Outline for Lectures on


Capital accumulation and economic growth
in an open economy


Lucca, Palazzo Bernardini, July 11-13, 2007

Stephen J. Turnovsky
University of Washington, Seattle


The three lectures will discuss the following issues:

Lecture 1: Basic Models of Balanced Growth
Lecture 2: Transitional Dynamics and Long-run Growth
Lecture 3: Foreign Aid, Capital Accumulation, and Economic Growth

Three graduate level books on international macroeconomics include:

M. Obstfeld and K. Rogoff, Foundations of International Macroeconomics,
MIT 1996.
This book is very comprehensive in its scope and is an excellent overall reference on international macroeconomics in general.
S.J. Turnovsky, International Macroeconomic Dynamics MIT Press, 1997.
This book focuses more narrowly on setting out the dynamics of the representative agent model for a series of models of increasing complexity and realism.
 
J.A. Frenkel, A. Razin, and C.W. Yuen, Fiscal Policies and Growth in the World Economy, MIT 1996.
The emphasizes fiscal policies, discussing some of the earlier literature, and less on the dynamics

Topics to be discussed include the following:

Lecture 1: Basic Models
of Balanced Growth


Turnovsky, S.J., Chapter 5, pp 151-176.
Obstfeld and Rogoff, Section 7.3.

Turnovsky, S.J., "Fiscal Policy, Growth, and Macroeconomic Performance in a Small Open Economy,"Journal of International Economics,
1996, 41-66.

Turnovsky, S.J., “Fiscal Policy and Growth in a
Small Open Economy with Elastic Labour Supply,” Canadian Journal of Economics, 32, 1999,
1191-1214.

van der Ploeg, F., "Budgetary Policies, Foreign Indebtedness, the Stock Market, and Economic Growth, Oxford Economic Papers, 1996.

Osang, T, and A. Pereira, "Import Tariffs and
Growth in a Small Open Economy," Journal of
Public Economics
, 1996.

Baldwin, R.E. and R. Forslid, “Incremental Trade Policy and Endogenous Growth: A q-theory Approach,” Journal of Economic Dynamics and Control, 23, 1999, 797-822.
 

Lecture 2: Transitional Dynamics and Long-run Growth


Turnovsky, S.J., Chapter 5, pp 177-205.

Turnovsky, S.J., “Equilibrium Growth in a Small Economy Facing an Imperfect World Capital Market,” Review of Development Economics, 1, 1997.

Turnovsky, S.J., “Endogenous Growth in a dependent Economy with Traded and Nontraded Capital,” Review of International Economics, 4, 1996.

Eicher, T.S. and S.J. Turnovsky, “International Capital Markets and Non-Scale Growth,” Review of International Economics, 7, 1999, 171-188.

Lecture 3: Foreign Aid, Capital Accumulation, and Economic Growth


Chatterjee, S., G. Sakoulis, and S.J. Turnovsky, “Unilateral Capital Transfers, Infrastructure Investment, and Economic Growth,” European Economic Review, 2003.

Chatterjee, S. and S.J. Turnovsky, “Substitutability of Capital, Investment Costs, and Foreign Aid,” in S. Dowrick, R. Pitchford, and S.J. Turnovsky, (eds.) Economic Growth and Macroeconomic Dynamics: Some Recent Developments, Cambridge University Press, 2004, 138-170.

Chatterjee, S. and S.J. Turnovsky, “Foreign Aid and Economic Growth: The Role of Flexible Labor Supply,” Journal of Development Economics, 2007.
 
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HOTELS CONVENTIONS
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Hotel Ilaria, via del Fosso, 26 - 55100 Lucca. Tel. (0039)058347615, Fax (0039)0583991961.
e-mail: info@hotelilaria.com - website: www.hotelilaria.com

Prices:
single room: 103 euro
double room, single occupancy 124 euro
double room 134 euro

Hotel Rex, Piazzale Ricasoli Bettino, 19 - 55100 Lucca. Tel (0039)0583 955443, Fax (0039)0583 954348.
e-mail: info@hotelrexlucca.com - website: www.hotelrexlucca.com

Prices:
single room: 80 euro
double room 120 euro

Hotel Universo, Piazza del Giglio 1, Lucca. Tel (0039)0583 493678, Fax. (0039)0583 954854
e-mail: info@universolucca.com - website: www.universolucca.com

Prices:
double room, single occupancy 130 euro
double room 150 euro


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