When and where was James Tobin born?
James Tobin entered the world on the 5th of March 1918 in Champaign, Illinois. His father Louis Michael Tobin worked as a journalist at the University of Illinois.
Questions about James Tobin
Short answers, pulled from the story.
What university did James Tobin attend for his undergraduate degree?
James Tobin received admission to Harvard College with a national scholarship in 1935. He graduated summa cum laude in 1939 with a thesis analyzing Keynes' mechanism for involuntary unemployment.
Why did James Tobin receive the Nobel Memorial Prize in Economic Sciences in 1981?
The committee cited James Tobin's creative and extensive work on financial markets analysis. They highlighted how his research connected expenditure decisions employment production and prices.
What econometric model is named after James Tobin?
James Tobin published an article in 1958 introducing a model for censored dependent variables known universally as the Tobit model. This technique remains a standard method used by researchers today to handle situations where data points were limited or restricted.
Who proposed the tax on foreign exchange transactions known as the Tobin tax?
James Tobin gained fame outside academic circles for suggesting a tax on foreign exchange transactions. The concept later became widely known as the Tobin tax to reduce speculation within international currency markets.
When and where did James Tobin die?
James Tobin died on the 11th of March 2002 in New Haven Connecticut. He left behind a vast body of scholarly work including theories that form core components of modern macroeconomic education.