# Professor Thomas Philippon's research on wages and human capital is cited in a recent IMF report

1 Faculty News May 31, 2015 ![Forbes logo](/sites/default/files/styles/246w/public/assets/images/con_030508.jpg?itok=SId6k3bx)>

Excerpt from [Forbes](http://www.forbes.com/sites/stevedenning/2015/05/31/wall-street-costs-the-economy-2-of-gdp-each-year/) -- "The new IMF study quantifies the direct cost to U.S. economic growth of an oversized financial sector: 2% of GDP per year. In other words, if the financial sector were the proper size, the U.S. economy would be enjoying a normal economic recovery of 3% to 4% per year instead of the dismal 1% to 2% of the last few years. The IMF study builds on earlier important work, including studies by [Thomas Philippon](http://www.stern.nyu.edu/faculty/bio/thomas-philippon) at New York University..."

[Read more](http://www.forbes.com/sites/stevedenning/2015/05/31/wall-street-costs-the-economy-2-of-gdp-each-year/)