According to [the general equilibrium approach to monetary theory], the principal way in which financial policies and events affect aggregate demand is by changing the valuations of physical assets relative to their replacement costs. (James Tobin)

According to [the general equilibrium approach to monetary theory], the principal way in which financial policies and events affect aggregate demand is by changing the valuations of physical assets relative to their replacement costs.

James Tobin

Related topics

affect aggregate approach assets changing demand equilibrium general physical principal relative replacement theory way costs

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