• Raffaella Sadun


Never Waste a Good Crisis? Growth and Decentralization in the Great Recession. Philippe Aghion, Raffaella Sadun, October 20, 2014, Paper. "We argue that decentralization is particularly beneficial to firm performance in “bad times”. We present a model where bad times increase the importance of rapid action, and improve the alignment of incentives of managers within firms. We test this idea exploiting the 2008-2009 Great Recession using firm-level cross country panel data combined with our survey data on firm organization..." Link