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Modigliani's 1944 Wage Rigidity Assumption and the Construction of the Neoclassical Synthesis


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  • Rancan, Antonella


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    Modigliani's 1944 "Econometrica" article is considered one of the most important efforts to reconcile Keynes with classical economic thinking. The aim of this paper is to reconstruct the genesis of Modigliani's article and to reexamine its place in the construction of Neoclassical Synthesis. Modigliani introduced the wage rigidity hypothesis to show how monetary factors influence real variables such as the employment level and the interest rate. Modigliani?s attention to the monetary origin of and solution to unemployment is in stark contrast to the neglect in Neoclassical Synthesis of the monetary side of the system and its inclination towards fiscal policy

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    Paper provided by University of Molise, Dept. EGSeI in its series Economics & Statistics Discussion Papers with number esdp12069.

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    Length: 26
    Date of creation: 25 Oct 2012
    Date of revision:
    Handle: RePEc:mol:ecsdps:esdp12069

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    Keywords: Modigliani; wage rigidity; neoclassical synthesis; Patinkin;

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    1. Goulven Rubin, 2002. "From equilibrium to disequilibrium: the genesis of Don Patinkin's interpretation of the Keynesian theory," The European Journal of the History of Economic Thought, Taylor & Francis Journals, Taylor & Francis Journals, vol. 9(2), pages 205-225.
    2. Goulven Rubin, 2004. "Patinkin on IS-LM: an Alternative to Modigliani," Post-Print, HAL halshs-00635213, HAL.
    3. Roger Backhouse, 2002. "Don Patinkin: interpreter of the Keynesian revolution," The European Journal of the History of Economic Thought, Taylor & Francis Journals, Taylor & Francis Journals, vol. 9(2), pages 186-204.
    4. N. Gregory Mankiw, 2006. "The Macroeconomist as Scientist and Engineer," NBER Working Papers 12349, National Bureau of Economic Research, Inc.
    5. Snowdon, Brian, 2004. "Outside The Mainstream: An Interview With Axel Leijonhufvud," Macroeconomic Dynamics, Cambridge University Press, Cambridge University Press, vol. 8(01), pages 117-145, February.
    6. Michael De Vroey, 2000. "IS-LM à la Hicks versus IS-LM à la Modigliani," History of Political Economy, Duke University Press, Duke University Press, vol. 32(2), pages 293-316, Summer.
    7. William Darity, Jr. & Warren Young, 1995. "IS-LM: An Inquest," History of Political Economy, Duke University Press, Duke University Press, vol. 27(1), pages 1-41, Spring.
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