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Not who you're looking for? Others named James Tobin: American economist (1918–2002) · English sugar planter and pro-slavery campaigner · American academic and biographer · American economist and activist
“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.”
“[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.”
“In a complete equilibrium... financial inputs to the real side must reproduce the assumed values of the real inputs to the financial side.”
“Each sector is... constrained by its own net worth... The individual economic unit can neither change the legacy of the past nor... affect by... portfolio choices... market valuations of his assets.”
“According to [the general equilibrium approach to monetary theory], the principal way in which financial policies and events affect aggregate demand is by changing the valuations of physical assets relative to their replacement costs.”
“The historic terrain of macro-economic theory is the explanation of the levels and fluctuations of overall economic activity. Macro-economists have been especially interested in the effects of alternative fiscal, financial, and monetary policies.”
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