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SUERF BAFFI Bocconi - Meet the Author Series

Covid-19 and Climate Transition: The role of creative destruction

Calendar Sep 07, 2021 Schedule15:00 - 16:30 CET (UTC+01:00)

Date:    Tuesday, 7 September 2021

Time:    15:00-16:30 CET (Vienna, Paris, Frankfurt)
Format: WebEx

While in many ways fundamentally different types of shocks, both the COVID-19 pandemic and climate change have in common that they are shocks fundamental enough to trigger substantial changes in behaviour and economic policies. The implied required fundamental structural changes to the way our economies work raise the issue of the role of “creative destruction”. This online event brings together major scholars to discuss COVID-19 and climate change through the lens of creative destruction. What role will, or should, creative destruction play in overcoming these shocks? How to encourage and facilitate creative destruction, while cushioning its social costs? Which measures to take to even benefit from creative destruction and creative rebuilding necessitated by COVID-19 and climate transition? 

With Philippe Aghion (Harvard University), Thomas Philippon (Stern School of Business, New York University) and ┼×ebnem Kalemli-Ozcan (University of Maryland), moderated by Natacha Valla (SciencesPo and SUERF).

Philippe Aghion is a Professor at the College de France and at the London School of Economics, and a fellow of the Econometric Society and of the American Academy of Arts and Sciences. His research focuses on the economics of growth. With Peter Howitt, he pioneered the so-called Schumpeterian Growth paradigm which was subsequently used to analyze the design of growth policies and the role of the state in the growth process. Much of this work is summarized in their joint book Endogenous Growth Theory (MIT Press, 1998) and The Economics of Growth (MIT Press, 2009), in his book with Rachel Griffith on Competition and Growth (MIT Press, 2006), and in his survey “What Do We Learn from Schumpeterian Growth Theory” (joint with U. Akcigit and P. Howitt.) In 2001, Philippe Aghion received the Yrjo Jahnsson Award of the best European economist under age 45, in 2009 he received the John Von Neumann Award, and in March 2020 he shared the BBVA “Frontier of Knowledge Award” with Peter Howitt for “developing an economic growth theory based on the innovation that emerges from the process of creative destruction.”



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. His recent work has focused on the Eurozone crisis, financial regulation, and the market power of large firms. He currently serves as an academic advisor to the Financial Stability Board and to the Hong Kong. Philippon graduated from Ecole Polytechnique, received a PhD in Economics from MIT, and joined New York University in 2003.





┼×ebnem Kalemli-Özcan is Neil Moskowitz Endowed Professor of Economics at University of Maryland, College Park. She is a Research Associate at the National Bureau of Economic Research (NBER) and a Research Fellow at the CEPR. Currently, she is the co-editor of Journal of International Economics and serves at the editorial board of American Economic Review. She also serves at the economic advisory panels of the NY Federal Reserve and the Bank of International Settlements. She is the first Turkish social scientist who has received the Marie Curie IRG prize in 2008 for her research on European financial integration. Her research focuses on capital flows, macroeconomic fluctuations, and financial frictions, using big data on global firms and banks. Currently, she works on the impact of COVID pandemic in emerging markets and business failures worldwide.


Natacha Valla is Dean of Sciences Po School of Management and Innovation. Previously she worked as Deputy DG for Monetary Policy at the ECB and taught at NYU. Between 2015 and 2018 Natacha Valla was Head of the Policy and Strategy Division of the EIB, a permanent member of the Conseil d’Analyse Economique (CAE). She was also a member of the Board of Directors of the groups LVMH, Accor, ASF/Cofiroute and Tikehau. She was Executive Director at Goldman Sachs Global Economic Research between 2008 and 2014. Natacha Valla worked as an economist at the ECB between 2001 and 2008.  In 2005, she was seconded to the Research Directorate of the Banque de France. Natacha Valla received a Ph.D. in Economics from the European University Institute (Florence) in 2003.

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