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The Baumol–Tobin model is an economic model of the transactions demand for money as developed independently by William Baumol (1952) and James Tobin (1956). The theory relies on the tradeoff between the liquidity provided by holding money (the ability to carry out transactions) and the interest forgone by holding one’s assets in the form of non-interest bearing money. The key variables o

Huw David Dixon (/hju: devəd dɪksən/; born 1958) is a British economist. He has been a professor at Cardiff Business School since 2006, having previously been Head of Economics at the University of York (2003–2006) after being a professor of economics there (1992–2003), and the University of Swansea (1991–1992), a Reader at Essex University (1987–1991) and a lecturer at Birkbeck College

Jeffrey Alexander "Jeff" Frankel (born November 5, 1952, in San Francisco, California) is an international macroeconomist. He works as the James W. Harpel Professor of Capital Formation and Growth at Harvard Kennedy School.

John Brian Taylor (born December 8, 1946) is an American economist who is the Mary and Robert Raymond Professor of Economics at Stanford University, and the George P. Shultz Senior Fellow in Economics at Stanford University's Hoover Institution.

Michael Dean Woodford (born 1955) is an American macroeconomist and monetary theorist who teaches at Columbia University. In 2026, he was awarded the Nobel Memorial Prize in Economic Sciences, along with Robert E. Hall.

In monetary economics, the money multiplier is the ratio of the money supply to the monetary base (i.e. central bank money).