Commenti a un recente studio di Modigliani e Padoa-Schioppa (Comments on a recent study by Modigliani and Padoa-Schioppa)



In a recent work, F. Modigliani and T. Padoa-Schioppa presented a theoretical framework in support of the widely diffused thesis among economic commentators regarding the existence of an inverse relationship between real wages and employment. Their central thesis is that in an economy where wages are indexed 100%, for each value of the real wage only one level of real national product exists that is consistent with price stability. In the present article, the authors provide a simplified version of the model in order to highlight its main features before then demonstrating its groundlessness. They argue that not only should the attempt to give validity to the postulated inverse relationship between the level of production and the real wage supported by Modigliani and Padoa-Schioppa be rejected, so should the inclination to derive concrete policy propositions from such economic analysis.

JEL: E24, E31, J31

Parole chiave

Modigliani, Padoa-Schioppa, real wages, employment, indexation, price stability

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ISSN 2037-3651

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