Turnovsky, Stephen J.
Overview
Works:  150 works in 724 publications in 4 languages and 14,168 library holdings 

Genres:  Conference papers and proceedings 
Roles:  Author, Editor, Thesis advisor, Honoree 
Classifications:  HB172.5, 339 
Publication Timeline
.
Most widely held works by
Stephen J Turnovsky
Methods of macroeconomic dynamics by
Stephen J Turnovsky(
Book
)
64 editions published between 1995 and 2000 in English and Undetermined and held by 996 WorldCat member libraries worldwide
Methods of Macroeconomic Dynamics provides a comprehensive treatment of dynamic modeling for first and secondyear graduate students. It focuses on certain key macroeconomic models  selected from early as well as recent research  to teach students how dynamic modeling is used to analyze the effects of policy on economic growth and performance. Large portions of the text are devoted to rational expectations models and to the representative agent model in continuous time. Professionals will find the book useful as a reference that offers both a broad overview of the evolution of methods of macroeconomic dynamics and a detailed explanation of the technical aspects of the most recent dynamic models
64 editions published between 1995 and 2000 in English and Undetermined and held by 996 WorldCat member libraries worldwide
Methods of Macroeconomic Dynamics provides a comprehensive treatment of dynamic modeling for first and secondyear graduate students. It focuses on certain key macroeconomic models  selected from early as well as recent research  to teach students how dynamic modeling is used to analyze the effects of policy on economic growth and performance. Large portions of the text are devoted to rational expectations models and to the representative agent model in continuous time. Professionals will find the book useful as a reference that offers both a broad overview of the evolution of methods of macroeconomic dynamics and a detailed explanation of the technical aspects of the most recent dynamic models
International macroeconomic dynamics by
Stephen J Turnovsky(
Book
)
19 editions published between 1997 and 2002 in English and Chinese and held by 433 WorldCat member libraries worldwide
Ben shu zhu yao nei rong bao kuo:dao yan yu gai yao;Ji ben de yi shang pin huo bi mo xing;Zi ben ji lei de yi bu men mo xing;Liang bu men mo xing;Zi ben ji lei yu zhang qi zeng zhang deng
19 editions published between 1997 and 2002 in English and Chinese and held by 433 WorldCat member libraries worldwide
Ben shu zhu yao nei rong bao kuo:dao yan yu gai yao;Ji ben de yi shang pin huo bi mo xing;Zi ben ji lei de yi bu men mo xing;Liang bu men mo xing;Zi ben ji lei yu zhang qi zeng zhang deng
Applications of control theory to economic analysis(
Book
)
17 editions published between 1976 and 1979 in English and held by 413 WorldCat member libraries worldwide
17 editions published between 1976 and 1979 in English and held by 413 WorldCat member libraries worldwide
Economic growth and macroeconomic dynamics : recent developments in economic theory by Stephen Dowrick(
Book
)
18 editions published between 2004 and 2008 in English and held by 342 WorldCat member libraries worldwide
"Interest in growth theory was rekindled in the mid 1980s with the development of the endogenous growth model. In contrast in the earlier neoclassical model in which the steadystate growth rate was tied to population growth, longrun endogenous growth emerged as an equilibrium outcome, reflecting the behavior of optimizing agents in the economy. This book brings together a number of contributions in growth theory and macroeconomic dynamics that reflect these more recent developments and the ongoing debate over the relative merits of neoclassical and endogenous growth models."Jacket
18 editions published between 2004 and 2008 in English and held by 342 WorldCat member libraries worldwide
"Interest in growth theory was rekindled in the mid 1980s with the development of the endogenous growth model. In contrast in the earlier neoclassical model in which the steadystate growth rate was tied to population growth, longrun endogenous growth emerged as an equilibrium outcome, reflecting the behavior of optimizing agents in the economy. This book brings together a number of contributions in growth theory and macroeconomic dynamics that reflect these more recent developments and the ongoing debate over the relative merits of neoclassical and endogenous growth models."Jacket
Advances in economics and econometrics : theory and applications : seventh world congress by
Econometric Society(
Book
)
68 editions published between 1997 and 2007 in English and held by 327 WorldCat member libraries worldwide
"This is the third of three volumes containing edited versions of papers and commentaries presented in invited symposium sessions of the Eighth World Congress of the Econometric Society. The papers summarize and interpret recent key developments and discuss future directions in a wide range of topics in economics and econometrics. The papers cover both theory and applications. Written by leading specialists in their fields, these volumes provide a unique survey of progress in the discipline."Publisher's Description
68 editions published between 1997 and 2007 in English and held by 327 WorldCat member libraries worldwide
"This is the third of three volumes containing edited versions of papers and commentaries presented in invited symposium sessions of the Eighth World Congress of the Econometric Society. The papers summarize and interpret recent key developments and discuss future directions in a wide range of topics in economics and econometrics. The papers cover both theory and applications. Written by leading specialists in their fields, these volumes provide a unique survey of progress in the discipline."Publisher's Description
International macroeconomic stabilization policy by
Stephen J Turnovsky(
Book
)
14 editions published in 1990 in English and Undetermined and held by 314 WorldCat member libraries worldwide
14 editions published in 1990 in English and Undetermined and held by 314 WorldCat member libraries worldwide
Capital accumulation and economic growth in a small open economy by
Stephen J Turnovsky(
Book
)
20 editions published between 2009 and 2010 in English and held by 237 WorldCat member libraries worldwide
An investigation of the process of economic growth in a small open economy by one of the world's leading economists
20 editions published between 2009 and 2010 in English and held by 237 WorldCat member libraries worldwide
An investigation of the process of economic growth in a small open economy by one of the world's leading economists
Capital income taxation and risktaking in a small open economy by
Patrick K Asea(
Book
)
28 editions published between 1988 and 1997 in English and Undetermined and held by 132 WorldCat member libraries worldwide
This paper analyze these effects of a tariff in an intertemporal optimizing model, emphasizing the role of capital accumulation. Three types of increases in the tariff rate are considered: (i) unanticipated permanent; (ii) unanticipated temporary; (iii) anticipated permanent. There are two main general conclusions to be drawn from the analysis. The first is that the introduction (or increase) of a tariff is contractionary, both in the short run and in the long run. In particular, employment is reduced both in the short run and in the long run, so that there is no significant intertemporal tradeoff, as obtained by previous authors. The fail in the longrun capital stock causes an immediate reduction in the rate of investment, which in turn leads to a current account surplus. While this response of the current account is in accordance with much (but not all) of the existing literature, the mechanism by which it is achieved, namely the decumulation of capital, has not been previously considered. Also, the fact that the declining capital stock is accompanied by an accumulation of foreign bonds means that the savings effect of the tariff is unclear, depending upon which influence dominates. This ambiguity of savings is, however, very different from those occurring in other studies. The second major conclusions stems from the fact that the steady state depended upon the initial stocks of the assets. As a consequence, a temporary tariff, by altering these initial conditions for some later date when the tariff is removed, leads to a permanent effect on the economy
28 editions published between 1988 and 1997 in English and Undetermined and held by 132 WorldCat member libraries worldwide
This paper analyze these effects of a tariff in an intertemporal optimizing model, emphasizing the role of capital accumulation. Three types of increases in the tariff rate are considered: (i) unanticipated permanent; (ii) unanticipated temporary; (iii) anticipated permanent. There are two main general conclusions to be drawn from the analysis. The first is that the introduction (or increase) of a tariff is contractionary, both in the short run and in the long run. In particular, employment is reduced both in the short run and in the long run, so that there is no significant intertemporal tradeoff, as obtained by previous authors. The fail in the longrun capital stock causes an immediate reduction in the rate of investment, which in turn leads to a current account surplus. While this response of the current account is in accordance with much (but not all) of the existing literature, the mechanism by which it is achieved, namely the decumulation of capital, has not been previously considered. Also, the fact that the declining capital stock is accompanied by an accumulation of foreign bonds means that the savings effect of the tariff is unclear, depending upon which influence dominates. This ambiguity of savings is, however, very different from those occurring in other studies. The second major conclusions stems from the fact that the steady state depended upon the initial stocks of the assets. As a consequence, a temporary tariff, by altering these initial conditions for some later date when the tariff is removed, leads to a permanent effect on the economy
The inflationary process in North American manufacturing by
Lester D Taylor(
Book
)
17 editions published between 1969 and 1973 in English and French and held by 103 WorldCat member libraries worldwide
17 editions published between 1969 and 1973 in English and French and held by 103 WorldCat member libraries worldwide
Reserve requirements on sovereign debt in the presence of moral hazardon debtors or creditors? by
Joshua Aizenman(
Book
)
12 editions published in 1999 in English and held by 61 WorldCat member libraries worldwide
This paper characterizes the effects of reserve requirements on financial loans in the presence of moral hazard on the lender side (i.e., the anticipation that the taxpayer will bailout lending banks if large default will occur) and sovereign risk on the borrower side. The impacts of such reserve requirements on the equilibrium degree of default risk and borrowing are analyzed, and their welfare implications for both the borrowing and the lending nations discussed. More generous bailouts financed by the high income block encourage borrowing and increase the probability of default. We show that the introduction of a reserve requirement in either country reduces the risk of default and raises the welfare of both the high income block and the emerging market economies. In these circumstances, the lender's optimal reserve requirement is shown to increase with the expected bailout. Such a policy induces the lender to internalize the expected tax payer cost of the bailout. Thus a more generous bailout that is accompanied by an optimal adjustment in the lender's reserve requirements exactly neutralizes its effects on welfare, leaving welfare in both countries unchanged. Unlike the case of the lender, the effect of the more generous bailout on the borrower's optimal reserve requirement is ambiguous. The imposition of the reserve requirement may also improve the availability of information about the debt exposure of the emerging market economies, which by itself will reduce the optimal lender's reserve requirements, and may prevent drying up' the market for sovereign debt
12 editions published in 1999 in English and held by 61 WorldCat member libraries worldwide
This paper characterizes the effects of reserve requirements on financial loans in the presence of moral hazard on the lender side (i.e., the anticipation that the taxpayer will bailout lending banks if large default will occur) and sovereign risk on the borrower side. The impacts of such reserve requirements on the equilibrium degree of default risk and borrowing are analyzed, and their welfare implications for both the borrowing and the lending nations discussed. More generous bailouts financed by the high income block encourage borrowing and increase the probability of default. We show that the introduction of a reserve requirement in either country reduces the risk of default and raises the welfare of both the high income block and the emerging market economies. In these circumstances, the lender's optimal reserve requirement is shown to increase with the expected bailout. Such a policy induces the lender to internalize the expected tax payer cost of the bailout. Thus a more generous bailout that is accompanied by an optimal adjustment in the lender's reserve requirements exactly neutralizes its effects on welfare, leaving welfare in both countries unchanged. Unlike the case of the lender, the effect of the more generous bailout on the borrower's optimal reserve requirement is ambiguous. The imposition of the reserve requirement may also improve the availability of information about the debt exposure of the emerging market economies, which by itself will reduce the optimal lender's reserve requirements, and may prevent drying up' the market for sovereign debt
The dependent economy model with both traded and nontraded capital goods by
Philip Lawton Brock(
Book
)
11 editions published in 1993 in English and held by 54 WorldCat member libraries worldwide
This paper resolves a longstanding obstacle in the development and use of the dependent economy model with investment. This obstacle derives from the fact that models of the dependent economy with investment have been criticized for arbitrarily assuming that capital is either tradable or nontradable, and for choosing either the traded or nontraded sector to be capital intensive. The model incorporates both types of capital and shows that it is the relative sectoral intensity of nontraded capital that matters for the dynamic adjustment of the relative price of nontradables. When the traded sector is relatively intensive in nontraded capital, the saddlepath is flat (at the longrun value of the relative price of nontradables). When the nontraded sector is relatively intensive in nontraded capital, the saddlepath is negatively sloped. The relative sectoral intensity of traded capital primarily affects the adjustment of the current account. In particular, we consider the role of the complementarity or substitutability of traded and nontraded capital in the production structure on the behavior of the current account. The dynamic behavior of the model is illustrated by considering a permanent increase in foreign transfers
11 editions published in 1993 in English and held by 54 WorldCat member libraries worldwide
This paper resolves a longstanding obstacle in the development and use of the dependent economy model with investment. This obstacle derives from the fact that models of the dependent economy with investment have been criticized for arbitrarily assuming that capital is either tradable or nontradable, and for choosing either the traded or nontraded sector to be capital intensive. The model incorporates both types of capital and shows that it is the relative sectoral intensity of nontraded capital that matters for the dynamic adjustment of the relative price of nontradables. When the traded sector is relatively intensive in nontraded capital, the saddlepath is flat (at the longrun value of the relative price of nontradables). When the nontraded sector is relatively intensive in nontraded capital, the saddlepath is negatively sloped. The relative sectoral intensity of traded capital primarily affects the adjustment of the current account. In particular, we consider the role of the complementarity or substitutability of traded and nontraded capital in the production structure on the behavior of the current account. The dynamic behavior of the model is illustrated by considering a permanent increase in foreign transfers
Mathematical theories of economic growth by
Edwin Burmeister(
Book
)
14 editions published between 1970 and 1980 in English and Italian and held by 52 WorldCat member libraries worldwide
Technological change in the onesector model; Twosector growth models; Extension of the twosector model; Money and economic growth; Optimal economic growth
14 editions published between 1970 and 1980 in English and Italian and held by 52 WorldCat member libraries worldwide
Technological change in the onesector model; Twosector growth models; Extension of the twosector model; Money and economic growth; Optimal economic growth
The growth and welfare consequences of differential tariffs with endogenouslysupplied capital and labor by
Philip Lawton Brock(
Book
)
11 editions published in 1992 in English and held by 43 WorldCat member libraries worldwide
This paper analyzes the impact of differential tariffs on consumption and investment in a specific factors model of a small open economy in which capital is accumulated over time. Particular attention is devoted to the welfare aspects. highlighting the cost of the intertemporal distortions produced by protective trade policies. Several specific welfare propositions are obtained. First, tariff protection is shown to create shortrun benefits but longrun costs in welfare. Secondly, the secondbest policy for the two tariffs is characterized. Finally, several propositions summarizing the implications of our analysis for tariff reform are derived
11 editions published in 1992 in English and held by 43 WorldCat member libraries worldwide
This paper analyzes the impact of differential tariffs on consumption and investment in a specific factors model of a small open economy in which capital is accumulated over time. Particular attention is devoted to the welfare aspects. highlighting the cost of the intertemporal distortions produced by protective trade policies. Several specific welfare propositions are obtained. First, tariff protection is shown to create shortrun benefits but longrun costs in welfare. Secondly, the secondbest policy for the two tariffs is characterized. Finally, several propositions summarizing the implications of our analysis for tariff reform are derived
The international transmission of tax policies in a dynamic world economy by
Stephen J Turnovsky(
Book
)
11 editions published between 1992 and 1993 in English and held by 41 WorldCat member libraries worldwide
This paper analyzes the international transmission of tax shocks in a twocountry infinitehorizon representative agent framework. In analyzing such shocks, the viability of the underlying tax regimes, arising from the arbitrage conditions characterizing equilibrium in a perfect world capital market, is emphasized. Conditions for both shortrun and longrun viability are derived, and the two polar regimes of sourcebased and residencebased taxation discussed. In general, we find the fanner more likely to satisfy the viability conditions, than the latter. With equity financing, the longrun viability of residencebased taxation is likely to require the harmonization of tax and/or dividend policy. The main features of the dynamic adjustment paths following a tax increase are characterized
11 editions published between 1992 and 1993 in English and held by 41 WorldCat member libraries worldwide
This paper analyzes the international transmission of tax shocks in a twocountry infinitehorizon representative agent framework. In analyzing such shocks, the viability of the underlying tax regimes, arising from the arbitrage conditions characterizing equilibrium in a perfect world capital market, is emphasized. Conditions for both shortrun and longrun viability are derived, and the two polar regimes of sourcebased and residencebased taxation discussed. In general, we find the fanner more likely to satisfy the viability conditions, than the latter. With equity financing, the longrun viability of residencebased taxation is likely to require the harmonization of tax and/or dividend policy. The main features of the dynamic adjustment paths following a tax increase are characterized
Stochastic equilibrium and exchange rate determination in a small open economy with risk averse optimizing agents by
Earl L Grinols(
Book
)
9 editions published in 1991 in English and held by 37 WorldCat member libraries worldwide
This paper constructs a stochastic general equilibrium model of a small open economy consisting of risk averse optimizing agents. The stochastic processes describing the rate of monetary growth, government expenditure, private production, and the foreign price level are taken to be exogenous, determining all asset risks and returns, and the equilibrium stochastic processes describing the domestic inflation rate and the exchange rate. The model is used to examine a number of issues. These include: (i) the effects of the means and variances of policy shocks on the equilibrium; (ii) the determinants of the foreign exchange risk premium; (iii) the relationship between net export instability and economic growth
9 editions published in 1991 in English and held by 37 WorldCat member libraries worldwide
This paper constructs a stochastic general equilibrium model of a small open economy consisting of risk averse optimizing agents. The stochastic processes describing the rate of monetary growth, government expenditure, private production, and the foreign price level are taken to be exogenous, determining all asset risks and returns, and the equilibrium stochastic processes describing the domestic inflation rate and the exchange rate. The model is used to examine a number of issues. These include: (i) the effects of the means and variances of policy shocks on the equilibrium; (ii) the determinants of the foreign exchange risk premium; (iii) the relationship between net export instability and economic growth
The impact of terms of trade shocks on a small open economy : a stochastic analysis by
Stephen J Turnovsky(
Book
)
10 editions published between 1991 and 1993 in English and held by 35 WorldCat member libraries worldwide
This paper investigates the impact of change in the terms of trade on the economic performance of a small economy. Both the effects of unanticipated shocks and changes in the mean and variance of the probability distribution generating these disturbances are discussed. In all cases, the key element determining the response of the economy is the effect on the rate of growth of real wealth, to which all other real quantities are directly tied in equilibrium. Conditions for the HarbergerLaursenMetzler effect to hold are discussed. The impact of these changes on economic welfare, as measured by expected discounted utility of the representative agent is also addressed
10 editions published between 1991 and 1993 in English and held by 35 WorldCat member libraries worldwide
This paper investigates the impact of change in the terms of trade on the economic performance of a small economy. Both the effects of unanticipated shocks and changes in the mean and variance of the probability distribution generating these disturbances are discussed. In all cases, the key element determining the response of the economy is the effect on the rate of growth of real wealth, to which all other real quantities are directly tied in equilibrium. Conditions for the HarbergerLaursenMetzler effect to hold are discussed. The impact of these changes on economic welfare, as measured by expected discounted utility of the representative agent is also addressed
Investment tax credit in an open economy by
Partha Sen(
Book
)
8 editions published between 1990 and 1991 in English and Undetermined and held by 30 WorldCat member libraries worldwide
Abstract: This paper contrasts the effects of a permanent and temporary investment
8 editions published between 1990 and 1991 in English and Undetermined and held by 30 WorldCat member libraries worldwide
Abstract: This paper contrasts the effects of a permanent and temporary investment
Tariffs and sectoral adjustments in an open economy by
Stephen J Turnovsky(
Book
)
7 editions published between 1990 and 1991 in English and held by 30 WorldCat member libraries worldwide
Abstract: intensities is emphasized. In particular, the qualitative dynamic adjustment
7 editions published between 1990 and 1991 in English and held by 30 WorldCat member libraries worldwide
Abstract: intensities is emphasized. In particular, the qualitative dynamic adjustment
Foreign aid and real exchange rate adjustments in a financially constrained dependent economy by
Valerie Cerra(
Book
)
11 editions published between 2006 and 2008 in English and Undetermined and held by 14 WorldCat member libraries worldwide
A dynamic dependenteconomy model is developed to investigate the role of the real exchange rate in determining the effects of foreign aid. If capital is perfectly mobile between sectors, untied aid has no longrun impact on the real exchange rate. A decline in the traded sector occurs because aid, being denominated in traded output, substitutes for exports in financing imports. While untied aid causes shortrun real exchange appreciation, this response is very temporary and negligibly small. Tied aid, by influencing sectoral productivity, does generate permanent relative price effects. The analysis, which employs extensive numerical simulations, emphasizes the tradeoffs between real exchange adjustments, longrun capital accumulation, and economic welfare, associated with alternative forms of foreign aid
11 editions published between 2006 and 2008 in English and Undetermined and held by 14 WorldCat member libraries worldwide
A dynamic dependenteconomy model is developed to investigate the role of the real exchange rate in determining the effects of foreign aid. If capital is perfectly mobile between sectors, untied aid has no longrun impact on the real exchange rate. A decline in the traded sector occurs because aid, being denominated in traded output, substitutes for exports in financing imports. While untied aid causes shortrun real exchange appreciation, this response is very temporary and negligibly small. Tied aid, by influencing sectoral productivity, does generate permanent relative price effects. The analysis, which employs extensive numerical simulations, emphasizes the tradeoffs between real exchange adjustments, longrun capital accumulation, and economic welfare, associated with alternative forms of foreign aid
more
fewer
Audience Level
0 

1  
Kids  General  Special 
Related Identities
 Hansen, Lars Peter Editor
 Dewatripont, M. (Mathias) Editor
 Econometric Society World Congress 2000 : University of Washington)
 National Bureau of Economic Research
 Dowrick, Steve Editor
 Pitchford, Rohan Editor
 Pitchford, J. D. (John David) 1932 Author Editor
 Cerra, Valerie Author
 Tekin, Serpil Author
 IMF Institute
Useful Links
Associated Subjects
Balance of paymentsMathematical models Bank reservesLaw and legislation Canada Capital levyEconometric models Commerce Consumer goodsMathematical models Control theory Debts, ExternalLaw and legislation Default (Finance) Deposit insuranceLaw and legislation Developing countries Econometrics Economic development Economic developmentEconometric models Economic developmentMathematical models Economic policy Economics Economics, Mathematical Economic stabilization Equilibrium (Economics) Fiscal policyInternational cooperation Foreign exchangeMathematical models Government spending policyMathematical models ImportsMathematical models Industrial equipment Industries Inflation (Finance) International economic relationsEconometric models International finance International financeEconometric models Investment tax creditMathematical models Labor supply Loans, ForeignLaw and legislation Macroeconomics MacroeconomicsEconometric models MacroeconomicsMathematical models Portfolio managementEconometric models Rational expectations (Economic theory) RiskEconometric models Saving and investment Saving and investmentEconometric models States, SmallEconomic conditionsMathematical models States, SmallMathematical models Statics and dynamics (Social sciences) Stochastic processes TariffMathematical models TaxationMathematical models Terms of tradeMathematical models United States Venture capitalEconometric models
Alternative Names
Stephen J. Turnovsky econoom uit NieuwZeeland
Stephen J. Turnovsky neuseeländischer Ökonom und Hochschullehrer
Stephen J. Turnovsky New Zealand economist
Turnovsky, S. 1941
Turnovsky, S. J. 1941
Turnovsky, Stephen 1941
Turnovsky, Stephen J.
ターノフスキー, ステファン J
Languages
Covers