WorldCat Identities

Philippon, Thomas

Works: 44 works in 308 publications in 2 languages and 1,836 library holdings
Roles: Author
Publication Timeline
Most widely held works by Thomas Philippon
Le capitalisme d'héritiers : la crise française du travail by Thomas Philippon( Book )

4 editions published in 2007 in French and held by 120 WorldCat member libraries worldwide

Family fims, paternalism, and labor relations by Holger M Müller( Book )

15 editions published in 2006 in English and held by 34 WorldCat member libraries worldwide

Using firm-, industry-, and country-level data, we document a link between family ownership and labor relations. Across countries, we find that family ownership is relatively more prevalent in countries in which labor relations are difficult, consistent with firm-level evidence suggesting that family firms are particularly effective at coping with difficult labor relations. Our cross-country results are robust to controlling for minority shareholder protection and various other potential determinants of family ownership. Our results also hold if we use strike data from the 1960s to predict cross-country variation in family ownership thirty years later. We address causality in two ways. First, we instrument our measure of the quality of labor relations using 'Labor Origin', a variable describing the extent to which the emerging European liberal states in the 18th and 19th centuries confronted guilds and labor organizations. Second, making use of within-country variation at the industry level, we show that - controlling for industry and country fixed effects - industries that are more labor dependent have relatively more family ownership in countries with worse labor relations
Inspecting the mechanism : leverage and the Great Recession in the Eurozone by Philippe J Martin( Book )

10 editions published in 2014 in English and held by 10 WorldCat member libraries worldwide

We provide a first comprehensive account of the dynamics of Eurozone countries from the creation of the Euro to the Great Recession. We model each country as an open economy within a monetary union and analyze the dynamics of private leverage, fiscal policy and spreads. Our parsimonious model can replicate the time-series for nominal GDP, employment, and net exports of Eurozone countries between 2000 and 2012. We then ask how periphery countries would have fared with: (i) more conservative fiscal policies; (ii) macro-prudential tools to control private leverage; (iii) a central bank acting earlier to limit sovereign spreads; and (iv) the possibility to recoup the competitiveness they lost in the boom. To perform these counterfactual experiments, we use U.S. states as a control group that did not suffer from a sudden stop. We find that periphery countries could have stabilized their employment if they had followed more conservative fiscal policies during the boom. This is especially true in Greece. For Ireland, however, given the size of the private leverage boom, such a policy would have required buying back almost all of the public debt. Macro-prudential policy would have been helpful, especially in Ireland and Spain. However, in presence of a spending bias in fiscal rules, macro-prudential policies would have led to less prudent fiscal policies in the boom. Central bank actions would have stabilized employment during the bust but not public debt. Finally, if these countries had been able to regain in the bust the competitiveness they lost in the boom, they would have experienced a shorter and milder recession
Backtesting European stress tests by Thomas Philippon( Book )

6 editions published in 2017 in English and held by 3 WorldCat member libraries worldwide

We provide a first evaluation of the quality of banking stress tests in the European Union. We use stress tests scenarios and banks' estimated losses to recover bank level exposures to macroeconomic factors. Once macro outcomes are realized, we predict banks' losses and compare them to actual losses. We find that stress tests are informative and unbiased on average. Model-based losses are good predictors of realized losses and of banks' equity returns around announcements of macroeconomic news. When we perform our tests for the Union as a whole, we do not detect biases in the construction of the scenarios, or in the estimated losses across banks of different sizes and ownership structures. There is, however, some evidence that exposures are underestimated in countries with ex-ante weaker banking systems. Our results have implications for the modeling of credit losses, quality controls of supervision, and the political economy of financial regulation
Audience Level
Audience Level
  Kids General Special  
Audience level: 0.83 (from 0.62 for Backtestin ... to 0.88 for Le capital ...)

Alternative Names
Philippon, T.

Thomas Philippon economista francés

Thomas Philippon économiste français

Thomas Philippon Frans econoom

Thomas Philippon fransk ekonom

Thomas Philippon fransk økonom

Thomas Philippon French economist

English (31)

French (4)