They certainly should, in my opinion, take a pragmatic view of the combination of those goals.
I think the current Federal Reserve has done that, under both Volcker and Greenspan.
In James Tobin’s view, the welfare of populations depends uniquely on these policies and it is important to be aware of their impact.
, through his service in President Kennedy's administration, his receipt of the Nobel Prize in Economics and in his continuing work at Yale University, James Tobin has often been in the public eye.
TOBIN: Well, it may be even lower than where we are now.
Robert Gordon, the Northwestern [University] economist who was Mr.
"I think it still looks pretty good," Tobin says in the following interview, "but I'm prejudiced." Tobin also comments on other economic theories, as well as on monetary policy, the consumer price index, Social Security, his days with the Kennedy administration and how he came to be mentioned in Wouk's novel.
you ask the question, "Should policymakers give priority to price stability or to full employment? TOBIN: My response is that they should pay attention to both of those objectives.
People who had estimated it at 6 percent have since changed their minds; maybe they will again.
REGION: Speaking of unemployment rates and inflationas you suggested, we have been at or under the so-called full employment rate for some time. Or, perhaps, are we simply wrong about what that level is?