Practical Tobinism
I have a lot more to say about the NAIRU (and various other topics, believe it or not), but this week I may be too busy applying Tobin’s separation theorem – something else that James Tobin and Greg Mankiw would agree about (but it’s pretty hard for anyone to disagree with a theorem). Since people actually pay me for this kind of thing, I’m beginning to see why Tobin is worth naming a dog after, even if you disagree with him about a lot of things. (My cat and I disagree about a lot of things, too.)
posted by knzn at 6/11/2006 08:46:00 PM
5 Comments:
Dunno. I thought this due to Markowtiz, the guy Milton Friedman tried to deny a Phd (since he said this wasnt econ!). The optimal investment decision is a riskfree asset and the mkt portfolio; take your pick of the combo.
I think Tobin famously said the theory was: dont put all your eggs in one basket (which really isnt separation).
"Since people actually pay me for this kind of thing"
Slowly, but surely, we're getting more spicey details into the life of knzn. My FBI work so far: you work in a finance company in Boston, which sometimes brings you to LA on business trips (whereupon you watch RAN on the plane). You live with a cat. Youre a harvard phd. Oh, knzn, Ill have you nailed down in no time at this rate. Stay tuned.
I think Markowitz showed that there is an efficient frontier, and Tobin showed that, in the presence of a risk-free asset, there is a single optimal point along the frontier (anyhow according to this reference).
Thanks for link knzn. That clears it up. It seems Tobin was pretty eclectic; I usually relate him to Keynesian stuff. Also, he developed the idea of a Tobin tax too. (yep, manQ named his dog after a tax).
"Since people actually pay me for this kind of thing"
Forget it knzn. Ever hear of the efficient markets hypothesis? It seems you're trying to beat the market. Any inside information for you loyal readers? Investment advice, maybe? Ah, go on.
Applying the separation theorem doesn’t, in principle, have much to do with trying to beat the market. In an efficient market, someone still has to decide how to combine risky assets and risk-free assets given any particular objective.
As it happens, though, we are trying to beat the market. It should be efficient, but we make money off all those noise traders who believe in screwy alternatives to the NAIRU or naïve applications of it. Either that or we’ve been extremely lucky, but either way I get paid.
My firm is actually thinking of launching a blog, to which I would be main contributor. But I’m not sure they would want people to know I’m the same person who writes this blog, given some of the things I’ve written here.
As for investment advice, you’ll have to read between the lines.
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