A Revised Tobin Effect from Inflation: Relative Input Price and Capital Ratio Realignments, USA and UK, 1959–1999
研究通货膨胀如何改变实际工资与实际利率之比，进而提高各行业实物资本相对于人力资本的使用，并在美国和英国数据中找到协整证据支持这一托宾效应。
The paper studies the realignments induced by inflation within an endogenous growth monetary economy. Accelerating inflation raises the ratio of the real wage to the real interest rate, and so raises the use of physical capital relative to human capital across all sectors. We find cointegration evidence for the US and UK economies consistent with a general equilibrium, Tobin‐type, effect of inflation on input prices and capital intensity, even while the growth rate of output is reduced by inflation.