关键词：
.Monetary Economics
摘要：
My wife and I met Jim and Betty Tobin for the first time in Cambridge, probably in a year like 1947 or 1948, but that was not really the beginning of our friendship. Jim must have finished his Ph.D. thesis by then, and would soon decamp for Yale, neither the first nor the last in a series of humongous Harvard blunders. I was just beginning my graduate work, having come back from the war still an undergraduate. I am pretty sure I had not then read Tobin's 1941 "Note on the Money Wage Problem." That was, as I later realized, an interesting excursion into Keynesian economics, interesting even now, I mean. But Tobin had learned about Keynes purely by accident, when he was an undergraduate. Later undergraduates like me were protected against that *** I went on to teach at MIT, I knew about Tobin of course. I read his papers on consumer demand, because I was teaching econometrics and looking for good examples of it. He published "A Dynamic Aggregative Model" at just the time when I was working on economic growth, so I recognized a master hand. Jim has said that it was his favorite paper. And of course I read "Liquidity Preference as Behavior Toward Risk" in 1958. TheReview of Economic Studieswas the preferred journal in those days for eager young middlebrow theorists. Not only was it interesting, it came out only three times a year with a mere handful of articles per issue. If I sound nostalgic for that pace, it is because I *** John Kennedy was elected President in 1960. One night in December of that year, after 11 o'clock, my wife and I were already asleep (we had three little kids) when the telephone rang. When I picked it up I found myself talking to Walter Heller, Kermit Gordon, and Jim Tobin, who had already been named as the Chairman and Members of the new Council of Economic Advisers to take office in January. I remember my first question was: "What are you guys doing up this late?" (It should have been a warning about Walter's work habits.) They wante
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