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James Tobin Nobel Lecture
The Price Level and the Inflation Rate
Location:
Online
Type:
Other
YSI Presenters
Description
This our weekly discussion of the price level as it relates to Perry Mehrling's money view. The price level is the average price of goods in terms of money or, equivalently, the price of money in terms of goods. But what determines the price level? Why is the price level important? And how does it fit into the money view?
This week, we are reading and discussing James Tobin's 1981 Nobel lecture: "Money and Finance in the Macro-Economic Process". The lecture explores how fiscal policy and monetary policy might connect up to general equilibrium models of the macro-economy represented as systems of simultaneous equations.
https://www.nobelprize.org/uploads/2018/06/tobin-lecture.pdf
What does it mean for markets to be perfectly efficient? Is there a role for money in the economy if there are no market failures?
Our weekly standing Zoom meeting time is 12 pm Eastern Time (America/New York) every Thursday.
See our Discord server for ongoing discussion: https://discord.gg/NJMyew58
Hosted by Working Group(s):
Organizers
Attendees
Alex Howlett
Larissa de Lima
Oindrilla Seal
Zane Rubaii
MARIUS DEBONAIRE MBETGA
Jay Pocklington
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