By Robert W. Dimand (auth.)
ISBN-10: 1137431954
ISBN-13: 9781137431950
ISBN-10: 1349492353
ISBN-13: 9781349492350
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Additional info for James Tobin
Example text
Yet I want to begin by saying that I do not think the apparatus is discredited. I still believe that, carefully used and taught, it is a powerful instrument for understanding our economies and the impacts of policies upon them. At the end of the lecture, Tobin (1980a, 94) offered one major general conclusion, namely the robustness of the standard results of Hicksian IS/LM analysis. They survive in these Transforming the IS-LM Model Sector By Sector 43 models in which time, flows, and stocks are more precisely and satisfactorily modeled, in which time is allowed for flows to affect the stocks of government liabilities and of other assets too, in which the menu of distinct assets is as large as desired.
Hicks’ 1935 article has been an inspiration and challenge to me and many other monetary economists” (see Maes 1991). In addition to Hicks (1935), Harry Markowitz (1952, 1959) strongly Transforming the IS-LM Model Sector By Sector 33 influenced Tobin’s approach. Markowitz, who spent the 1955–1956 academic year at Yale at the Cowles Foundation turning his 1955 Chicago dissertation on selection of an optimal portfolio of risky assets (which Milton Friedman had proposed rejecting as “not economics”) into a Cowles monograph (Markowitz 1959, see also Bernstein 1992 on Friedman’s view of Markowitz’s thesis).
Tobin (1951) argued that differences in saving propensities between white and black households in the 30 James Tobin same city reflected differences in household wealth. The inclusion of wealth as an argument in the consumption function was a step toward subsequent consumption theories (Milton Friedman’s permanent income hypothesis and the Modigliani-Brumberg-Ando life-cycle hypothesis) and also toward rediscovery of Irving Fisher’s two-period optimal consumption smoothing diagram relating consumption to the present discounted value of expected lifetime income, given perfect credit markets (Fisher 1907, 409).
James Tobin by Robert W. Dimand (auth.)
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