Franco Modigliani, 1918-

A student of Jacob Marschak's at the New School for Social Research, Franco Modigliani, in the model presented in his Ph.D thesis (1944), was to provide the nucleus of the Neo-Keynesian Synthesis of post-war macroeconomics. His further work went on to consolidate much of that research effort - whether in his "Life-Cycle Hypothesis" for the consumption function (1953) or in the building of large macroeconometric models - such as his famous MPS model. He also made several important contributions to theory of money and finance - notably, the fundamental "Modigliani-Miller" theorem (1958) of corporate finance and the "Preferred Habitat" theory (19??) for the term structure of interest rates. Modigliani was teaching at M.I.T. when he won the Nobel prize in 1985.

Major works of Franco Modigliani

• "Liquidity Preference and the Theory of Interest and Money", 1944, Econometrica.
• "Utility Analysis and the Consumption Function: An interpretation of cross section data", with R. Brumberg, 1954, in Kurihara, editor, Post Keynesian Economics.
• "The Cost of Capital, Corporation Finance and the Theory of Investment", 1958, with M.H. Miller, AER
• "New Developments on the Oligopoly Front", 1958, AER.
• "Corporate Income Taxes and the Cost of Capital: A correction", with M.H. Miller, 1963, AER.
• "The Life Cycle Hypothesis of Saving", with A. Ando, 1963, AER.
• "The Monetary Mechanism and its Interaction with Real Phenomena", 1963, REStat.
• "The Pasinetti Paradox in Neoclassical and More General Models", with P. Samuelson, 1966, RES.
• "Monetary Policy and Consumption", 1971, in Consumer Spending and Monetary Policy.
• "The Monetarist Controversy or should we forsake stabilization policies", 1977, AER.
• "Toward an Understanding of the Real Effects and Costs of Inflation", with S.Fischer 1979, WWA.
• "Life Cycle, Individual Thrift and the Wealth of Nations", 1986, AER.
• "The Role of Intergeneration Transfers and Life-Cycle Saving in the Accumulation of Wealth", 1988, JEP.
• The Debate over Stabilization Policies
• "The Supply of Money and the Control of Nominal Income" with L. Papademos, 1990, in Friedman and Hahn, editors, Handbook of Monetary Economics - intro.
• The European economic recovery : a need for new policies?
• Capital Markets : Institutions and Instruments, with Frank J. Fabozzi, 1996
• "Growth, investments, Public Deficit and Maastricht", 1996, Nobels for the Future
• "Technological Innovation and Labour Policies ", 1998, Nobels for the Future
• "Business Expectations and Strategy for the United States of Europe" with H. Askari, 1997, Stategy and Business
• "A Euro minus the D-Mark" with M. Baldassarri, 1997, Financial Times
• "Perils of unemployment" with G. LaMalfa, 1998, Financial Times
• Letter to Financial Times with G. LaMalfa, 1998 
• "La banca che vogliamo" with G. LaMalfa, 1998, Corriere della sera
• "Il debito italiano? Non fa paura", with G. LaMalfa, 1998, Corriere della sera
• "Yes to the Euro, but Also to an Investment Plan for Jobs" with G. LaMalfa, 1998, Herald Tribune
• "A Solution to the Social Security Reform", with M.L. Ceprini and A.S. Muralidhar, 2000

Resources on Franco Modigliani

• HET Pages: the Neo-Keynesian World: Integrating the Keynesian Relationships, The Neoclassical-Keynesian Synthesis
• Modigliani's personal webpage 
• Modigliani's webpage at M.I.T. (Sloan)
• Autobiography of Modigliani at Nobel site.
• Press release of Nobel award (1985).
• Modigliani page at Ideachannel.com
• "The Keynesian Theory of Unemployment" - notes by Modigliani
• "Relationship Between the Stock & Bond Market" address by Modigliani at Colorado College, 1997
• "Modigliani addresses deficit", 1986, Tech
• "Institute professor receives Nobel Prize", 1985, Tech
• "Passing the Chair: Ross and Modiglani" 1999, Return on Investment
• Ford/MIT Nobel Laureate Lecture 2000 by Samuelson, Solow and Modigliani - in RAM format (video or audio), article
• Modigliani Page at Britannica.com
• Modigliani Page at Britannica Guide to the Nobel Prizes
• Modigliani Page at Nobel Prize Internet Archive
• Modigliani at Bartleby
• Modigliani Page at Nobels for the Future
• "Modigliani Discusses Savings Theories", 1985, Boston Globe
• "Why the Rich Stay Rich and the Poor Stay Poor", 1985, Boston Globe
• "And there is the Art of Diplomacy", 1985, Boston Globe
• "Nobel for MIT Economist", 1985, Boston Globe
• "A Magnetic Professor's Rich, Connected Life in Economics", 1985, Boston Globe
• "Eight MIT Nobelists protest patent legislation", 1997, MIT Office News
• Modigliani's Letter to Trent Lott on patent legislation
• "Se l'informazione è globale anche il mercato è più aperto: Intervista con Franco Modigliani" at Telema
• "Internet, la rivoluzione del mercato mondiale: Intervista con Franco Modigliani" at 001Topzine
• "Social Security" - Modigliani and Diamond at Ideachannel -- audio & video (RAM)
• Conferenza del Prof. Franco Modigliani
• Modigliani profile at Elsevier/North-Holland
• Modigliani entry at National Academy of Sciences (NAS)
• Modigliani Page at Laura Forgette
• Modigliani Page (Italian)
• Modigliani profile at Ohio State
• Modigliani photo
• Modigliani receiving honorary doctorate at Valencia
• L'economia "aperta" e la "bolla speculativa" at Sviluppoimpresa
• Commenti e dibattiti at Rassegna Stampi