Expectations in Tobin’s Macroeconomics: The Fisherian and Keynesian Roots of Tobin’s q and Corridor of Stability

Robert Dimand

A chapter in Expectations, 2020, pp 109-120 from Springer

Abstract: Abstract In his q theory of investment, in his analysis of money demand and portfolio choice, and in his analysis of macroeconomic instability, James Tobin focused on expectations of returns on assets and on expectations of inflation. His research was informed by his close study of John Maynard Keynes’s Treatise on Money (1930), especially Keynes’s Q theory of investment, and Keynes’s General Theory (1936), especially Chap. 19 on what happens when money wages are flexible, and of Irving Fisher, emphasizing both Fisher’s debt-deflation theory of depressions and his concept of the market value of equity as the net present value of the expected stream of earnings.

Date: 2020
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DOI: 10.1007/978-3-030-41357-6_6

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