perturbations, Quarterly Journal of Economics 127: 1843-
1881.
Aghion P, Askenazy P, Berman N, Cette G and Eymard L (2013) Credit Constraints and the
Cyclicality of R&D Investments: Evidence from France, Journal of the European Economic
Association.
Aghion P, Van Reenen J and Zingales L (2013) Innovation and Institutional Ownership,
American Economic Review.
Aghion P, Howitt P and Prantl S (2013) Revisiting the Relationship Between Competition,
Patenting and Innovation, Advances in Economic Theory, Econometric Society World Congress.
Aghion, P, Akcigit, U, and Howitt, P (2013) What Do We Learn From Schumpeterian Growth
Theory?, Handbook of Economic Growth.
Aghion P, Hemous D and Kharroubi E (2014) Credit Constraints, Cyclical Fiscal Policy and
Industry Growth, Journal of Monetary Economics.
Aghion, P, Bloom, N, and J. Van Reenen (2014) Incomplete Contracts and the Internal
Organization of Firms, Journal of Law, Economics, and Organizations.
Aghion P, Cai, J, Dewatripont, M, Du, L, Harrison, A, and P. Legros (2016) Industrial Policy and
Competition, American Economic Journal: Macroeconomics, Sun Yefang Award 2017.
Aghion, P, Howitt, P, Prantl, S (2016) Patent Rights, Product Market Reforms and Innovation,
Journal of Economic Growth.
Aghion, P, Dechezlepretre, A, Hemous, D, Martin, R, and J. Van Reenen (2016) Carbon Taxes,
Path Dependency and Directed Technical Change : Evidence from the Auto Industry, Journal of
Political Economy, lead article.
Murray F, Aghion P, Dewatripont M, Kolev J, and Stern S (2016) Of Mice and Academics:
Examining the Effect of Openness on Innovation, American Economic Journal: Policy,
Best AEJ Paper Award 2017.
Aghion, P and M. Jackson (2016) Inducing Leaders to Take Risky Decisions: Dismissal, Tenure,
and Term Limits, American Economic Journal: Microeconomics.
Aghion, P, Akcigit, U, Cage, J, and Kerr, W (2016) Taxation, Corruption, and Growth, European
Economic Review.
Aghion, P, Akcigit, U, Deaton, A, and A. Roulet (2016) Creative Destruction and Subjective
Well Being, American Economic Review.
Aghion, P, Fehr, E, Holden, R, and T. Wilkening (2016) Subgame Perfect Implementation Under
Approximate Common Knowledge: Evidence from a Laboratory Experiment, mimeo Harvard
and NBER Working Paper, Journal of the European Economic Association.
Aghion, P, Akcigit, U, A. Hyytinen, and O. Toivanen (2018) On the Returns to Invention Within
Firms: Evidence from Finland, American Economic Review, Papers and Proceedings.
Aghion, P, Bergeaud, A, Boppart, T and S. Bunel (2018) Firm Dynamics and Growth
Measurement in France, Journal of the European Economic Association.
Aghion, P, Bechtold, S, Cassar, L, and H. Herz (2018) The Causal Effects of Competition on
Innovation: Experimental Evidence, Journal of Law, Economics and Organizations.
Aghion, P, Akcigit, U, Bergeaud, A, Blundell, R, and D. Hemous (2019) Innovation and Top
Income Inequality, Review of Economic Studies, lead article.
Aghion, P, Bergeaud, A, Cette, G, Lecat, R and H. Maghin (2019) The Inverted-U Relationship
Between Credit Access and Productivity Growth, Coase Lecture, Economica.
Aghion, P, Farhi, E, and E. Kharroubi (2019) Monetary Policy, Product Market Competition, and
Growth, Coase Lecture, Economica.
Aghion, P, Bergeaud, A, Boppart, T, Klenow, P, and H. Li (2019) Missing Growth from Creative
Destruction, American Economic Review.
Aghion, P, Bloom, N, Lucking, B, Sadun, R, and J. Van Reenen (2019) Turbulence, Firm
Decentralization and Growth in Bad Times, forthcoming in American Economic Journal:
Applied.
Aghion, P, Jaravel, X, Persson, T, and D. Rouzet (2019) Education and Military Rivalry, Journal
of the European Economic Association.

Books:

Aghion P and P. Howitt (1998) Endogenous Growth Theory, Cambridge, MA: MIT Press.
Aghion P and J. Williamson (1999) Inequality, Growth, and Globalization - Theory, History and
Policy, Raffaele Mattioli Memorial Lecture, Cambridge University Press.
Aghion P, Bertola G, Hellwig M, Pisani-Ferry J, Sapir A, Vinals J, and Wallace H (2003) An
Agenda for a Growing Europe: The Sapir Report, Oxford University Press.
Aghion P and Cohen E (2004) Education et Croissance, La Documentation Francaise.
Aghion P and Banerjee A (2005) Volatility and Growth, Clarendon Lectures, Oxford University
Press.
Aghion P and Griffith R (2005) Competition and Growth, Zeuthen Lectures, MIT Press.
Aghion P and Durlauf S (2005) Handbook of Economic Growth, North-Holland: Elsevier.
Aghion P and Howitt P (2009) The Economics of Growth, MIT Press.
Aghion, P and A. Roulet (2011) Repenser l’Etat, Seuil. 
Aghion P and Durlauf S (2013) Handbook of Economic Growth, Volume II, North-Holland:
Elsevier.
Aghion, P, Cette, G, and E. Cohen (2014) Changer de modele, Odile Jacob.
Aghion, P (2016) Repenser la croissance economique, Fayard.
Aghion, P, Antonin, C, and S. Bunel (2020) Le pouvoir de la destruction creatrice, Odile Jacob.
Aghion, P, Antonin,