Browsing Duke Faculty Articles by Author "Turnovsky, S. J"

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Capital deepening response in an economy with heterogeneous capital goods

Burmeister, Edwin; Turnovsky, S. J (1972)

Capital deepening is an important con- cept in traditional capital theory. In a one-sector model it has an unambiguous definition, describing an increase in the physical capital-labor ratio...
Perfect Foresight, Expectational Consistency, and Macroeconomic Equilibrium

Turnovsky, S. J; Burmeister, Edwin (The Journal of Political Economy, 1977)

This paper begins by introducing three alternative properties of expectations: weak consistency, strong consistency, perfect foresight. These concepts are then used to consider the relationship between beginnning of period ...
Price expectations, disequilibrium adjustments, and macroeconomic price stability

Burmeister, Edwin; Turnovsky, S. J (Journal of Economic Theory, 1978)

In two previous papers we have discussed the formulation of a logically consistent adaptive-type price expectations mechanism in continuous time and have applied our results to derive sufficient conditions for dynamic ...