James tobin portfolio theory
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James Tobin
American economist (1918–2002)
For other people named James Tobin, see James Tobin (disambiguation).
James Tobin (March 5, 1918 – March 11, 2002) was an American economist who served on the Council of Economic Advisers and consulted with the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities. He contributed to the development of key ideas in the Keynesian economics of his generation and advocated government intervention in particular to stabilize output and avoid recessions. His academic work included pioneering contributions to the study of investment, monetary and fiscal policy and financial markets. He also proposed an econometric model for censored dependent variables, the well-known tobit model.
Along with fellow neo-Keynesian economist James Meade in 1977,[7][8] Tobin proposed nominal GDP targeting as a monetary policy rule in 1980.[9][10] Tobin received the Nobel Memorial Prize in Economic Sciences in 1981 for "creative and extensive work on the analysis of financial mark
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James Tobin: Early Life, Public Service, Work
James Tobin was a Neo-Keynesian economist who received the 1981 Nobel Prize in economics for his research on the financial system and its impact on inflation and employment.
He is known for pioneering the Tobin Tax, a levy on foreign exchange transactions to reduce currency speculation.
Tobin is the author of several books including Essays in Economics and Money, Credit and Capital. James Tobin died on March 11, 2002.
Key Takeaways
- James Tobin was a member of President Kennedy's Council of Economic Advisers.
- He developed portfolio selection theory and the "Tobin Tax."
- Tobin received the Nobel Prize in economics in 1981.
Early Life and Education
James Tobin was born on March 5, 1918, in Champaign, Ilinois. He earned both a bachelor's and master's degree from Harvard University.
After his graduation in 1940, Tobin began his career at the Office of Price Administration and Civilian Supply in Washington, D.C. During World War II, he served in the United States Navy.
Tobin returned to Har
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Professor James Tobin (1918-2002)
James Tobin, a Nobel laureate in economics, believed deeply in the power of ideas. Over the course of an esteemed career, he served as Sterling Professor at Yale University, a member of President Kennedy’s Council of Economic Advisers, and an academic consultant to the Board of Governors of the Federal Reserve. Not only did his research in macroeconomics greatly advance the discipline, but his dedication to scholarship in the public interest also inspired generations of students as well as the Tobin Project.
Early Life
James Tobin was born in 1918 in Champaign, Illinois. His mother was a social worker and his father a journalist; from a young age, he developed a strong social conscience and appreciation for intellectual pursuits. By 1935, Tobin was enrolled as an undergraduate at Harvard College, having been awarded one of the first-ever Conant Prize Fellowships upon admission.[1] Just a year later, John Maynard Keynes published his General Theory of Employment, Interest and Money, which caught the attention of Tobin’s tutorial leader at Harv
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