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Professor James Tobin is a figure of truly historic significance in the economics profession. He is one of the major developers of modern macroeconomic theory. He has contributed fundamental knowledge to the theory of investment, of consumption, of money and banking, and of economic growth. His theoretical work made possible the development of the capital asset pricing model that has been a central paradigm in modern finance. His work on limited-dependent variable models has started a field within econometrics.
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Robert J. Shiller (1999) studied this question.
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