Professor John Tsoukalas

  • Professor of Economics (Economics)

email: John.Tsoukalas@glasgow.ac.uk

Room 307A, Gilbert Scott Building, Glasgow G12 8QQ

Import to contacts

ORCID iDhttps://orcid.org/0000-0002-3356-9688

Biography

Professor John Tsoukalas joined the Adam Smith Business School in 2011, after a career at Nottingham University, School of Economics and the Bank of England. Since 2021 he has been Deputy Head of School for planning and resourcing. He holds an undergraduate degree from the Athens University of Economics and Business and a PhD degree from the University of Maryland, USA. He has held visiting positions at the Federal Reserve Bank of Richmond, San Francisco, and Johns Hopkins University.

CV: John D Tsoukalas

Research interests

John is a member of the Macroeconomics research cluster.

Areas of expertise:

Macroeconomics:

  • expectations
  • firm dynamics
  • productivity
  • business cycles
  • monetary policy, surveys.

Finance:

  • capital structure
  • asset pricing.

Publications

List by: Type | Date

Jump to: 2024 | 2023 | 2022 | 2021 | 2018 | 2017 | 2013 | 2012 | 2011 | 2010 | 2006 | 2004
Number of items: 21.

2024

Lavery, P. , Tsoukalas, J. and Wilson, N. (2024) Private equity financing & firm productivity, Working Paper No. 041. Working Paper. The Productivity Institute.

2023

Görtz, C., Sakellaris, P. and Tsoukalas, J. D. (2023) Firms’ financing dynamics around lumpy capacity adjustments. European Economic Review, (doi: 10.1016/j.euroecorev.2023.104481) (In Press)

Görtz, C., Li, W., Tsoukalas, J. and Zanetti, F. (2023) Vintage article: The effect of monetary policy shocks in the United Kingdom: an external instruments approach. Macroeconomic Dynamics, (doi: 10.1017/S1365100522000657) (Early Online Publication)

2022

Görtz, C., Tsoukalas, J. D. and Zanetti, F. (2022) News shocks under financial frictions. American Economic Journal: Macroeconomics, 14(4), pp. 210-243. (doi: 10.1257/mac.20170066)

Gambetti, L., Görtz, C., Korobilis, D. , Tsoukalas, J. D. and Zanetti, F. (2022) The effect of news shocks and monetary policy. In: Dolado, J. J., Gambetti, L. and Matthes, C. (eds.) Essays in Honour of Fabio Canova (Advances in Econometrics, Vol. 44A). Emerald, pp. 139-164. ISBN 9781803826363 (doi: 10.1108/S0731-90532022000044A005)

2021

Tsoukalas, J. (2021) Scotland’s Productivity Challenge: Exploring the issues. Working Paper. The Productivity Institute. (doi: 10.36399/gla.pubs.260002).

2018

Tsoukalas, J. and Görtz, C. (2018) Sectoral TFP news shocks. Economics Letters, 168, pp. 31-36. (doi: 10.1016/j.econlet.2018.03.001)

2017

Görtz, C. and Tsoukalas, J. (2017) News and financial intermediation in aggregate fluctuations. Review of Economics and Statistics, 99(3), pp. 514-530. (doi: 10.1162/REST_a_00612)

Tsoukalas, J. , Tsoukas, S. and Guariglia, A. (2017) To what extent are savings-cash flow sensitivities informative to test for capital market imperfections? Review of Finance, 21(3), pp. 1251-1285. (doi: 10.1093/rof/rfw043)

2013

Khan, H. and Tsoukalas, J. (2013) Effects of productivity shocks on hours worked: UK evidence. B.E. Journal of Macroeconomics, 13(1), (doi: 10.1515/bejm-2012-0056)

Görtz, C. and Tsoukalas, J. (2013) Learning, capital-embodied technology and aggregate fluctuations. Review of Economic Dynamics, 16(4), pp. 708-723. (doi: 10.1016/j.red.2012.04.003)

2012

Guariglia, A., Tsoukalas, J. and Tsoukas, S. (2012) Investment, irreversibility, and financing constraints: Evidence from a panel of transition economies. Economics Letters, 117(3), pp. 582-584. (doi: 10.1016/j.econlet.2012.07.031)

Khan, H. and Tsoukalas, J. (2012) The quantitative importance of news shocks in estimated DSGE models. Journal of Money, Credit and Banking, 44(8), pp. 1535-1561. (doi: 10.1111/j.1538-4616.2012.00543.x)

2011

Tsoukalas, J. (2011) Input and output inventories in the UK. Economica, 78(311), pp. 460-479. (doi: 10.1111/j.1468-0335.2009.00829.x)

Tsoukalas, J.D. (2011) Time to build capital: revisiting investment-cash-flow sensitivities. Journal of Economic Dynamics and Control, 35(7), pp. 1000-1016. (doi: 10.1016/j.jedc.2010.12.009)

Arghyrou, M.G. and Tsoukalas, J.D. (2011) The Greek debt crisis: likely causes, mechanics and outcomes. World Economy, 34(2), pp. 173-191. (doi: 10.1111/j.1467-9701.2011.01328.x)

Khan, H. and Tsoukalas, J.D. (2011) Investment shocks and the comovement problem. Journal of Economic Dynamics and Control, 35(1), pp. 115-130. (doi: 10.1016/j.jedc.2010.09.004)

2010

Arestis, P., Chortareas, G. and Tsoukalas, J.D. (2010) Money and information in a New Neoclassical Synthesis framework. Economic Journal, 120(542), F101-F128. (doi: 10.1111/j.1468-0297.2009.02339.x)

2006

Tsoukalas, J.D. (2006) Financing constraints and firm inventory investment: a reexamination. Economics Letters, 90(2), pp. 266-271. (doi: 10.1016/j.econlet.2005.08.012)

Tsoukalas, J. and Elder, R. (2006) Investing in inventories. Bank of England Quarterly Bulletin, 2006(Summer),

2004

Tsoukalas, J.D. (2004) Can a sunspot driven model replicate recognizable business cycles? Ekonomia, 7(2), pp. 89-120.

This list was generated on Wed Feb 28 12:40:15 2024 GMT.
Number of items: 21.

Articles

Görtz, C., Sakellaris, P. and Tsoukalas, J. D. (2023) Firms’ financing dynamics around lumpy capacity adjustments. European Economic Review, (doi: 10.1016/j.euroecorev.2023.104481) (In Press)

Görtz, C., Li, W., Tsoukalas, J. and Zanetti, F. (2023) Vintage article: The effect of monetary policy shocks in the United Kingdom: an external instruments approach. Macroeconomic Dynamics, (doi: 10.1017/S1365100522000657) (Early Online Publication)

Görtz, C., Tsoukalas, J. D. and Zanetti, F. (2022) News shocks under financial frictions. American Economic Journal: Macroeconomics, 14(4), pp. 210-243. (doi: 10.1257/mac.20170066)

Tsoukalas, J. and Görtz, C. (2018) Sectoral TFP news shocks. Economics Letters, 168, pp. 31-36. (doi: 10.1016/j.econlet.2018.03.001)

Görtz, C. and Tsoukalas, J. (2017) News and financial intermediation in aggregate fluctuations. Review of Economics and Statistics, 99(3), pp. 514-530. (doi: 10.1162/REST_a_00612)

Tsoukalas, J. , Tsoukas, S. and Guariglia, A. (2017) To what extent are savings-cash flow sensitivities informative to test for capital market imperfections? Review of Finance, 21(3), pp. 1251-1285. (doi: 10.1093/rof/rfw043)

Khan, H. and Tsoukalas, J. (2013) Effects of productivity shocks on hours worked: UK evidence. B.E. Journal of Macroeconomics, 13(1), (doi: 10.1515/bejm-2012-0056)

Görtz, C. and Tsoukalas, J. (2013) Learning, capital-embodied technology and aggregate fluctuations. Review of Economic Dynamics, 16(4), pp. 708-723. (doi: 10.1016/j.red.2012.04.003)

Guariglia, A., Tsoukalas, J. and Tsoukas, S. (2012) Investment, irreversibility, and financing constraints: Evidence from a panel of transition economies. Economics Letters, 117(3), pp. 582-584. (doi: 10.1016/j.econlet.2012.07.031)

Khan, H. and Tsoukalas, J. (2012) The quantitative importance of news shocks in estimated DSGE models. Journal of Money, Credit and Banking, 44(8), pp. 1535-1561. (doi: 10.1111/j.1538-4616.2012.00543.x)

Tsoukalas, J. (2011) Input and output inventories in the UK. Economica, 78(311), pp. 460-479. (doi: 10.1111/j.1468-0335.2009.00829.x)

Tsoukalas, J.D. (2011) Time to build capital: revisiting investment-cash-flow sensitivities. Journal of Economic Dynamics and Control, 35(7), pp. 1000-1016. (doi: 10.1016/j.jedc.2010.12.009)

Arghyrou, M.G. and Tsoukalas, J.D. (2011) The Greek debt crisis: likely causes, mechanics and outcomes. World Economy, 34(2), pp. 173-191. (doi: 10.1111/j.1467-9701.2011.01328.x)

Khan, H. and Tsoukalas, J.D. (2011) Investment shocks and the comovement problem. Journal of Economic Dynamics and Control, 35(1), pp. 115-130. (doi: 10.1016/j.jedc.2010.09.004)

Arestis, P., Chortareas, G. and Tsoukalas, J.D. (2010) Money and information in a New Neoclassical Synthesis framework. Economic Journal, 120(542), F101-F128. (doi: 10.1111/j.1468-0297.2009.02339.x)

Tsoukalas, J.D. (2006) Financing constraints and firm inventory investment: a reexamination. Economics Letters, 90(2), pp. 266-271. (doi: 10.1016/j.econlet.2005.08.012)

Tsoukalas, J. and Elder, R. (2006) Investing in inventories. Bank of England Quarterly Bulletin, 2006(Summer),

Tsoukalas, J.D. (2004) Can a sunspot driven model replicate recognizable business cycles? Ekonomia, 7(2), pp. 89-120.

Book Sections

Gambetti, L., Görtz, C., Korobilis, D. , Tsoukalas, J. D. and Zanetti, F. (2022) The effect of news shocks and monetary policy. In: Dolado, J. J., Gambetti, L. and Matthes, C. (eds.) Essays in Honour of Fabio Canova (Advances in Econometrics, Vol. 44A). Emerald, pp. 139-164. ISBN 9781803826363 (doi: 10.1108/S0731-90532022000044A005)

Research Reports or Papers

Lavery, P. , Tsoukalas, J. and Wilson, N. (2024) Private equity financing & firm productivity, Working Paper No. 041. Working Paper. The Productivity Institute.

Tsoukalas, J. (2021) Scotland’s Productivity Challenge: Exploring the issues. Working Paper. The Productivity Institute. (doi: 10.36399/gla.pubs.260002).

This list was generated on Wed Feb 28 12:40:15 2024 GMT.

Grants

The Productivity Institute (2021-2026, Co-Investigator, Academic lead for TPI Scotland Forum), Economic and Social Research Council (ESRC), £32 millions. The Institute's funding is the largest single investment ever awarded by the ESRC into social sciences.

Leverhulme Trust research grant (2014-2018, Principal Investigator): ''Where is the News in Business Cycles: A New Approach with Novel Methodologies'' £120,000.

British Academy research grant (2015-2017): ''The interaction between investment and inventories in the UK and European economies: new evidence and lessons from the financial crisis'' £10,000


/item British Academy research grant (2011-2013): ''On the dynamics of investment and the sources of business cycles in multisector macroeconomic models'' £3,750

/item British Academy research grant (2008-2010): ''New Approaches in Modelling UK Business Cycles'' £6,800

Supervision

John is interested in supervising ambitious students in any area of macroeconomics and finance willing to address important questions with frontier methods that combine rich data sets and theoretical or applied models.

Current PhD students

Teaching

  • Macroeconomics
  • Finance

Additional information

Selected working paper

  1. Optimal Bailouts of Systemic Banks (co-authors, Charles Nolan and Plutarchos Sakellaris)
  2. Separating News from Noise in VARs (co-author D. Korobilis, Luca Gambetti and Francesco Zanetti)
  3. Political Economics of Fiscal Consolidations and External Sovereign Accidents (co-authors, C. Achury and C. Koulovatianos)
  4. Investment and Inventory Dynamics: Evidence on Interactions (co-author, C. Gortz)
  5. The Importance of Signals of Quality for Corporate US bond Issuers: Some New Evidence (co-authors, P. Mizen and S. Tsoukas)
  6. The Time-Varying Nature of News Shocks (co-author D. Korobilis, Luca Gambetti and Francesco Zanetti)

External roles

  • Elected executive committee member, International Society for Inventory Research.
  • Research Fellow, CES-ifo Research Networ
  • Member, Euro Area Business Cycle Network
  • External Research Fellow, Centre for Finance, Credit and Macroeconomics (Nottingham School of Economics).
  • Visiting research scholar, Dept. of Economics, Johns Hopkins University (Spring 2011)
  • Visiting research scholar, Federal Reserve Bank of Richmond (Spring 2012)
  • Visiting research scholar, Federal Reserve Bank of San Francisco (Spring 2012)