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Turnowsky, Stephen J.

Overview
Works: 8 works in 8 publications in 1 language and 13 library holdings
Roles: Author
Classifications: HD75, 338.9
Publication Timeline
Key
Publications about Stephen J Turnowsky
Publications by Stephen J Turnowsky
Most widely held works by Stephen J Turnowsky
Macroeconomic analysis and stabilization policy by Stephen J Turnovsky( Book )
1 edition published in 1977 in English and held by 3 libraries worldwide
Fiscal policy : adjustment costs, and endogenous growth by Stephen J Turnovsky( Book )
1 edition published in 1994 in English and held by 2 libraries worldwide
Capital income taxation and risk-taking in a small open economy by Patrick K Asea( Book )
1 edition published in 1997 in English and held by 2 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 risk-taking we estimate" a reduced-form 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 hazard--on debtors or creditors? by Joshua Aizenman( Book )
1 edition published in 1999 in English and held by 2 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
Growth and savings in a stochastic world economy by Stephen J Turnowsky( Book )
1 edition published in 1994 in English and held by 1 library worldwide
Fiscal policy growth and macroeconomic performance in a small open economy by Stephen J Turnowsky( Book )
1 edition published in 1994 in English and held by 1 library worldwide
Endogenous growth in a dependent economy with traded and nontraded capital by Stephen J Turnovsky( Book )
1 edition published in 1995 in English and held by 1 library worldwide
Economic growth and macroeconomic dynamics : recent developments in economic theory by Stephen Dowrick( Book )
1 edition published in 2006 in English and held by 1 library 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 steady-state growth rate was tied to population growth, long-run 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
 
Languages
English (8)
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