12 quotes
Keynesian economics was, in the context of those times, essentially conservative.
The rate of investment – the speed at which investors wish to increase the capital stock – should be related, if to anything, to q, the value of capital relative to its replacement cost.
A general equilibrium approach to monetary theory (1969)
In a complete equilibrium... financial inputs to the real side must reproduce the assumed values of the real inputs to the financial side.
A general equilibrium approach to monetary theory (1969)
There is no reason to think that the impact [of monetary policy] will be captured in any single [variable]... , whether it is a monetary stock or a market interest rate.
A general equilibrium approach to monetary theory (1969)
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.
A general equilibrium approach to monetary theory (1969)
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.
A general equilibrium approach to monetary theory (1969)
The miserable failures of capitalist economies in the Great Depression were root causes of worldwide social and political disasters.
James Tobin - Biographical (1981)
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.
Money and Finance in the Macro-Economic Process (1982)
You could say that [new classical revolution] is as much a revolution against old monetarism as it is against Keynesianism. The disagreement between monetarists and Keynesians was about the value of some parameters. It is not as fundamental a split as we experience now.
Conversations with Economists (1983)
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.
A general equilibrium approach to monetary theory (1969)
I shall argue that Keynesian macroeconomics neither asserts nor requires nominal wage and/or price rigidity. It does assert and require that markets not be instantaneously and continuously cleared by prices.
Price Flexibility and Output Stability: An Old Keynesian View (1993)
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.