Works in ChatGPT, Claude, or Any AI
Add semantic quote search to your AI assistant via MCP. One command setup.
The central message is still that, as Keynes argued, fiscal policy is the answer to liquidity traps, financial or political. The arguments against fi… - James Tobin
" "The central message is still that, as Keynes argued, fiscal policy is the answer to liquidity traps, financial or political. The arguments against fiscal policy in Japan, so far as I understand them are intellectually fallacious; they would receive failing grades in an undergraduate macro exam.
English
Collect this quote
About James Tobin
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 Harvard and Yale Universities. He developed the ideas of Keynesian economics, and advocated government intervention 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.
Related quotes. More quotes will automatically load as you scroll down, or you can use the load more buttons.
Additional quotes by James Tobin
[F]or monetary analysis... assign... to each asset a rate of return <math>r_i (i=1,2,... n)</math> and... [imagine] each sector <math> j (j=1,2,... m)</math> to have a net demand for each asset, <math>f_{ij}</math>, which is a function of the vector <math>r_i</math> and possibly of other variables... [I]n practice, many of the cells are empty...
PREMIUM FEATURE
Advanced Search Filters
Filter search results by source, date, and more with our premium search tools.
Ball, Mankiw, Romer and others style themselves as New Keynesians. Their program is to develop improved microeconomic foundations for imperfectly flexible prices. In the process, they hope to illuminate the paradox that individually rational or near-rational behavior can result in significant collective market failures. These are certainly laudable objectives. In the end, I suspect, the program will not change the essential substance of Keynesian macroeconomics. But it will make Keynes more palatable to theorists.
Loading...