The Godley-Tobin lecture
نویسندگان
چکیده
منابع مشابه
Heterogeneous traders and the Tobin tax
To study the effectiveness of the Tobin tax, we develop a model of heterogeneous interacting agents. Traders either speculate on the basis of technical or fundamental analysis, or abstain from the market, a decision which depends on profit considerations, as well as communication between agents. Simulations generate stylized facts such as unit roots in exchange rates, fat tails for returns, or ...
متن کاملTobin Tax and Market Depth
This paper investigates-on the basis of the Cont-Bouchaud model-whether a Tobin tax can stabilize foreign exchange markets. Compared to earlier studies, this paper explicitly recognizes that a transaction tax-induced reduction in market depth may increase the price responsiveness of a given order. We find that the imposition of a transaction tax may still achieve a triple dividend: (1) exchange...
متن کاملLucas meets Baumol and Tobin
Many issues that were traditionally analyzed using the Baumol-Tobin model can also be analyzed, perhaps more easily, using the Lucas (1980) cash-in-advance model where money serves both as a medium of exchange and as a store of value. This is illustrated by three examples (implications) of the Lucas model: (i) the velocity of money is time varying, volatile, and ination-dependent; (ii) transit...
متن کاملMonetary Equilibria in a Baumol-Tobin Economy
This paper provides a non-steady state general equilibrium foundation for the transactions demand for money going back to Baumol (1952) and Tobin (1956). In our economy, money competes against real capital as a store of value. We prove existence of a monetary general equilibrium in which both real capital and at money are voluntarily held over time. The demand for money is generated by xed tran...
متن کاملInvestment , Tobin ’ s q , and Interest Rates ∗
To study the impact of stochastic interest rates and capital illiquidity on investment and firm value, we incorporate a widely-used arbitrage-free term structure model of interest rates into a standard q-theoretic framework. Our generalized q model informs us to use corporate credit-risk information to predict investments when empirical measurement issues of Tobin’s average q are significant (e...
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ژورنال
عنوان ژورنال: Review of Keynesian Economics
سال: 2020
ISSN: 2049-5323,2049-5331
DOI: 10.4337/roke.2020.01.01