Epstein Secrets

proposed initially proposed by John Maynard Keyes and aimed at containing financial instability arising from speculative financial transac- tions (Keynes, 1936). In the same spirit James Tobin proposed in 1974 the introduction of an internation- al currency transactions tax also aimed at taming globa

spirit James Tobin proposed in 1974 the introduction of an internation- al currency transactions tax also aimed at taming global currency markets (Tobin, 1978). While these taxes were initially proposed as stabilization tools, they actually can generate substantial tax revenue given the massive vol

duced from retained earnings within companies. For many economists, somewhat oddly, this will be seen as a serious flaw. Since at least the time of Keynes, investment and saving have been at the heart of macroeconomic modelling, and this is true of neo-classical and other heterodox modelling, not just

hastic basis for stock market movements and also give substantial evidence for long term reversion to mean for stock market prices when measured by Tobin's q or by CAPE; the 'Cyclically Adjusted Price to Earnings ratio'. This is discussed at length in Smithers [Smithers 2009] for example, and is looke

the players know that it is the Old Maid which is circulating, or that when the music stops some of the players will find themselves unseated." 3M Keynes [Keynes 1936] The following is a brief review of current research and emerging ideas within the field of liquidity. This section is something of a

escales. Two measures in particular are able to capture the over or under valuation of the stock market, the two measures that do this are CAPE and Tobin's q. Tobin's q is of course the same thing as the book-to-market ratio, the same value used at company level in the research of French & Fama and v