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http://www.econ.washington.edu/user/sturn/sjt1102c.jpg
Stephen
Turnovsky
Castor Professor
Areas of Interest: Macroeconomics, International
Economics
Email: sturn@u.washington.edu
Office: Condon 534
Phone: (206) 685-8028
Office Hours: M W 11-12 AM
Curriculum
Vitae
Professor Turnovsky is the Castor Professor of Economics. He
received his Ph.D. from Harvard University in 1968. He is a Fellow
of the Econometric Society, and is a former Editor of the Journal
of Economic Dynamics and Control, although he remains on the
Journal's Advisory Board. Currently he serves as an Associate
Editor of the Journal of Money, Credit and Banking, Macroeconomic
Dynamics, the Journal of Public Economic Theory, Economics
Bulletin, and the Journal of Human Capital, as well as being on the
editorial board of the Review of International Economics. He is the
past President of the Society for Computational Economics.
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| Courses Taught |
Econ 401 - Advanced Topics in Macroeconomics
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Econ 574 - International Macroeconomics
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Econ 594 - Economic Growth
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| Books |
- Methods of
Macroeconomc Dynamics (2nd Ed), Stephen Turnovsky. MIT Press,
2000
- International
Macroeconomic Dynamics, Stephen Turnovsky. MIT Press, 1997
- Inequality and Growth: Theory and Policy Implications, Theo
Eicher and Stephen Turnovsky (eds.). MIT Press
2003
- Advances in Economic Theory and Econometrics, M. Dewatripont,
L.P. Hansen and S.J. Turnovsky (eds.). Cambridge University
Press
2003
- Economic Growth and Macroeconomic Dynamics: Some Recent
Developments, Stephen Dowrick, Rohan Pitchford, and Stephen
Turnovsky (eds.). Cambridge University Press, 2004
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| Working Papers |
(PDF) = PDF File which requires
Adobe Acrobat
Reader
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| Published Papers |
- UWEC-2007-21-FC -
" Intergenerational Allocation of Government Expenditures:
Externalities and Optimal Taxation ," Kazi
Iqbal, World Bank; Stephen Turnovsky, University of Washington;
Forthcoming in Journal of Public Economic Theory, . (PDF)
- UWEC-2006-26-FC -
" Consumption Externalities, Production Externalities, and
Efficient Capital Accumulation under Time Non-Separable Preferences
," Stephen Turnovsky; Goncalo Monteiro;
Forthcoming in European Economic Review, forthcoming. (PDF)
- UWEC-2004-07-FC -
" Foreign Aid and Economic Growth: The Role of flexible Labor
Supply ," Santanu Chatterjee; Stephen
Turnovsky; Forthcoming in Journal of Development Economics, .
(PDF)
- UWEC-2006-03-P - "
Feedback Approximation of the Stochastic Growth Model by Genetic
Neural Networks ," Sibel Sirakaya; Stephen
Turnovsky; N.M. Alemdar; Computational Economics, 27, 2006,
185-206. (PDF)
- UWEC-2006-02-P -
" Excludable and Non-excludable Public Inputs: Consequences for
Economic Growth ," Ott Ingrid; Stephen
Turnovsky; Economica, 73, 2006, 725-748. (PDF)
- UWEC-2006-04-P -
" Growth and Income Inequality: A Canonical Model
," Cecilia Garcia-Penalosa; Stephen
Turnovsky; Economic Theory, 28, 2006, 25-49. (PDF)
- UWEC-2006-01-P - "
Equilibrium Consumption and Precautionary Savings in a
Stochastically Growing Economy ," Stephen
Turnovsky; William Smith; Journal of Economic Dynamics and Control,
30, 2006, 243-278. (PDF)
- UWEC-2004-05-P -
" Second-Best Optimal Taxation of Capital and Labor in a Developing
Economy ," Cecilia Garcia-Penalosa; Stephen
Turnovsky; Journal of Public Economics, 89,205,1045-1074.
(PDF)
- UWEC-2004-09-P -
" Habit Formation, Catching Up with the Joneses, and Economic
Growth ," Francisco Alvarez-Cuadrado; Goncalo
Monteiro; Stephen Turnovsky; Journal of Economic Growth, 9, 2004,
47-80. (PDF)
- UWEC-2002-13-P - "
Consumption Externalities, Production Externalities, and the
Accumulation of Capital ," Wen-Fang Liu;
Stephen Turnovsky; Journal of Public Economics, 89, 2005,
1097-1129. (PDF)
- UWEC-2002-14-P -
" Renewable Resources in an Endogenously Growing Economy
," Ludvik Eliasson; Stephen Turnovsky;
Journal of Environmental Economics and Management, 48, 2004,
1018-1049. (PDF)
- UWEC-2002-07-P -
" Production Risk and the Functional Distribution of Income in a
Developing Economy: Tradeoffs and Policy Responses
," Cecilia Garcia-Penalosa; Stephen
Turnovsky; Journal of Development Economics, 76, 2005, ,175-208.
(PDF)
- UWEC-2004-06-P -
" Macroeconomic Volatility and Income Inequality in a
Stochastically Growing Economy ," Cecilia
Garcia-Penalosa; Stephen Turnovsky; N. Salvadori (ed.) Economic
Growth and Income Distribution, Edward Elgar, Cheltenham, UK, 2006,
179-221. (PDF)
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Capital Income Taxes and Growth in a Stochastic Economy: A
Numerical Analysis of the Role of Risk Aversaion and Intertemporal
Substitution ," Santanu Chatterjee; Paola
Giuliano; Stephen Turnovsky; Journal of Public Economic Theory, 6,
2004, 277-310. (PDF)
- UWEC-2002-17-P -
" Sectoral Adjustment Costs and Real Exchange Rate Dynamics in a
Two-Sector Dependent Economy ," A.K.M. Mahbub
Morshed; Stephen Turnovsky; Journal of International Economics ,
62, 2004, 147-177. (PDF)
- UWEC-2002-22-P - " The
Transitional Dynamics of Fiscal Policy: Long-run Capital
Accumulation and Growth ," Stephen Turnovsky;
Journal of Money, Credit, and Banking, 36, 2004, 883-910.
(PDF)
- UWEC-2002-08-P - "
Substitutability of Capital, Investment Costs, and Foreign Aid
," Santanu Chatterjee; Stephen Turnovsky;
Econ.Growth. and Macro Dyn. Dowrick et al. eds, CUP. (PDF)
- UWEC-2002-20-P - "
Intertemporal Substitution, Risk Aversion, and Economic Performance
in a Stochastically Growing Open Economy ,"
Paola Giuliano; Stephen Turnovsky; Journal of International Money
and Finance, 22, 2003, 529-556. (PDF)
- UWEC-2002-19-P - "
To Spend the US Government Surplus or to Increase the Deficit? A
Numerical Analysis of the Policy Options ,"
Stephen Turnovsky; Santanu Chatterjee; Journal of the Japanese and
International Economies, Vol 16, 405-435. (PDF)
- " Capital
Income Taxes and Growth in a Stochastic Economy: A Numerical
Analysis of the Role of Risk Aversion and Intertemporal
Substitution ," Santanu Chatterjee; Paola
Giuliano; Stephen Turnovsky; Forthcoming in Journal of Public
Economic Theory.
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Growth in an Open Economy: Some Recent Developments
," Stephen Turnovsky; How to Promote Growth
in the Euro Area, J. Smets and M. Dombrecht eds., E. Elgar, 2002.
(PDF)
- "
Knife-Edge Conditions and the Macroeconomics of Small Open
Economies ," Stephen Turnovsky; Macroeconomic
Dynamics, 6, 2002, 307-335. (PDF)
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" Budget Balance, Welfare and the Growth Rate: 'Dynamic Scoring' of
the Long-run Government Balance ," Neil
Bruce; Stephen Turnovsky; Journal of Money, Credit and Banking, May
1999..
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" Reserve Requirements on Sovereign Debt in the Presence of Moral
Hazard -- on Debtors or Creditors? ," Joshua
Aizenman; Stephen Turnovsky; Economic Journal, 112, 2002, 107-132.
(PDF)
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Fiscal Policy and Growth in a Small Open Economy with Elastic Labor
Supply ," Stephen Turnovsky; Canadian Journal
of Economics, 32, 1999, 1191-1213. (PDF)
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" International Capital Markets and Non-Scale Growth
," Theo Eicher; Stephen Turnovsky; Review of
International Economics, 7, 1999, 171-188 . (PDF)
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Volatility and Growth in Developing Economies: Some Numerical
Results and Empirical Evidence ," Stephen
Turnovsky; Pradip Chattopadhyay; Journal of International
Economics, 59, 2003, 267-295. (PDF)
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" Productive Government Expenditure in a Stochastically Growing
Economy ," Stephen Turnovsky; Macroeconomic
Dynamics, 3, 1999, 544-570. (PDF)
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Fiscal Policy, Elastic Labor Supply, and Endogenous Growth
," Stephen Turnovsky; Journal of Monetary
Economics, 45, 2000, 185-210. (PDF)
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Budget Balance, Welfare, and the Growth Rate: 'Dynamic Scoring' of
the Long-Run Government Budget ," Neil Bruce;
Stephen Turnovsky; Journal of Money, Credit, and Banking, 31, 1999,
162-186. (PDF)
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" Scale, Congestion, and Growth ," Theo
Eicher; Stephen Turnovsky; Economica, 67, 2000, 325-346.
(PDF)
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" On the Role of Government in a Stochastically Growing Open
Economy ," Stephen Turnovsky; Journal of
Economic Dynamics and Control, 23, 1999, 873-908. (PDF)
- " Adjustment Costs and Investment in a Stochastic Equilibrium
Macromodel , " Arthur, Benavie; Earl Grinols;
Stephen Turnovsky; Journal of Monetary Economics, 38, 1996,
77-100.
- " Capital Income Taxation and Risk-Taking in a Small Open
Economy , " Stephen Turnovsky; Patrick Asea;
Journal; of Public Economics, 68, 1998, 55-90.
- " The Composition of Government Expenditure and its
Consequences for Macroeconomic Performance , "
Stephen Turnovsky; Walter Fisher; Journal of Economic Dynamics and
Control, 19, 1995, 747-786.
- " Investment in a Two-Sector Dependent Economy
, " Stephen Turnovsky; Partha Sen; Journal of the
Japanese and International Economies, 9, 1995, 29-55.
- " Fiscal Policy, Growth, and Macroeconomic Performance in a
Small Open Economy , " Stephen Turnovsky; Journal
of International Economics, 40, 1996, 41-66.
- UWEC-2004-08-P - " The
Welfare Gains from Stabilization in a Stochastically Growing
Economy with Idiosyncratic Shocks and Flexible Labor Supply
," Stephen Turnovsky; Marcelo Bianconi;
Macroeconomic Dynamics, 9, 2005, 321-357 . (PDF)
- " Optimal Government Finance Policy and Exchange Rate
Management in a Stochastically Growing Open Economy
, " Stephen Turnovsky; Earl Grinols; Journal of
International Money and Finance, 15, 1996, 687-716.
- " Trends and Fads in Macroeconomic Dynamics
, " Stephen Turnovsky; Indian Economic Review, 31,
1996, 23-40.
- " Fiscal Policy, Adjustment Costs, and Endogenous Growth
, " Stephen Turnovsky; Oxford Economic Papers, 47,
1996, 361-381.
- " International Effects of Government Expenditure in
Interdependent Economies , " Marcelo Bianconi;
Stephen Turnovsky; Canadian Journal of Economics, 30, 1997,
57-84.
- " Fiscal Policy in a Growing Economy with Public Capital
, " Stephen Turnovsky; Macroeconomic Dynamics, 1,
1997, 615-639.
- " Risk, Optimal Government Finance, and Monetary Policies in a
Growing Economy , " Earl Grinols; Stephen
Turnovsky; Economica, 65, 1998, 401-427.
- " The Composition of Government Debt and Real Effects in a
Stochastically Growing Economy , " Earl Grinols;
Stephen Turnovsky; International Economic Review, 38, 1998,
495-521.
- " Public Investment, Congestion, and Private Capital
Accumulation , " Walter Fisher; Stephen Turnovsky;
Economic Journal, 108, 1998, 399-413.
- UWEC-2006-27-FC - " Growth,
Income Inequality, and Fiscal Policy: What are the Relevant
Tradeoffs? ," Cecilia Garcia-Penalosa;
Stephen Turnovsky; Forthcoming in Journal of Money, Credit, and
Banking. (PDF)
- " Optimal Tax, Debt, and Expenditure Policies in a Growing
Economy , " Stephen Turnovsky; Journal of Public
Economics, 60, 1996, 21-44.
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