Authors

Thomas Philippon

Max L. Heine Professor of Finance

New York University, Stern School of Business

Thomas Philippon is the Max L. Heine Professor of Finance at New York University, Stern School of Business. Philippon was named one of the “top 25 economists under 45” by the IMF in 2014. He won the 2013 Bernácer Prize for Best European Economist under 40, the 2010 Michael Brennan & BlackRock Award, the 2009 Prize for Best Young French Economist, and the 2008 Brattle Prize for the best paper in Corporate Finance. He is an academic advisor to the Financial Stability Board and the Hong Kong Institute for Monetary and Financial Research. He was an advisor to the New York Federal Reserve Board and a board member of the French prudential regulatory authority from 2014 to 2019, and the senior economic advisor to the French finance minister in 2012-2013. Philippon graduated from Ecole Polytechnique, received a PhD in Economics from MIT and joined New York University in 2003.

Publications

Causes, Consequences, and Policy Responses to Market Concentration

Overview: Measures of market concentration in many U.S. industries have been rising for nearly four decades. Since the early 2000s, these trends have coincided with a falling labor share of income, declining private investment, and rising corporate profit rates and markups (the difference between price and marginal cost). Philippon argues these patterns are unique to […]