Thomas Philippon
Biographic Data
| ID | 1460231 |
|---|---|
| NAME | Thomas Philippon |
| GIVEN NAMES | Thomas |
| FAMILY NAME | Philippon |
| SIGNATURE | PHILIPPON T |
| AFFILIATIONS | Center for Economic and Policy Research |
| ORCID | 0000-0003-0503-8115 |
| VERIFIED | Yes |
| TOTAL WORKS | 7 |
| TOTAL CITATIONS | 11 |
| WORKS AS AUTHOR | 7 |
| WORKS AS EDITOR | 0 |
| FIRST PUBLICATION YEAR | 2000 |
| LATEST PUBLICATION YEAR | 2019 |
| H-INDEX | 1 |
The Labor Share in the Long Term
Cette Gilbert, Koehl Lorraine, Philippon Thomas. The Labor Share in the Long Term: A Decline?. In: Economie et Statistique / Economics and Statistics, n°510-512, Special Issue 50th Anniversary. pp. 35-51
Measuring Systemic Risk
We present an economic model of systemic risk in which undercapitalization of the financial sector as a whole is assumed to harm the real economy, leading to a systemic risk externality. Each financial institution's contribution to systemic risk can be measured as its systemic expected shortfall (SES), that is, its propensity to be undercapitalized when the system as a whole is undercapitalized. SES increases in the institution's leverage and its…
An International Look at the Growth of Modern Finance
We study the rise of finance across a set of now-industrial economies. The long-run pattern of the growth of the income share of finance from the nineteenth century to current times in the United States is similar to some economies, but not all economies reach the same size and instead reach a plateau. The relationship between financial output and income is nonhomothetic and changes three times in this sample. Most of the increase in real GDP per…
Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation
I provide a quantitative interpretation of financial intermediation in the U.S. over the past 130 years. Measuring separately the cost of intermediation and the production of financial services, I find that: (i) the quantity of intermediation varies a lot over time; (ii) intermediation is produced under constant returns to scale; (iii) the annual cost of intermediation is around 2% of outstanding assets; (iv) adjustments for borrowers' quality ar…
Comment maîtriser la finance
Firms and Aggregate Dynamics
We investigate the role of permanent and transitory shocks for firms and aggregate dynamics. We find that permanent shocks to productivity and permanent shifts in the composition of output explain at least four-fifths of firms' dynamics. However, these permanent shocks are almost uncorrelated across firms and are therefore less relevant for aggregate dynamics. Transitory shocks, on the other hand, are not very important at the firm level, but the…
The Tail of Two Countries
An International Look at the Growth of Modern Finance
We study the rise of finance across a set of now-industrial economies. The long-run pattern of the growth of the income share of finance from the nineteenth century to current times in the United States is similar to some economies, but not all economies reach the same size and instead reach a plateau. The relationship between financial output and income is nonhomothetic and changes three times in this sample. Most of the increase in real GDP per…
The Tail of Two Countries
Firms and Aggregate Dynamics
We investigate the role of permanent and transitory shocks for firms and aggregate dynamics. We find that permanent shocks to productivity and permanent shifts in the composition of output explain at least four-fifths of firms' dynamics. However, these permanent shocks are almost uncorrelated across firms and are therefore less relevant for aggregate dynamics. Transitory shocks, on the other hand, are not very important at the firm level, but the…
Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation
I provide a quantitative interpretation of financial intermediation in the U.S. over the past 130 years. Measuring separately the cost of intermediation and the production of financial services, I find that: (i) the quantity of intermediation varies a lot over time; (ii) intermediation is produced under constant returns to scale; (iii) the annual cost of intermediation is around 2% of outstanding assets; (iv) adjustments for borrowers' quality ar…
Comment maîtriser la finance
An International Look at the Growth of Modern Finance
We study the rise of finance across a set of now-industrial economies. The long-run pattern of the growth of the income share of finance from the nineteenth century to current times in the United States is similar to some economies, but not all economies reach the same size and instead reach a plateau. The relationship between financial output and income is nonhomothetic and changes three times in this sample. Most of the increase in real GDP per…
Measuring Systemic Risk
We present an economic model of systemic risk in which undercapitalization of the financial sector as a whole is assumed to harm the real economy, leading to a systemic risk externality. Each financial institution's contribution to systemic risk can be measured as its systemic expected shortfall (SES), that is, its propensity to be undercapitalized when the system as a whole is undercapitalized. SES increases in the institution's leverage and its…
The Labor Share in the Long Term
Cette Gilbert, Koehl Lorraine, Philippon Thomas. The Labor Share in the Long Term: A Decline?. In: Economie et Statistique / Economics and Statistics, n°510-512, Special Issue 50th Anniversary. pp. 35-51
Economics (7 works) · Banking stability, regulation, efficiency (4 works) · Finance (3 works) · Macroeconomics (3 works) · Business (2 works) · Demographic economics (2 works) · Economic theories and models (2 works) · Employment and Welfare Studies (2 works) · Financial intermediary (2 works) · Labor market dynamics and wage inequality (2 works)