Winner of the Nobel Prize in 1981, James Tobin is one of the principle figures in contemporary Economics. These original contributions by such noted economists as Robert Solow, Paul Samuelson, Richard Cooper, and Edmund Phelps celebrate and extend Tobin's contributions to macroeconomics, international economics, finance, and economic policy.
Contents: Introduction. James Tobin's Contributions to Economics, Douglas D. Purvis. Macroeconomics. Tobin on Money and Wages, Robert M. Solow. How Large Are the Losses from Rule of Thumb Behavior in Models of the Business Cycle? George A. Akerlof and Janet L. Yellen. Debt Neutrality, Redistribution, and Consumer Heterogeneity: A Survey and Some Extensions, Willem H. Buiter. International Economics. Effectiveness of Macropolicies in Small Open-Economy Dynamic Aggregative Models, Edmund S. Phelps. Toward an International Commodity Standard? Richard N. Cooper. Finance. Long-Run Risk Tolerance When Equity Returns Are Mean Regressing: Pseudoparadoxes and Vindication of "Businessman's Risk," Paul A. Samuelson. Coping with the Term Structure, Gary Smith. Contract Design, Intermediation, and Interest Rate Variability, Donald D. Hester. Fundamental Value and Market Value, William C. Brainard, Matthew D. Shapiro, and John B. Shoven. Economic Policy. Goals and Conduct of Stabilization, George L. Perry. Excerpts from a Political Handbook for Economic Policy Advisers, Charles L. Schultze. Budget Deficits, National Saving, and Tobin, Edward M. Gramlich. Government Policy to Promote Economic Growth, William Nordhaus. Concluding Remarks, James Tobin. Comments: John Y. Campbell, Steven N. Durlauf, Benjamin M. Friedman, Koichi Hamada, Harry M. Markowitz, Jerome L. Stein, and Harold W. Watts
About the Editors
William C. Brainard is Professor of Economics at Yale University.
William D. Nordhaus is Sterling Professor of Economics at Yale University.
Harold W. Watts is Professor of Economics at Columbia University.