# Professor Thomas Philippon's research on the eurozone's recession is cited

1 Faculty News September 7, 2015 ![Financial Times logo](/sites/default/files/styles/246w/public/assets/images/uat_025699.jpg?itok=5SpaxEbn)>

Excerpt from [Financial Times](http://www.ft.com/intl/cms/s/3/3ca64ad6-5312-11e5-b029-b9d50a74fd14.html#axzz3l9evgNIr) -- "There were other things too that Spain could have done differently, such as stronger 'macroprudential' limits on private borrowing. Philippe Martin and [Thomas Philippon](http://www.stern.nyu.edu/faculty/bio/thomas-philippon) have demonstrated this alone could have prevented 4 percentage points of the 12 per cent fall in employment from 2008 to 2012; the same benefit as a more conservative boomtime fiscal policy."

[Read more](http://www.ft.com/intl/cms/s/3/3ca64ad6-5312-11e5-b029-b9d50a74fd14.html#axzz3l9evgNIr)