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Modigliani on the Interaction of Monetary and Real Phenomena

In: Money and Employment

Author

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  • Louise Davidson

Abstract

In an important article,1 Modigliani has renewed his analysis of the relationship between the real and monetary parts of the Keynesian system One of Modigliani’s major points in his latest article is that his famous 1944 model2 embodied an error, for, in his opinion, it incorrectly specified the forms of the real aggregate consumption and investment demand functions.3 While we find much to agree with in this new model, we do not agree with him as to the fundamental source of error in the 1944 model. Consequently, we are in disagreement with some important aspects of the latest formulation and, as a result, with some of his more important conclusions.

Suggested Citation

  • Louise Davidson, 1990. "Modigliani on the Interaction of Monetary and Real Phenomena," Palgrave Macmillan Books, in: Louise Davidson (ed.), Money and Employment, chapter 33, pages 478-483, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11513-6_34
    DOI: 10.1007/978-1-349-11513-6_34
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