Turnovsky, Stephen J.
Overview
Works:  183 works in 850 publications in 1 language and 17,338 library holdings 

Genres:  Conference papers and proceedings 
Roles:  Author, Editor, Thesis advisor, Honoree 
Publication Timeline
.
Most widely held works by
Stephen J Turnovsky
Advances in economics and econometrics : theory and applications : eighth World Congress by
Econometric Society(
)
71 editions published between 1997 and 2007 in English and held by 4,605 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
71 editions published between 1997 and 2007 in English and held by 4,605 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
Methods of macroeconomic dynamics by
Stephen J Turnovsky(
)
44 editions published between 1995 and 2000 in English and Undetermined and held by 3,371 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
44 editions published between 1995 and 2000 in English and Undetermined and held by 3,371 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
Inequality and growth : theory and policy implications(
)
13 editions published between 2003 and 2007 in English and held by 1,659 WorldCat member libraries worldwide
Even minute increases in a country's growth rate can result in dramatic changes in living standards over just one generation. The benefits of growth, however, may not be shared equally. Some may gain less than others, and a fraction of the population may actually be disadvantaged. Recent economic research has found both positive and negative relationships between growth and inequality across nations. The questions raised by these results include: What is the impact on inequality of policies designed to foster growth? Does inequality by itself facilitate or detract from economic growth, and does it amplify or diminish policy effectiveness?
13 editions published between 2003 and 2007 in English and held by 1,659 WorldCat member libraries worldwide
Even minute increases in a country's growth rate can result in dramatic changes in living standards over just one generation. The benefits of growth, however, may not be shared equally. Some may gain less than others, and a fraction of the population may actually be disadvantaged. Recent economic research has found both positive and negative relationships between growth and inequality across nations. The questions raised by these results include: What is the impact on inequality of policies designed to foster growth? Does inequality by itself facilitate or detract from economic growth, and does it amplify or diminish policy effectiveness?
International macroeconomic dynamics by
Stephen J Turnovsky(
)
18 editions published between 1997 and 1999 in English and held by 1,294 WorldCat member libraries worldwide
Recoge: Introducción y panorámica; Economía abierta; Modelos TwoCountry; Modelos de crecimiento estocásticos
18 editions published between 1997 and 1999 in English and held by 1,294 WorldCat member libraries worldwide
Recoge: Introducción y panorámica; Economía abierta; Modelos TwoCountry; Modelos de crecimiento estocásticos
Capital accumulation and economic growth in a small open economy by
Stephen J Turnovsky(
)
22 editions published between 2009 and 2010 in English and held by 990 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
22 editions published between 2009 and 2010 in English and held by 990 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
Economic growth and macroeconomic dynamics : recent developments in economic theory by '(
)
19 editions published between 2004 and 2008 in English and held by 791 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
19 editions published between 2004 and 2008 in English and held by 791 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
Macroeconomic analysis and stabilization policies by
Stephen J Turnovsky(
Book
)
42 editions published between 1977 and 1993 in English and held by 709 WorldCat member libraries worldwide
42 editions published between 1977 and 1993 in English and held by 709 WorldCat member libraries worldwide
Applications of control theory to economic analysis(
Book
)
18 editions published between 1976 and 1979 in English and held by 418 WorldCat member libraries worldwide
18 editions published between 1976 and 1979 in English and held by 418 WorldCat member libraries worldwide
Foreign aid and real exchange rate adjustments in a financially constrained dependent economy by
Valerie Cerra(
)
11 editions published between 2006 and 2008 in English and held by 397 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 held by 397 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
International macroeconomic stabilization policy by
Stephen J Turnovsky(
Book
)
14 editions published in 1990 in English and Undetermined and held by 317 WorldCat member libraries worldwide
14 editions published in 1990 in English and Undetermined and held by 317 WorldCat member libraries worldwide
Workbook for Methods of macroeconomic dynamics by
Stephen J Turnovsky(
Book
)
25 editions published between 1996 and 2000 in English and Undetermined and held by 180 WorldCat member libraries worldwide
25 editions published between 1996 and 2000 in English and Undetermined and held by 180 WorldCat member libraries worldwide
Capital income taxation and risktaking in a small open economy by
Patrick K Asea(
Book
)
12 editions published in 1997 in English and held by 115 WorldCat member libraries worldwide
How do capital income taxes affect household portfolio choice and growth? We" approach this question within the context of a stochastic model of a small open economy in" which taxes on income from domestic capital (equity) and foreign bonds affect household" portfolio choice, welfare and the growth rate of the economy. The theoretical and numerical" analysis demonstrates the important role that risk plays in determining the mean and variability" of growth as well as the conditions under which a higher tax rate can be welfare improving. To" shed more light on the complex theoretical interaction between taxes and risktaking we estimate" a reducedform multinomial probit model of household portfolio choice using the method of" simulated moments. The empirical evidence is in stark contrast to the conventional wisdom " we find that higher taxes make it less likely that the household will hold risky assets."
12 editions published in 1997 in English and held by 115 WorldCat member libraries worldwide
How do capital income taxes affect household portfolio choice and growth? We" approach this question within the context of a stochastic model of a small open economy in" which taxes on income from domestic capital (equity) and foreign bonds affect household" portfolio choice, welfare and the growth rate of the economy. The theoretical and numerical" analysis demonstrates the important role that risk plays in determining the mean and variability" of growth as well as the conditions under which a higher tax rate can be welfare improving. To" shed more light on the complex theoretical interaction between taxes and risktaking we estimate" a reducedform multinomial probit model of household portfolio choice using the method of" simulated moments. The empirical evidence is in stark contrast to the conventional wisdom " we find that higher taxes make it less likely that the household will hold risky assets."
Reserve requirements on sovereign debt in the presence of moral hazardon debtors or creditors? by
Joshua Aizenman(
Book
)
13 editions published in 1999 in English and held by 102 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
13 editions published in 1999 in English and held by 102 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 inflationary process in North American manufacturing by
Lester D Taylor(
Book
)
14 editions published between 1969 and 1973 in English and held by 96 WorldCat member libraries worldwide
14 editions published between 1969 and 1973 in English and held by 96 WorldCat member libraries worldwide
The dependent economy model with both traded and nontraded capital goods by
Philip Lawton Brock(
)
12 editions published in 1993 in English and held by 92 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
12 editions published in 1993 in English and held by 92 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
The growth and welfare consequences of differential tariffs with endogenouslysupplied capital and labor by
Philip Lawton Brock(
)
11 editions published in 1992 in English and held by 76 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 76 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(
)
11 editions published between 1992 and 1993 in English and held by 71 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 71 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
Fiscal policy, capital accumulation, and debt in an open economy by
Stephen J Turnovsky(
)
9 editions published between 1990 and 1991 in English and held by 68 WorldCat member libraries worldwide
This paper analyzes the effects of changes in government expenditures on both a domestically produced and an imported good in an open economy based on intertemporal optimizing behavior. The dynamic adjustment is characterized in detail and the critical role played by the accumulating capital stock is highlighted. The evolution of the current account is seen to mirror that of capital. The welfare of such policies is also assessed in tans of the intertemporal utility of the representative agent. Both permanent and temporary policy changes are considered, with the latter being shown to have a permanent effect on the economy
9 editions published between 1990 and 1991 in English and held by 68 WorldCat member libraries worldwide
This paper analyzes the effects of changes in government expenditures on both a domestically produced and an imported good in an open economy based on intertemporal optimizing behavior. The dynamic adjustment is characterized in detail and the critical role played by the accumulating capital stock is highlighted. The evolution of the current account is seen to mirror that of capital. The welfare of such policies is also assessed in tans of the intertemporal utility of the representative agent. Both permanent and temporary policy changes are considered, with the latter being shown to have a permanent effect on the economy
Stochastic equilibrium and exchange rate determination in a small open economy with risk averse optimizing agents by
Earl L Grinols(
)
8 editions published in 1991 in English and held by 68 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
8 editions published in 1991 in English and held by 68 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(
)
10 editions published between 1991 and 1993 in English and held by 65 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 65 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
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 Hansen, Lars Peter Editor
 Dewatripont, M. (Mathias) Author Editor
 Econometric Society World Congress 2000 : University of Washington)
 Eicher, Theo S. Author Editor
 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
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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 assistanceEconometric models Economic development Economic developmentEconometric models Economic policy Economics Economics, Mathematical Economic stabilization Equilibrium (Economics) Fiscal policyInternational cooperation Foreign exchangeMathematical models Foreign exchange ratesEconometric models Government spending policyMathematical models ImportsMathematical models Income distribution Industrial equipment Industries Inflation (Finance) International economic relationsEconometric models International finance International financeEconometric 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, SmallMathematical models Statics and dynamics (Social sciences) Stochastic processes Structural adjustment (Economic policy)Econometric models TariffMathematical models TaxationMathematical models Terms of tradeMathematical models United States Venture capitalEconometric models
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Alternative Names
Stephen J. Turnovsky économiste néozélandais
Stephen J. Turnovsky econoom uit NieuwZeeland
Stephen J. Turnovsky neuseeländischer Ökonom und Hochschullehrer
Stephen J. Turnovsky New Zealand economist
Turnovski, Stephen J.
Turnovsky, S. 1941
Turnovsky, S. J. 1941
Turnovsky, Stephen 1941
Turnovsky, Stephen J.
স্টিফেন জে টার্নভস্কি নিউজিল্যান্ডীয় অর্থনীতিবিদ
ターノフスキー, ステファン J
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