The Collected Papers of Franco Modigliani, Volume 6
This volume of papers, articles, and essays by the late Nobel Prize-winning economist Franco Modigliani contains writings published during the last decade of his life as well as three seminal earlier papers on the life-cycle hypothesis. As in the previous Collected Papers, the writings are organized by topic; within each topic, the order is chronological. Part I treats the life-cycle hypothesis. Beginning with his important essay from 1954 (written with Richard Brumberg), which laid down the foundation of the life-cycle model, and ending with the last paper Modigliani completed before his death in September 2003, this section presents his research on this topic as a coherent whole. Part II deals with unemployment and monetary policy in the European Union during the last decade of the twentieth century and includes a manifesto on EU unemployment written with six other economists. Part III contains essays on a variety of topics, among them inflation, financial risk, legal institutions, and unemployment. This section includes "The Keynesian Gospel According to Modigliani," which revisits the topic of the general theory of employment, interest, and money and its implications for mass unemployment sixty years after his first ground-breaking paper on the topic. Many of the articles in volume 6 are the product of collaboration; coauthors include Richard Brumberg, Albert Ando, Shi Larry Cao, Jean Paul Fitoussi, Tullio Jappelli, Beniamino Moro, Denis Snower, Robert Solow, Alfred Steinherr, Paolo Sylos Labinia, and Modigliani's granddaughter Leah Modigliani. The volume concludes with an interview of Modigliani by William A. Barnett and Robert Solow from 2000.
About the Author
Franco Modigliani (1918-2003) was Professor Emeritus of Economics and Management at MIT, where he began teaching in 1960. He won the Nobel Prize for Economics in 1985.
“Sadly but inevitably, this is the last volume of Franco Modigliani's collected essays. There is a lot here to think about and enjoy. It was a neat idea to include his first life-cycle theory, and a group of essays analyzing and excoriating Europe's apparent passivity in the face of high unemployment follows. Plus a few others, especially his final version of Keynsian economics. Put in your thumb and pull out a plum.”
—Robert M. Solow, Institute Professor of Economics, Emeritus, MIT, and Nobel Laureate in Economics (1987)