James Tobin

American economist (1918–2002)

AI overview

James Tobin was an American economist who lived from 1918 to 2002 and made significant contributions to economic theory during the 20th century. He is best known for his work on investment behavior, monetary policy, and the relationship between financial markets and the real economy, which influenced how economists understand how money and spending interact.

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Person · Open Library

Died: 1817
Works: 70

Top works

Our Michigan
Master of His Fate
Essays in Economics Vol. 4
Essays in Economics
Price flexibility and output stability

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Music · MusicBrainz

Type: Person
Country: BR
Active from: 1972-02-07

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Listeners · Last.fm

Listeners: 64
Total plays: 231

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Recent publications · Crossref

5 total works indexed

The PRISMA 2020 statement: an updated guideline for reporting systematic reviews
· 2021 · cited 76,882x
Special points for Brillouin-zone integrations
· 1976 · cited 67,088x
Fiji: an open-source platform for biological-image analysis
· 2012 · cited 64,958x
SciPy 1.0: fundamental algorithms for scientific computing in Python
· 2020 · cited 34,528x
Structural equation modeling in practice: A review and recommended two-step approach.
· 1988 · cited 31,220x

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Quotes

“A forthcoming book by Harry Markowitz, Techniques of Portfolio Selection, will treat the general problem of finding dominant sets and computing the corresponding opportunity locus, for sets of securities all of which involve risk. Markowitz's main interest is prescription of rules of rational behaviour for investors; the main concern of this paper is the implications for economic theory, mainly , that can be derived from assuming that investors do in fact follow such rules.”
“In economic surveys of households, many variables have the following characteristics: The variable has a lower, or upper, limit and takes on the limiting value for a substantial number of respondents. For the remaining respondents, the variable takes on a wide range of values above, or below, the limit.”
“I... set forth and illustrate a general framework for monetary analysis. It is not... new... but... shared... in spirit with many monetary economists. My purpose... is exposition and recapitulation.”
“[M]onetary assets fall into place as a part, but not the whole, of the menu of s; and the ing system is one sector, but not the only one, whose behavior must be specified.”
“Treatment of the capital account separately from the production and income account of the economy is... a first step, a simplification... justified by convenience... The strategy is to regard income account variables as tentatively exogenous... and to find equilibrium in the markets for stocks of assets conditional upon assumed... outputs, incomes, and other flows.”
“In a complete equilibrium... financial inputs to the real side must reproduce the assumed values of the real inputs to the financial side.”

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Wikidata facts

Image: James Tobin.png

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Commons category: James Tobin
name in native language: James Tobin
date of birth: 1918-03-05
date of death: 2002-03-11

Sources (12)

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Article

James Tobin (March 5, 1918 – March 11, 2002) was an American economist who served on the Council of Economic Advisers and consulted with the Board of Governors of the Federal Reserve System, and taught at Yale University. He contributed to the development of key ideas in the Keynesian economics of his generation and advocated government intervention in particular to stabilize output and avoid recessions. His academic work included pioneering contributions to the study of investment, monetary and fiscal policy and financial markets. He also proposed an econometric model for censored dependent variables, the well-known tobit model.

Along with fellow neo-Keynesian economist James Meade in 1977, Tobin proposed nominal GDP targeting as a monetary policy rule in 1980. Tobin received the Nobel Memorial Prize in Economic Sciences in 1981 for "creative and extensive work on the analysis of financial markets and their relations to expenditure decisions, employment, production and prices."