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2008 | Buch

Modigliani’s Early Life and Influences Kapitel lesen Erstes Kapitel lesen

Franco Modigliani

A Mind That Never Rests

verfasst von: Michael Szenberg, Lall Ramrattan

Verlag: Palgrave Macmillan UK

Buchreihe : Great Thinkers in Economics Series

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

Starting with an overview of Modigliani's life, the authors explain and assess his influential theories, including his theory of the life-cycle hypothesis of saving; the famous Modigliani-Miller theorem in corporate finance; stabilisation policy; econometric model building and forecasting, and his legacy and influence on contemporary economics.

Inhaltsverzeichnis

Frontmatter
1. Modigliani’s Early Life and Influences
Abstract
Modigliani penned an autobiography relating his experiences in Italy, America and other European countries.1 For each country, he presents his major works like a meal consisting of graphs, symbols, data, and explanations for general readers to digest. A “scientific autobiography” written by “a ferocious Galileo,” says Samuelson. “His memoirs are just like him. Any reader will get to know a delightful person and learn some economics besides,”2 echoes Solow. Adventures stands besides other biographical pieces Modigliani had written, one for his Nobel Prize in 1985,3 and a chapter in a book.4 Why should we have another record of his life and works?
Michael Szenberg, Lall Ramrattan
2. Modigliani and Keynesian Economics
Abstract
Modigliani built a Keynesian macroeconomic model that has attracted research for over 60 years. It started with his dissertation in 1944, which he revised just several months before his death in 2003. Some hold that the model revived classical thought, others say it betrayed the tools and thoughts of classical economics. But the model performed well overall in the sense that it solved problems and predicted macroeconomic events. In this chapter, we present Modigliani as a model builder who has one foot on theory and the other on application, extending the Keynesian paradigm.
Michael Szenberg, Lall Ramrattan
3. The Gospel of Keynesian Reality, Development and Application of Modigliani’s Model, 1944–2003,The Realm of Stabilization Policies
Abstract
Prior to the Great Depression, John Maynard Keynes embraced the cyclical mechanisms that are the bedrock of full employment analysis in his monetary studies. Around 1923, Keynes recognized that “the problem of stabilization has several sides.”1 Inflation and deflation attracted paramount attention, relating to the problem of devaluation of exchange rates, and restoration of the Gold Standard.
Michael Szenberg, Lall Ramrattan
4. The Life Cycle Hypothesis
Abstract
Keynes’ consumption function, the absolute income hypothesis, revolutionized economics by shifting macroeconomic analysis from the supply side to the demand side. Total demand includes four major components relating to the household, business, government, and foreign sectors — the areas that have attracted varying degrees of scientific research since the post-WWII period. Modigliani’s life cycle hypothesis (LCH) contribution to macroeconomics fits in the domain of household consumption, the only component for which Keynes had advanced a psychological law that “men are disposed, as a rule and on the average to increase their consumption as their income increases, but not by as much as the increase in their income.”1
Michael Szenberg, Lall Ramrattan
5. Modigliani and Miller’s (M&M) Hypothesis
Abstract
Integral to the Keynesian paradigm in economic theory is the study of how investment affects the economy. The Keynesian investment demand schedule relates an aggregate investment to a riskless rate of interest. Modigliani felt that the Keynesian model of investment was inadequate, since it did not deal with uncertainty, and it focused mainly on debt. Financial and managerial economists were more interested in the cost of capital vs. risk. They wanted to extrapolate the idea of uncertainty to the maximization of profit and the value of the firm.1
Michael Szenberg, Lall Ramrattan
6. Forecasting: The MPS Model
Abstract
Modigliani studied statistics with Abraham Wald, who was also a mathematician, and a general equilibrium theorist. Modigliani taught econometrics and had the reputation of forming theories that clearly explain reality. His reputation as a forecaster started with early collaborative work with his teachers at the New School on the specification of international trade functions. By far, however, Modigliani’s work on the FRB-MIT-SSRC model, which took on a large-scale econometric view of the macro economy, is his most important contribution to econometric forecasting. In that model, Modigliani flirted with an early version of the Rational Expectation Hypothesis (REH). He made many econometric forecasts for foreign countries based on that model. We will discuss his essential contributions to forecasting in this chapter.
Michael Szenberg, Lall Ramrattan
Backmatter
Metadaten
Titel
Franco Modigliani
verfasst von
Michael Szenberg
Lall Ramrattan
Copyright-Jahr
2008
Verlag
Palgrave Macmillan UK
Electronic ISBN
978-0-230-58243-9
Print ISBN
978-1-349-28350-7
DOI
https://doi.org/10.1057/9780230582439