Introduction : James Tobin's contributions to economics / Douglas D. Purvis -- Tobin on money wages and employment / Robert M. Solow. Comment / Harold W. Watts -- How large are the losses from rule-of-thumb behavior in models of the business cycle? / George A. Akerlof and Janet L. Yellen -- Debt neutrality, redistribution, and consumer heterogeneity : a survey and some extensions / Willem H. Buiter. Comment / Steven N. Durlauf -- Effectiveness of macropolicies in small open-economy dynamic aggregative models / Edmund S. Phelps. Comment / Jerome L. Stein -- Toward an international commodity standard? / Richard N. Cooper. Comment / Koichi Hamada -- Long-run risk tolerance when equity returns are mean regressing : pseudoparadoxes and vindication of "businessman's risk" / Paul A. Samuelson. Comment / Harry M. Markowitz
Coping with the term structure / Gary Smith. Comment / John Y. Campbell -- Contract design, intermediation, and interest rate variability / Donald D. Hester. Comment / Benjamin M. Friedman -- Fundamental value and market value / William C. Brainard, Matthew D. Shapiro and John B.Shoven -- Goals and conduct of stabilization policy / George L. Perry -- Excerpts from a political handbook for economic policy advisers / Charles L. Schultze -- Budget deficits, national saving, and Tobin / Edward M. Gramlich -- Government policy to promote economic growth / William D. Nordhaus -- Concluding remarks / James Tobin