James Tobin
| James Tobin | |
|---|---|
Tobin in 1962
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| Born |
March 5, 1918 Champaign, Illinois, USA |
| Died | March 11, 2002 (aged 84) New Haven, Connecticut, USA |
| Nationality | United States |
| Institution |
Yale University Cowles Commission |
| Field | Macroeconomics |
| School or tradition |
Neo-Keynesian economics |
| Alma mater | Harvard University |
| Doctoral advisor |
Joseph Schumpeter |
| Doctoral students |
Koichi Hamada Duncan K. Foley Janet Yellen Hiroshi Yoshikawa |
| Influences | Keynes · Hansen · Haberler · Slichter · Chamberlin · Baumol · Leontief · Knight |
| Influenced | Samuelson · Metzler · Galbraith · Bergson · Musgrave · Goodwin · Krugman · Griffith-Jones · Kaul · Wolff |
| Contributions |
Portfolio theory Keynesian economics Tobin's q Tobit model Tobin Tax Mundell–Tobin effect |
| Awards |
John Bates Clark Medal (1955) Nobel Prize in Economics (1981) |
| Information at IDEAS / RePEc | |
James Tobin (March 5, 1918 – March 11, 2002) was an American economist who served on the Council of Economic Advisers and the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities. He developed the ideas of Keynesian economics, and advocated government intervention 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 endogenous variables, the well-known "Tobit model". Tobin received the Nobel Memorial Prize in Economic Sciences in 1981.
Outside of academia, Tobin was widely known for his suggestion of a tax on foreign exchange transactions, now known as the "Tobin tax". This was designed to reduce speculation in the international currency markets, which he saw as dangerous and unproductive.
Tobin was born on March 5, 1918 in Champaign, Illinois. His father was Louis Michael Tobin, (b. 1879) a journalist working at the University of Illinois at Urbana-Champaign. His father had fought in World War I, was a member of the first Greek organization at Illinois (Delta Tau Delta fraternity Beta Upsilon chapter), and was credited as the inventor of 'Homecoming'. His mother, Margaret Edgerton Tobin (b. 1893), was a social worker. Tobin followed primary school at the University Laboratory High School of Urbana, Illinois, a laboratory school in the university's campus.
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