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James Tobin and Modern Monetary Theory

Robert Dimand

No 2014-5, Center for the History of Political Economy Working Paper Series from Center for the History of Political Economy

Abstract: This paper examines the relationship of the monetary economics of James Tobin to modern monetary theory, which has diverged in many ways from the directions taken by Tobin and his associates (for example, moving away from multi-asset models of financial market equilibrium and from monetary models of long-run economic growth) but which has also built upon aspects of his work (e.g., the use of simulation and calibration in his work on inter-termporal consumption decisions). Particular attention will be paid to Tobin's unpublished series of three Gaston Eyskens Lectures at Leuven on Neo-Keynesian Monetary Theory: A Restatement and Defense, and the paper draws on my forthcoming volume of Tobin for Palgrave Macmillan's series on Great Thinkers in Economics.

Keywords: James Tobin; modern monetary theory; microeconomic foundations; Keynesian economics; corridor of stability (search for similar items in EconPapers)
JEL-codes: B22 B31 E12 (search for similar items in EconPapers)
Pages: 36
Date: 2014
New Economics Papers: this item is included in nep-his, nep-hpe, nep-mac, nep-mon and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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