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Modigliani's 1944 Wage Rigidity Assumption and the Construction of the Neoclassical Synthesis

  • Rancan, Antonella

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    Modigliani's 1944 "Econometrica" article is considered one of the most important efforts to reconcile Keynes with classical economic thinking. The aim of this paper is to reconstruct the genesis of Modigliani's article and to reexamine its place in the construction of Neoclassical Synthesis. Modigliani introduced the wage rigidity hypothesis to show how monetary factors influence real variables such as the employment level and the interest rate. Modigliani?s attention to the monetary origin of and solution to unemployment is in stark contrast to the neglect in Neoclassical Synthesis of the monetary side of the system and its inclination towards fiscal policy

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    File URL: http://web.unimol.it/progetti/repec/mol/ecsdps/ESDP12069.pdf
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    Paper provided by University of Molise, Dept. EGSeI in its series Economics & Statistics Discussion Papers with number esdp12069.

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    Length: 26
    Date of creation: 25 Oct 2012
    Date of revision:
    Handle: RePEc:mol:ecsdps:esdp12069
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    1. De Vroey, Michel, 1997. "IS-LM "Ã la Hicks" versus IS-LM "Ã la Modigliani"," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1998003, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    2. Goulven Rubin, 2004. "Patinkin on IS-LM: An Alternative to Modigliani," History of Political Economy, Duke University Press, vol. 36(5), pages 190-216, Supplemen.
    3. N. Gregory Mankiw, 2006. "The Macroeconomist as Scientist and Engineer," Harvard Institute of Economic Research Working Papers 2121, Harvard - Institute of Economic Research.
    4. Goulven Rubin, 2002. "From equilibrium to disequilibrium: the genesis of Don Patinkin's interpretation of the Keynesian theory," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(2), pages 205-225.
    5. William Darity, Jr. & Warren Young, 1995. "IS-LM: An Inquest," History of Political Economy, Duke University Press, vol. 27(1), pages 1-41, Spring.
    6. Snowdon, Brian, 2004. "Outside The Mainstream: An Interview With Axel Leijonhufvud," Macroeconomic Dynamics, Cambridge University Press, vol. 8(01), pages 117-145, February.
    7. Roger Backhouse, 2002. "Don Patinkin: interpreter of the Keynesian revolution," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(2), pages 186-204.
    8. Mario Tonveronachi & Alessandro Roncaglia, 1985. "Pre-Keynesian roots of the neoclassical synthesis," Cahiers d'Économie Politique, Programme National Persée, vol. 10(1), pages 51-65.
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