Stephen Turnovsky, Department of Economics

Stephen Turnovsky
Castor Chair of Economics
Areas of Interest: Macroeconomics, International Economics
Email: sturn@u.washington.edu
Office: Savery 343
Phone: (206) 685-8028
Office Hours: M W 11-12 AM
Curriculum Vitae
Professor Turnovsky holds the Castor Chair of Economics. He received his Ph.D. from Harvard University in 1968. He is a Fellow of the Econometric Society, is a former Editor of the Journal of Economic Dynamics and Control, and remains on that Journal's Advisory Board. Currently he serves as an Associate Editor of the Journal of Money, Credit, and Banking, Macroeconomic Dynamics, where he also serves as Special Issues Editor, the Journal of Public Economic Theory, and the Journal of Human Capital, as well as being on the Editorial and Advisory Boards of a number of other journals. He is a past President of the Society of Economic Dynamics and Control and of the Society for Computational Economics.

Courses Taught

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
Capital Accumulation and Economic Growth in a Small Open Economy, Stephen Turnovsky. Cambridge University Press

Working Papers

UWEC-2009-23 - " Growth and Inequality: Dependence on the Time Path of Productivity Increases (and other Structural Changes) ," Manoj Atolia, Florida State University; Santanu Chatterjee, University of Georgia; Stephen Turnovsky. (PDF)

(PDF) = PDF File which requires Adobe Acrobat Reader

Published Papers

"How Misleading is Linearization? Evaluating the Dynamics of the Neoclassical Growth Model," Manoj Atolia, Florida State University; Santanu Chatterjee, University of Georgia; Stephen Turnovsky; Forthcoming in Journal of Economic Dynamics and Control, . (PDF)
"Fiscal Policy and the Structure of Production in a Developing Economy," Stephen Turnovsky; M A Basher; Journal of Development Economics, 88, 2009, 205-216. (PDF)
UWEC-2008-09-FC - "Stabilization Theory and Policy: 50 Years after the Phillips Curve," Stephen J. Turnovsky; Forthcoming in Economica, . (PDF)
UWEC-2007-21-P - "Intergenerational Allocation of Government Expenditures: Externalities and Optimal Taxation," Kazi Iqbal, World Bank; Stephen Turnovsky, University of Washington; Journal of Public Economic Theory, 10, 2008,27-53. (PDF)
UWEC-2006-26-P - "Consumption Externalities, Production Externalities, and Efficient Capital Accumulation under Time Non-Separable Preferences," Stephen Turnovsky; Goncalo Monteiro; European Economic Review, 51, 2007, 479-504. (PDF)
UWEC-2004-07-P - "Foreign Aid and Economic Growth: The Role of Flexible Labor Supply," Santanu Chatterjee; Stephen Turnovsky; Journal of Development Economics, 84, 2007, 507-533. (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)
"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; 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.
"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)
"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, Vol. 31 (2) 162-186.
"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)
"Fiscal Policy and Growth in a Small Open Economy with Elastic Labor Supply," Stephen Turnovsky; Canadian Journal of Economics, 32, 1999, 1191-1213. (PDF)
"International Capital Markets and Non-Scale Growth," Theo Eicher; Stephen Turnovsky; Review of International Economics, 7, 1999, 171-188 . (PDF)
"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)
"Productive Government Expenditure in a Stochastically Growing Economy," Stephen Turnovsky; Macroeconomic Dynamics, 3, 1999, 544-570. (PDF)
"Fiscal Policy, Elastic Labor Supply, and Endogenous Growth," Stephen Turnovsky; Journal of Monetary Economics, 45, 2000, 185-210. (PDF)
"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)
"Scale, Congestion, and Growth," Theo Eicher; Stephen Turnovsky; Economica, 67, 2000, 325-346. (PDF)
"On the Role of Government in a Stochastically Growing Open Economy," Stephen Turnovsky; Journal of Economic Dynamics and Control, 23, 1999, 873-908. (PDF)
"Fiscal Policy, Adjustment Costs, and Endogenous Growth," Stephen Turnovsky; Oxford Economic Papers, 47, 1996, 361-381.
"Fiscal Policy, Growth, and Macroeconomic Performance in a Small Open Economy," Stephen Turnovsky; Journal of International Economics, 40, 1996, 41-66.
"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.
"Optimal Tax, Debt, and Expenditure Policies in a Growing Economy," Stephen Turnovsky; Journal of Public Economics, 60, 1996, 21-44.
"Capital Income Taxation and Risk-Taking in a Small Open Economy," Stephen Turnovsky; Patrick Asea; Journal; of Public Economics, 68, 1998, 55-90.
"Adjustment Costs and Investment in a Stochastic Equilibrium Macromodel," Arthur, Benavie; Earl Grinols; Stephen Turnovsky; Journal of Monetary Economics, 38, 1996, 77-100.
"Trends and Fads in Macroeconomic Dynamics," Stephen Turnovsky; Indian Economic Review, 31, 1996, 23-40.
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)
"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.
"Consumption Externalities: A Representative Consumer Model when Agents are Heterogeneous," Cecilia Garcia-Penalosa, GREQAM, Marseille; Stephen Turnovsky; Economic Theory, 37,2008, 439-467. (PDF)
UWEC-2007-01-P - "Trade, Growth, and Environmental Quality," Sibel Sirakaya; Stephen Turnovsky; Nedim Alemdar; Review of International Economics, 17, 2009, 906-926. (PDF)
UWEC-2006-27-P - "Growth, Income Inequality, and Fiscal Policy: What are the Relevant Tradeoffs?," Cecilia Garcia-Penalosa; Stephen Turnovsky; Journal of Money, Credit, and Banking, 39, 2007, 369-394. (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.