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About the Author(s)

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Thomas Philippon is the Max L. Heine Professor of Finance at New York University's Stern School of Business. Philippon was named one of the top 25 economists under 45 by the International Monetary Fund in 2014. He has won the 2013 Bernácer Prize for Best European Economist under 40, the 2010 Michael Brennan & BlackRock Award, the 2009 Best Young Economist of France Award, and the 2008 Brattle Group Prize for the best paper in corporate finance.

Philippon has studied various topics in macroeconomics and finance: systemic risk, crisis resolution mechanisms, the dynamics of corporate investment and household debt, and the size of the finance industry. His recent work has focused on the Eurozone crisis, financial regulation, and the market power of large firms. He is affiliated with the NBER programs in Economic Fluctuations and Growth, Asset Pricing, and Corporate Finance

Philippon currently serves as an academic adviser to the Financial Stability Board and to the Hong Kong Institute for Monetary and Financial Research, and was previously an adviser to the Federal Reserve Bank of New York, a board member of the French prudential regulatory authority from 2014 to 2019, and the senior economic adviser to the French finance minister in 2012–13.

He graduated from École Polytechnique, received a PhD in Economics from MIT, and joined New York University in 2003.

Endnotes

1. "The Ongoing Evolution of US Retail: A Formal Tug of War," Hortaçsu A, Syverson C. Journal of Economic Perspectives, 29(4), 2015, pp. 89–112. Go to ⤴︎
2.  "How EU Markets Became More Competitive Than US Markets: A Study of Institutional Drift," Gutiérrez G, Philippon T. NBER Working Paper 02470, June 2019. See also: "Political Determinants of Competition in the Mobile Telecommunication Industry," Faccio M, Zingales L. CEPR. Discussion Papers, No. 11794, January 2017. Go to ⤴︎
3. "Rents and Intangibles: A Q+ Framework," Crouzet N, Eberly J. Kellogg School of Management, Working Paper, October 2019.  Go to ⤴︎
4. The Great Reversal: How America Gave Up on Free Markets, Philippon T. Cambridge, MA; Harvard University Press, 2019.  Go to ⤴︎
5. "Are U.S. Industries Becoming More Concentrated?" Grullon G, Larkin Y, Michaely R. Forthcoming, Review of Finance. Go to ⤴︎
6. "From Good to Bad Concentration? U.S. Industries Over the Past 30 Years," Covarrubias M, Gutiérrez G, Philippon T. NBER Working Paper 25983, September 2019.  Go to ⤴︎
7. "How EU Markets Became More Competitive Than US Markets: A Study of Institutional Drift," Gutiérrez G, Philippon T. NBER Working Paper 24700, June 2019.  Go to ⤴︎
8. "Rents and Intangibles: A Q+ Framework," Crouzet N, Eberly J. Kellogg School of Management, Working Paper, October 2019.  Go to ⤴︎
9. "The Failure of Free Entry," Gutiérrez G, Philippon T. NBER Working Paper 26001, June 2019. Go to ⤴︎

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