Franco Modigliani

Antonio Fazio


 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



Franco Modigliani, Accademia dei Lincei

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