"There is no reason to think that the impact [of monetary policy] will be captured in any single [variable]... , whether it is a monetary stock or a market interest rate."
— James Tobin

January 1, 1970

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Academics from the United StatesNon-fiction authors from the United StatesMathematicians from the United StatesEconomists from the United StatesNobel laureates in Economics
Original Language: English

Sources

p. 29 as cited in: Andrés, Javier, J. David López-Salido, and Edward Nelson. "Tobin's imperfect asset substitution in optimizing general equilibrium." Journal of Money, Credit and Banking (2004): 665-690.