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Franco Modigliani

Author

Listed:
  • Antonio Fazio

    (Governor of the Banca d'Italia, Roma (Italy))

Abstract

In this address to the Accademia dei Lincei, the author discusses the development of Modigliani's thinking, with special reference to the themes of money, monetary policy and economic policy in general, the main aspects of which were an integral part of the Bank of Italy's first econometric model. Stressing Modigliani's balanced position in the macroeconomic debate, the author shows how, while he refrained from taking sides, he put forward cogent arguments defending the need for counter-cyclical policies. Modigliani's many contributions, both theoretical and empirical, have provided central bankers with a valuable tool, his teaching is still relevant for economists and policymakers, highlighting the role of stabilization policies in a global financial system, their influence on economies' competitiveness and their ability to grow.

Suggested Citation

  • Antonio Fazio, 2005. "Franco Modigliani," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 58(233-234), pages 249-261.
    • Handle: RePEc:psl:bnlaqr:2005:214
    as

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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9857/9739
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    References listed on IDEAS

    as
    1. Emile Grunberg & Franco Modigliani, 1954. "The Predictability of Social Events," Journal of Political Economy, University of Chicago Press, vol. 62(6), pages 465-465.
    2. Franco Modigliani, 1977. "The monetarist controversy; or, should we forsake stabilization policies?," Economic Review, Federal Reserve Bank of San Francisco, issue Spr suppl, pages 27-46.
    3. Morris A. Copeland, 1952. "A Study of Moneyflows in the United States," NBER Books, National Bureau of Economic Research, Inc, number cope52-1.
    4. Robert E. Lucas Jr., 2003. "Macroeconomic Priorities," American Economic Review, American Economic Association, vol. 93(1), pages 1-14, March.
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    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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