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Money, Macroeconomics, and Economic Policy: Essays in Honor of James Tobinby William C. Brainard
Synopses & Reviews
Winner of the Nobel Prize in 1981, James Tobin is one of the principle figures in contemporary Economics. These original contributions by such noted economists as Robert Solow, Paul Samuelson, Richard Cooper, and Edmund Phelps celebrate and extend Tobin's contributions to macroeconomics, international economics, finance, and economic policy.< br /> < br /> William C. Brainard and William Nordhaus are Professors of Economics at Yale University. Harold W. Watts is Professor of Economics at Columbia University.< br /> < br /> < b> Contents: Introduction. James Tobin's Contributions to Economics, < /b> < i> Douglas D. Purvis.< /i> < b> Macroeconomics.< /b> Tobin on Money and Wages, < i> Robert M. Solow.< /i> How Large Are the Losses from Rule of Thumb Behavior in Models of the Business Cycle? < i> George A. Akerlof and Janet L. Yellen.< /i> Debt Neutrality, Redistribution, and Consumer Heterogeneity: A Survey and Some Extensions, < i> Willem H. Buiter.< /i> < b> International Economics. < /b> Effectiveness of Macropolicies in Small Open-Economy Dynamic Aggregative Models, < i> Edmund S. Phelps.< /i> Toward an International Commodity Standard? < i> Richard N. Cooper.< /i> < b> Finance.< /b> Long-Run Risk Tolerance When Equity Returns Are Mean Regressing: Pseudoparadoxes and Vindication of & quot; Businessman's Risk, & quot; < i> Paul A. Samuelson.< /i> Coping with the Term Structure, < i> Gary Smith.< /i> Contract Design, Intermediation, and Interest Rate Variability, < i> Donald D. Hester.< /i> Fundamental Value and Market Value, William C.< i> Brainard, Matthew D. Shapiro, and John B. Shoven.< /i> < b> Economic Policy. < /b> Goals and Conduct of Stabilization, < i> George L. Perry.< /i> Excerpts from a Political Handbook for Economic Policy Advisers, < i> Charles L. Schultze.< /i> Budget Deficits, National Saving, and Tobin, < i> Edward M. Gramlich.< /i> Government Policy to Promote Economic Growth, < i> William Nordhaus.< /i> Concluding Remarks, < i> James Tobin.< /i> Comments: < i> John Y. Campbell, Steven N. Durlauf, Benjamin M. Friedman, Koichi Hamada, Harry M. Markowitz, Jerome L. Stein, < /i> and < i> Harold W. Watts< /i>
These original contributions celebrate and extend Tobin's contributions to macroeconomics, international economics, finance, and economic policy.
These essays all focus on and present new work in areas of research that Franco Modigliani has developed during his career - corporate finance, savings behavior, and macroeconomic theory. They are substantive contributions to the literature as well as evaluations of Modigliani's work.Ten of the twelve essays in this book appear for the first time; they were presented in Modigliani's honor at a conference held on Martha's Vineyard in September 1985 one month before it was announced that he had been awarded the Nobel Prize in economics. The other two essays were written later; they are Modigliani's Nobel lecture, "Life Cycle, Individual Thrift, and the Wealth of Nations," and a tribute to the economist and an evaluation of his contributions to micro- and macroeconomics by his fellow Nobel laureate and MIT colleague, Paul Samuelson.The other contributors include some of the most notable economists of our time; several collaborated with Modigliani in fundamental investigations that were to be cited by the Nobel Committee.Rudiger Dornbusch is Ford International Professor of Economics and Stanley Fischer is Professor of Economics, both at MIT.
Winner of the Nobel Prize in 1981, James Tobin is one of the principle figures in contemporary Economics. These original contributions by such noted economists as Robert Solow, Paul Samuelson, Richard Cooper, and Edmund Phelps celebrate and extend Tobin's contributions to macroeconomics, international economics, finance, and economic policy.
About the Author
William C. Brainard is Professor of Economics at Yale University.William D. Nordhaus is Sterling Professor of Economics at Yale University.Harold W. Watts is Professor of Economics at Columbia University.
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