Professor Ufuk Akcigit, PhD

Professor Ufuk Akcigit, PhD
Current Position

since 1/20

Head of the Research Group The Economic Gap between East and West Germany

Halle Institute for Economic Research (IWH) – Member of the Leibniz Association

since 1/20

Research Professor

Halle Institute for Economic Research (IWH) – Member of the Leibniz Association

since 8/19

Professor of Economics

University of Chicago

Research Interests

  • macroeconomics
  • economic growth
  • firm dynamics
  • innovation
  • entrepreneurship

Ufuk Akcigit, winner of the Max-Planck-Humboldt Research Award, joined the institute as a Research Professor in January 2020. His research focuses on macroeconomics, economic growth, firm dynamics, innovation, and entrepreneurship.

Ufuk Akcigit holds the position of Professor of Economics at University of Chicago. He received his PhD from Massachusetts Institute of Technology (MIT).

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Professor Ufuk Akcigit, PhD
Professor Ufuk Akcigit, PhD
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Publications

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Ten Facts on Declining Business Dynamism and Lessons from Endogenous Growth Theory

Ufuk Akcigit Sina T. Ates

in: American Economic Journal: Macroeconomics, forthcoming

Abstract

In this paper, we review the literature on declining business dynamism and its implications in the United States and propose a unifying theory to analyze the symptoms and the potential causes of this decline. We first highlight 10 pronounced stylized facts related to declining business dynamism documented in the literature and discuss some of the existing attempts to explain them. We then describe a theoretical framework of endogenous markups, innovation, and competition that can potentially speak to all of these facts jointly. We next explore some theoretical predictions of this framework, which are shaped by two interacting forces: a composition effect that determines the market concentration and an incentive effect that determines how firms respond to a given concentration in the economy. The results highlight that a decline in knowledge diffusion between frontier and laggard firms could be a significant driver of empirical trends observed in the data. This study emphasizes the potential of growth theory for the analysis of factors behind declining business dynamism and the need for further investigation in this direction.

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History, Microdata, and Endogenous Growth

Ufuk Akcigit Tom Nicholas

in: Annual Review of Economics, 2019

Abstract

The study of economic growth is concerned with long-run changes, and therefore, historical data should be especially influential in informing the development of new theories. In this review, we draw on the recent literature to highlight areas in which study of history has played a particularly prominent role in improving our understanding of growth dynamics. Research at the intersection of historical data, theory, and empirics has the potential to reframe how we think about economic growth in much the same way that historical perspectives helped to shape the first generation of endogenous growth theories.

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Innovation and Top Income Inequality

Philippe Aghion Ufuk Akcigit Antonin Bergeaud Richard Blundell David Hemous

in: The Review of Economic Studies, No. 1, 2019

Abstract

In this article, we use cross-state panel and cross-U.S. commuting-zone data to look at the relationship between innovation, top income inequality and social mobility. We find positive correlations between measures of innovation and top income inequality. We also show that the correlations between innovation and broad measures of inequality are not significant. Next, using instrumental variable analysis, we argue that these correlations at least partly reflect a causality from innovation to top income shares. Finally, we show that innovation, particularly by new entrants, is positively associated with social mobility, but less so in local areas with more intense lobbying activities.

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