Franco Modigliani e la teoria del ciclo vitale del consumo
In the early '50s, Franco Modigliani and his student Richard Brumberg elaborated a theory of expenditure based on the idea that individuals make smart choices about how they want to spend at any age, with the only limit of the available resources in the course of their lives. Through the accumulation and decumulation of assets, those who work can provide for their own retirement and, more generally, can adapt their consumption patterns to the needs that arise at different ages, regardless of income available in every moment of his life. This simple theory leads to predictions relevant and not discounted for the economy as a whole, for example, that national saving depends on the rate of growth of national income and not on his level, and there is a simple relationship between the level of wealth in the economic system and the length of time spent in retirement. These forecasts, not verifiable in the '50s, they found considerable empirical support in the subsequent work of Modigliani and other researchers. Although over the years the theory of consumption has suffered numerous attacks, the most recent of which are driven by a coalition of psychologists and economists, the hypothesis of the life cycle remains an essential part of the thinking of economists. Without it we would have much less to say about many important issues, such as providing public and private social security, the effects of the stock market on the economy, the impact of demographic change on national savings, the role of saving in economic growth and the determinants of national wealth.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- William A. Barnett & Robert Solow, 2004.
"An Interview with Franco Modigliani,"
- William Barnett & Robert Solow, 2004. "An Interview With Franco Modigliani," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 200407, University of Kansas, Department of Economics, revised Jun 2004.
- Pierre-Olivier Gourinchas & Jonathan A. Parker, 1999.
"Consumption Over the Life Cycle,"
NBER Working Papers
7271, National Bureau of Economic Research, Inc.
- Deaton, A., 1989.
"Saving And Liquidity Constraints,"
153, Princeton, Woodrow Wilson School - Public and International Affairs.
- Chris Carroll & Lawrence H. Summers, 1989.
"Consumption Growth Parallels Income Growth: Some New Evidence,"
NBER Working Papers
3090, National Bureau of Economic Research, Inc.
- Christopher D. Carroll & Lawrence H. Summers, 1991. "Consumption Growth Parallels Income Growth: Some New Evidence," NBER Chapters, in: National Saving and Economic Performance, pages 305-348 National Bureau of Economic Research, Inc.
- Laurence J. Kotlikoff, 1987.
"Intergenerational Transfers and Savings,"
NBER Working Papers
2237, National Bureau of Economic Research, Inc.
- Harris, Christopher & Laibson, David, 2001.
"Dynamic Choices of Hyperbolic Consumers,"
Econometric Society, vol. 69(4), pages 935-57, July.
- Christopher Harris & David Laibson, 1999. "Dynamic Choices of Hyperbolic Consumers," Harvard Institute of Economic Research Working Papers 1886, Harvard - Institute of Economic Research.
- Flavin, Marjorie A, 1981. "The Adjustment of Consumption to Changing Expectations about Future Income," Journal of Political Economy, University of Chicago Press, vol. 89(5), pages 974-1009, October.
- James Banks & Richard Blundell & Sarah Tanner, 1995.
"Is there a retirement-savings puzzle?,"
IFS Working Papers
W95/04, Institute for Fiscal Studies.
- Modigliani, Franco, 1988. "The Role of Intergenerational Transfers and Life Cycle Saving in the Accumulation of Wealth," Journal of Economic Perspectives, American Economic Association, vol. 2(2), pages 15-40, Spring.
- Richard Thaler & Shlomo Benartzi, 2004. "Save more tomorrow: Using behavioral economics to increase employee saving," Natural Field Experiments 00337, The Field Experiments Website.
- David Laibson, 1997.
"Golden Eggs and Hyperbolic Discounting,"
The Quarterly Journal of Economics,
Oxford University Press, vol. 112(2), pages 443-478.
- Barro, Robert J, 1974.
"Are Government Bonds Net Wealth?,"
Journal of Political Economy,
University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
- Christopher D. Carroll, 1997. "Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis," The Quarterly Journal of Economics, Oxford University Press, vol. 112(1), pages 1-55.
- Hall, Robert E, 1978. "Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 971-87, December.
When requesting a correction, please mention this item's handle: RePEc:psl:moneta:2005:28. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Carlo D'Ippoliti)
If references are entirely missing, you can add them using this form.