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The figure is taken from p. 186 of Robert J. Shiller's Irrational
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教科書 (3 版 ) 図 4-4 (p. 117)
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James Tobin (1918 - 2002)
……By designating the channels
of contact between financial and
real phenomena, Tobin has
indicated, theoretically and
empirically, the effects of changes
in the real value of financial assets
on the volume of consumption. A
particularly important aspect is
the analysis of factors that affect
firms' real investments. Tobin has
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金融と株価 (44)
succeeded in reformulating an earlier hypothesis
that these investments are strongly affected by the
relation between the market value of existing real
capital and the acquisition cost of corresponding,
newly-produced real capital. If the prices of existing
real capital, such as share prices, decline when the
acquisition costs of new real capital are given or
rising, then investments are counter-acted. This
relation is confirmed by recent development in
several countries…..
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Excerpt: http://nobelprize.org/nobel_prizes/economics/laureates/1981/press.html
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Document 4555735