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Teoria macroeconomica e politica monetaria:i contributi di Franco Modigliani e il dibattito in corso

  • Lucas Papademos

    (Banca Centrale Europea, Francoforte sul Meno (Germania))

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    In this article will discuss several topics of macroeconomics and monetary policy and relate them with the contributions and ideas of Franco Modigliani. I will focus in particular on the structure and main features of theoretical systems able to adequately describe the role of money in the macroeconomic environment and the effects of monetary policy on aggregate output and the price level. One of these facilities, which will sum itself theoretical advances discussed above, can be considered in line with the common point of view about the basic components and operation of the transmission mechanism of monetary policy. Will highlight also the elements of uncertainty and unresolved issues that exist with respect to some structural and dynamic characteristics of the model. As the second argument, I want to briefly discuss the nature and strength of the empirical relationships linking important economic variables - such as the price level and aggregate output – to the tools of monetary policy. Finally, I will focus on the consequences of the theoretical macroeconomic and as we know now, empirical results regarding the links between the objectives and instruments of monetary policy for the selection of an appropriate strategy in this area and for its effective implementation .

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    File URL: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9738/9624
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    Article provided by Economia civile in its journal Moneta e Credito.

    Volume (Year): 58 (2005)
    Issue (Month): 230-231 ()
    Pages: 203-232

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    Handle: RePEc:psl:moneta:2005:211
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