Franco Modigliani

Antonio Fazio

Abstract


 In this address to the Accademia dei Lincei, the author discusses the development of Modigliani's thinking, with special reference to the themes of money, monetary policy and economic policy in general, the main aspects of which were an integral part of the Bank of Italy's first econometric model. Stressing Modigliani's balanced position in the macroeconomic debate, the author shows how, while he refrained from taking sides, he put forward cogent arguments defending the need for counter-cyclical policies. Modigliani's many contributions, both theoretical and empirical, have provided central bankers with a valuable tool; his teaching is still relevant for economists and policymakers, highlighting the role of stabilization policies in a global financial system, their influence on economies' competitiveness and their ability to grow.

 

JEL Codes: B31

 


Keywords


Franco Modigliani, Accademia dei Lincei

Full Text:

PDF

References


COPELAND M.A. (1952), A Study of Money Flows in the United States, NBER, New York.

DENISON E.F. (1962), The Sources of Economic Growth in the United States and the Alternatives Before Us, Committee for Economic Development, New York.

ERCOLANI M. and F. COTULA (1969), I conti finanziari della Banca d'Italia, Ente per gli studi monetari bancari e finanziari L. Einaudi, Roma.

FRIEDMAN M. and A.J. SCHWARTZ (1963), A Monetary History of the United States 1867-1960, Princeton University Press, Princeton.

GRUNBERG E. and F. MODIGLIANI (1954), "The predictability of social events", Journal of Political Economy, vol. 62, December, pp. 465-78.

GURLEY J.G. and E.S. SHAW (1960), Money in a Theory of Finance, The Brookings Institution, Washington.

HICKS J. (1939), Value and Capital, Clarendon Press, Oxford.

KEYNES J.M. (1936), The General Theory of Employment, Interest and Money, Macmillan, London.

KEYNES J.M. (1973), Collected Writings of J.M. Keynes, edited by D. Moggridge, vol. XIII, Macmillan, London.

LUCAS R.E. JR. (2003), "Macroeconomic priorities", American Economic Review, vol. 93, March, pp. 1-14.

MODIGLIANI F. (1944), "Liquidity preference and the theory of interest and money", Econometrica, vol. 12, January, pp. 45-88.

MODIGLIANI F. (1960), "Postscript" in H. Hazlitt ed., The Critics of Keynesian Economics, D. van Nostrand, New York, pp. 183-84.

MODIGLIANI F. (1963), "The monetary mechanism and its interaction with real phenomena", Review of Economics and Statistics, vol. 45, February, pp. 79-107.

MODIGLIANI F. (1977), "The monetarist controversy or should we forsake stabilization policies?", American Economic Review, vol. 67, March, pp. 1-19.

PARETO V. (1906), Manuale di economia politica. Con una introduzione alla scienza sociale, Società Editrice Libraria, Milano.

PATINKIN D. (1948), "Price flexibility and full employment", American Economic Review, vol. 38, September, pp. 543-64.

PATINKIN D. (1965), Money, Interest, and Prices: an Integration of Monetary and Value Theory, Harper & Row, New York.

TOBIN J. and S. GOLUB (1998), Money, Credit and Capital, Irwin-McGraw Hill, Boston.


Refbacks

  • There are currently no refbacks.


Copyright (c) 2016 Antonio Fazio

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

 

 

Sponsored by   


ISSN 2037-3643


Reg. Tribunale di Roma n.377/2009 del 19/11/2009