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Thomas Philippon

Thomas Philippon

Joined Stern 2003

Leonard N. Stern School of Business
Kaufman Management Center
44 West Fourth Street, 9-95
New York, NY 10012

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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 has 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.

Philippon has studied various topics in macroeconomics and finance: systemic risk and financial crisis, the dynamics of corporate investment and household debt, financial innovation and financial regulation, Eurozone crisis. His recent book “The Great Reversal” (Harvard Press, 2019) focuses on the increasing market power of large firms.

He currently serves as an academic advisor to the Financial Stability Board and to the Hong Kong Institute for Monetary and Financial Research. He was previously an advisor to the New York Federal Reserve Bank, 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.

Research Interests

  • Macroeconomics
  • Corporate finance
  • Business cycles
  • Earnings management
  • Unemployment

Courses Taught

  • Corporate Finance Topics
  • Risk Management in Financial Institutions

Academic Background

Ph.D., Economics, 2003
Massachusetts Institute of Technology

M.A., Economics, 1998
Delta-Ehess, France

M.A., Physics, 1997
Ecole Polytechnique, France

Awards & Appointments

IMF One of the top 25 economists under age 45 2014
Bernácer Prize for best European economist under age 40 in macroeconomics and finance 2013
Review of Financial Studies Michael Brennan & BlackRock Award, Best Paper 2010
Kiel Institute for the World Economyi Global Economic Fellow 2009 2009
Cercle des économistes/ Le Monde Best Young French Economist 2009
Journal of Finance Brattle Prize (First Prize), Best Paper in Corporate Finance 2008
ANDRH Stylo d'Or, Best Book on Human Resources Management 2007
Glucksman Prize Honorable Mention, Best Working Paper in Finance 2006
MIT Robert M. Solow Prize for Excellence in Research and Teaching 2003
Review of Economic Studies Tour 2003

Selected Publications

T. Phillippon and V. Skreta (2010)
Optimal Interventions in Markets with Adverse Selection
American Economic Review, forthcoming

T. Phillippon (2009)
The bond market's Q
Quarterly Journal of Economics, August 2009, 124(3), 1011-56

T. Phillippon and S. Kedia (2009)
The economics of fraudulent accounting
Review of Financial Studies, June 2009, 22(6): 2169-2199

T. Phillippon and H. Almeida (2007)
The risk-adjusted cost of financial distress
Journal of Finance, December 2007, 62(6): 2557-86

T. Phillippon
Wages and Human Capital in the U.S. Financial Industry: 1909-2006

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Professor Thomas Philippon explains how the COVID-19 pandemic has provided Big Tech companies unprecedented reach into our lives, shaping how we work, communicate, shop and relax

Insights from Professor Thomas Philippon’s book, “The Great Reversal,” are referenced

Joint research from Professor Thomas Philippon addressing large-scale debt restructuring is highlighted

Insights from Professor Thomas Philippon's book, "The Great Reversal," are spotlighted

Insights from Professor Thomas Philippon's book, "The Great Reversal," on how a lack of competition leads to lower wages, less business investment and slower economic growth are cited

Professor Thomas Philippon's book, "The Great Reversal," is spotlighted in an article exploring the evolution of the distribution of wealth

Takeaways from Professor Thomas Philippon's book, "The Great Reversal," are spotlighted

Professor Thomas Philippon explains why the COVID-19 crisis has accelerated the already-growing power of America’s corporate giants

A model, built by Professor Thomas Philippon and Vaidyanathan Venkateswaran, which simulates scenarios of confinement and deconfinement in order to help find the point of balance between health and economic constraints is spotlighted

Professor Thomas Philippon is quoted in a story profiling French economist Thomas Piketty

Professor Thomas Philippon's book, "The Great Reversal," is spotlighted in a list of books from top economists

In a video interview, Professor Thomas Philippon discusses why market concentration and lack of competition are leading to higher prices in the U.S. than in Europe

Areas of Expertise


  • International Economic Policy
  • Macroeconomics
  • Monetary Policy


  • Corporate Finance
  • Executive Pay
  • Financial Regulation
  • Labor Market
  • Risk Management


  • France