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About SSRN Id2405083 PDF
This document summarizes James Tobin's monetary economics and its relationship to modern monetary theory. It discusses how Tobin's approach diverged from mainstream monetary economics in the 1980s by emphasizing financial intermediation and a multi-asset monetary exchange economy. It examines Tobin's concept of a "General Equilibrium Approach to Monetary Theory" and how his emphasis on downward wage flexibility failing to eliminate unemployment aligned him with Keynes' view in Chapter 19 of The General Theory. The document analyzes Tobin's 1982 lectures on "Neo-Keynesian Monetary Theory" and how his approach differed from new classical and new Keynesian economics by focusing on real demand shocks as the primary source of economic fluctuations.
Detailed Information
| Author: | ['Milway Tupayachi Abarca'] |
|---|---|
| Publication Year: | 2020 |
| Pages: | 36 |
| Language: | English |
| Format: | |
| Price: | FREE |
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