Adam Smith Business School

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: 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2018 | 2017 | 2013 | 2012 | 2011 | 2010 | 2006 | 2004
Number of items: 27.

2026

Giannoulakis, Stelios, Stavrakas, Michael and Tsoukalas, John ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (2026) House Prices and Marketable Housing Supply in Greece: A Housing Utilization Perspective. Working Paper. Hellenic Parliamentary Budget Office.

Baskaya, Soner ORCID logoORCID: https://orcid.org/0000-0003-4416-4907, Shi, Shuren, Tsafos, Yannis D. ORCID logoORCID: https://orcid.org/0000-0002-2419-3674 and Tsoukalas, John D. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (2026) Export Intensity & SMEs' Access to Bank Finance: Evidence from SAFE Database. Working Paper. SSRN. (doi: 10.2139/ssrn.6285838).

Giannoulakis, Stelios, Kanas, Angelos, Spaliara, Marina Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukalas, John ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (2026) U.S. Tariffs and Greek Exports. Discussion Paper. Hellenic Observatory Centre for Research on Contemporary Greece and Cyprus, LSE.

2025

Giannoulakis, S., Sakellaris, P. and Tsoukalas, J. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (2025) Economic Growth Dynamics and Productivity Trends in the Greek Economy: A 60-Year Perspective. Working Paper. Hellenic Parliamentary Budget Office.

Williams, Daniel, Tsoukalas, John ORCID logoORCID: https://orcid.org/0000-0002-3356-9688, Wessels, Bridgette ORCID logoORCID: https://orcid.org/0000-0002-2794-2116 and Gaska, Pawel ORCID logoORCID: https://orcid.org/0009-0002-8040-1949 (2025) Scotland’s Productivity Challenge: Exploring the issues – 2025. Documentation. The Productivity Institute.

2024

Baskaya, Soner ORCID logoORCID: https://orcid.org/0000-0003-4416-4907, Shi, Shuren, Tsafos, Yannis D. ORCID logoORCID: https://orcid.org/0000-0002-2419-3674 and Tsoukalas, John D. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (2024) Geopolitical Risk and Macroprudential Policies. Working Paper. SSRN, Amsterdam, Netherlands. (doi: 10.2139/ssrn.4981165).

Lavery, Paul ORCID logoORCID: https://orcid.org/0000-0002-4280-4926, Tsoukalas, John ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 and Wilson, Nick (2024) Private equity financing & firm productivity, Working Paper No. 041. Working Paper. The Productivity Institute.

2023

Görtz, Christoph, Li, Wei, Tsoukalas, John ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 and Zanetti, Francesco (2023) Vintage article: The effect of monetary policy shocks in the United Kingdom: an external instruments approach. Macroeconomic Dynamics, 27(8), pp. 2270-2285. (doi: 10.1017/S1365100522000657)

Görtz, Christoph, Sakellaris, Plutarchos and Tsoukalas, John D. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (2023) Firms’ financing dynamics around lumpy capacity adjustments. European Economic Review, 156, 104481. (doi: 10.1016/j.euroecorev.2023.104481)

2022

Görtz, Christoph, Tsoukalas, John D. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 and Zanetti, Francesco (2022) News shocks under financial frictions. American Economic Journal: Macroeconomics, 14(4), pp. 210-243. (doi: 10.1257/mac.20170066)

Gambetti, Luca, Görtz, Christoph, Korobilis, Dimitris ORCID logoORCID: https://orcid.org/0000-0001-9146-3008, Tsoukalas, John D. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 and Zanetti, Francesco (2022) The effect of news shocks and monetary policy. In: Dolado, Juan J., Gambetti, Luca and Matthes, Christian (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, John ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (2021) Scotland’s Productivity Challenge: Exploring the issues. Working Paper. The Productivity Institute. (doi: 10.36399/gla.pubs.260002).

2018

Tsoukalas, John ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 and Görtz, Christoph (2018) Sectoral TFP news shocks. Economics Letters, 168, pp. 31-36. (doi: 10.1016/j.econlet.2018.03.001)

2017

Görtz, Christoph and Tsoukalas, John ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (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, John ORCID logoORCID: https://orcid.org/0000-0002-3356-9688, Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X and Guariglia, Alessandra (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, Hashmat and Tsoukalas, John ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (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. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (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. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 and Tsoukas, S. ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (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. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (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. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (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. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (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. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (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. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (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. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (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. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (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. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 and Elder, R. (2006) Investing in inventories. Bank of England Quarterly Bulletin, 2006(Summer),

2004

Tsoukalas, J.D. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (2004) Can a sunspot driven model replicate recognizable business cycles? Ekonomia, 7(2), pp. 89-120.

This list was generated on Sat Oct 10 21:03:26 2026 BST.
Jump to: Articles | Book Sections | Research Reports or Papers
Number of items: 27.

Articles

Görtz, Christoph, Li, Wei, Tsoukalas, John ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 and Zanetti, Francesco (2023) Vintage article: The effect of monetary policy shocks in the United Kingdom: an external instruments approach. Macroeconomic Dynamics, 27(8), pp. 2270-2285. (doi: 10.1017/S1365100522000657)

Görtz, Christoph, Sakellaris, Plutarchos and Tsoukalas, John D. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (2023) Firms’ financing dynamics around lumpy capacity adjustments. European Economic Review, 156, 104481. (doi: 10.1016/j.euroecorev.2023.104481)

Görtz, Christoph, Tsoukalas, John D. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 and Zanetti, Francesco (2022) News shocks under financial frictions. American Economic Journal: Macroeconomics, 14(4), pp. 210-243. (doi: 10.1257/mac.20170066)

Tsoukalas, John ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 and Görtz, Christoph (2018) Sectoral TFP news shocks. Economics Letters, 168, pp. 31-36. (doi: 10.1016/j.econlet.2018.03.001)

Görtz, Christoph and Tsoukalas, John ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (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, John ORCID logoORCID: https://orcid.org/0000-0002-3356-9688, Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X and Guariglia, Alessandra (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, Hashmat and Tsoukalas, John ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (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. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (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. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 and Tsoukas, S. ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (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. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (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. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (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. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (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. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (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. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (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. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (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. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (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. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 and Elder, R. (2006) Investing in inventories. Bank of England Quarterly Bulletin, 2006(Summer),

Tsoukalas, J.D. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (2004) Can a sunspot driven model replicate recognizable business cycles? Ekonomia, 7(2), pp. 89-120.

Book Sections

Gambetti, Luca, Görtz, Christoph, Korobilis, Dimitris ORCID logoORCID: https://orcid.org/0000-0001-9146-3008, Tsoukalas, John D. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 and Zanetti, Francesco (2022) The effect of news shocks and monetary policy. In: Dolado, Juan J., Gambetti, Luca and Matthes, Christian (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

Giannoulakis, Stelios, Stavrakas, Michael and Tsoukalas, John ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (2026) House Prices and Marketable Housing Supply in Greece: A Housing Utilization Perspective. Working Paper. Hellenic Parliamentary Budget Office.

Baskaya, Soner ORCID logoORCID: https://orcid.org/0000-0003-4416-4907, Shi, Shuren, Tsafos, Yannis D. ORCID logoORCID: https://orcid.org/0000-0002-2419-3674 and Tsoukalas, John D. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (2026) Export Intensity & SMEs' Access to Bank Finance: Evidence from SAFE Database. Working Paper. SSRN. (doi: 10.2139/ssrn.6285838).

Giannoulakis, Stelios, Kanas, Angelos, Spaliara, Marina Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukalas, John ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (2026) U.S. Tariffs and Greek Exports. Discussion Paper. Hellenic Observatory Centre for Research on Contemporary Greece and Cyprus, LSE.

Giannoulakis, S., Sakellaris, P. and Tsoukalas, J. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (2025) Economic Growth Dynamics and Productivity Trends in the Greek Economy: A 60-Year Perspective. Working Paper. Hellenic Parliamentary Budget Office.

Williams, Daniel, Tsoukalas, John ORCID logoORCID: https://orcid.org/0000-0002-3356-9688, Wessels, Bridgette ORCID logoORCID: https://orcid.org/0000-0002-2794-2116 and Gaska, Pawel ORCID logoORCID: https://orcid.org/0009-0002-8040-1949 (2025) Scotland’s Productivity Challenge: Exploring the issues – 2025. Documentation. The Productivity Institute.

Baskaya, Soner ORCID logoORCID: https://orcid.org/0000-0003-4416-4907, Shi, Shuren, Tsafos, Yannis D. ORCID logoORCID: https://orcid.org/0000-0002-2419-3674 and Tsoukalas, John D. ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (2024) Geopolitical Risk and Macroprudential Policies. Working Paper. SSRN, Amsterdam, Netherlands. (doi: 10.2139/ssrn.4981165).

Lavery, Paul ORCID logoORCID: https://orcid.org/0000-0002-4280-4926, Tsoukalas, John ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 and Wilson, Nick (2024) Private equity financing & firm productivity, Working Paper No. 041. Working Paper. The Productivity Institute.

Tsoukalas, John ORCID logoORCID: https://orcid.org/0000-0002-3356-9688 (2021) Scotland’s Productivity Challenge: Exploring the issues. Working Paper. The Productivity Institute. (doi: 10.36399/gla.pubs.260002).

This list was generated on Sat Oct 10 21:03:26 2026 BST.

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)

John Tsoukalas