James Tobin and Modern Monetary Theory

The Center for the History of Political Economy Working Paper Series No. 2014-05

36 Pages Posted: 7 Mar 2014

See all articles by Robert W. Dimand

Robert W. Dimand

Brock University - Department of Economics

Date Written: February 5, 2014

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-temporal 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 Particular attention will be paid to Tobin’s unpublished series of three Gaston Eyskens Lectures at Leuven on Neo-Keynesian Monetary Theory: A Restatement and Defense, and the paper draws on my forthcoming volume on Tobin for Palgrave Macmillan’s series on Great Thinkers in Economics.

Keywords: James Tobin, modern monetary theory, microeconomic foundations, Keynesian economics, corridor of stability

JEL Classification: B22, B31, E12

Suggested Citation

Dimand, Robert W., James Tobin and Modern Monetary Theory (February 5, 2014). The Center for the History of Political Economy Working Paper Series No. 2014-05. Available at SSRN: https://ssrn.com/abstract=2405083 or http://dx.doi.org/10.2139/ssrn.2405083

Robert W. Dimand (Contact Author)

Brock University - Department of Economics ( email )

500 Glenridge Avenue
St. Catherines, Ontario L2S 3A1
Canada

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