Money, Macroeconomics, and Economic Policy: Essays in Honor of James Tobin

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MIT Press, 1991 - Business & Economics - 357 pages

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.


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International Economics
Tobin on Money Wages and Employment
How Large Are the Losses from RuleofThumb Behavior in Models
Effectiveness of Macropolicies in Small OpenEconomy Dynamic
Toward an International Commodity Standard?
LongRun Risk Tolerance When Equity Returns Are Mean
Contract Design Intermediation and Interest Rate Variability
Fundamental Value and Market Value
Goals and Conduct of Stabilization Policy
Budget Deficits National Saving and Tobin
Concluding Remarks

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About the author (1991)

William C. Brainard is Professor of Economics at Yale University.

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