On the one hand, Franco Modigliani does not like rational expectations. On the other hand, Franco Modigliani does like rational expectations - indeed, as he says, he invented it. Many times in his complaints, Modigliani seems to be conflating the use of the rational expectations hypothesis with the use of the market clearing hypothesis. The life-cycle model seems at first glance to have very little relationship to the business expectations and planning project.
Volume (Year): 30 (2004)
Issue (Month): 3 (Summer)
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