James Tobin
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James Tobin was an American economist who lived from 1918 to 2002 and made significant contributions to economic theory during the 20th century. He is best known for his work on investment behavior, monetary policy, and the relationship between financial markets and the real economy, which influenced how economists understand how money and spending interact.
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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 Yale University. 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, Tobin proposed nominal GDP targeting as a monetary policy rule in 1980. Tobin received the Nobel Memorial Prize in Economic Sciences in 1981 for "creative and extensive work on the analysis of financial markets and their relations to expenditure decisions, employment, production and prices."
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1918 births2002 deaths20th-century American economists20th-century American writersAmerican Nobel laureatesDistinguished fellows of the American Economic AssociationEconomists from ConnecticutEconomists from IllinoisFellows of the American Statistical AssociationFellows of the Econometric SocietyHarvard University alumniMathematicians from Illinois