Volatile Financial Markets and the Speculator

Abstract

New Keynesians Joseph Stiglitz (1989) and Lawrence Summers (Summers and Summers 1989), following the lead of Old Keynesian James Tobin (1974), have argued that an ad valorem tax on financial market transactions is socially desirable in that it will reduce the observed volatility in our ‘super-efficient financial markets’. All of these Keynesians claim that Keynes initiated the recommendation for a universal financial transactions tax as a socially desirable policy.

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