Franco Modigliani

Franco Modigliani se narodil 18. června 1918 v Římě, zemřel 25. září 2003 v Cambridge, Massachusetts. Otec byl dětským lékařem, matka sociální pracovnicí. V roce 1939 se oženil se Serenou Calabiovou.

K ekonomii se dostal přes studium práv na Římské universitě. Díky radám několika dobrých ekonomů začal sám číst anglickou a italskou ekonomickou klasiku. V roce 1939 získal titul doktora práv a krátce poté uprchl před fašistickým režimem do USA, kde dostal stipendium na New School for Social Research v New Yorku. Zde začal studovat u prof. Marschaka ekonomii. Modigliani byl Marschakem velice ovlivněn a získal od něj schopnost spojovat teorii a empirickou analýzu. Přivedl ho též k účasti na neformálním semináři, který se scházel v New Yorku v letech 1940 – 41 a mezi jehož účastníky patřili mimo jiné A. Wald, T. Koopmans a O. Lange. V roce 1941 získal místo asistenta na College School for Women v New Jersey. V roce 1942 se stal asistentem na Bard College při Columbia University. Roku 1944 získal doktorát na New School a začal pracovat jako výzkumný asistent v Institute of World Affairs, kde pracoval spolu s H. Neisserem na projektu, jehož výsledky byly publikovány v knize „National Income and International Trade“. V této době též učinil první příspěvek ke studiu úspor, známý jako Duesenberryho-Modiglianiho hypotéza.

Roku 1948 odešel F. Modigliani na Chicagskou universitu, kde spolupracoval jako výzkumný konzultant s Cowlesovou komisí pro ekonomický výzkum. Poté vyučoval na řadě dalších universit v USA a od roku 1962 přednášel na Massachussetském technologickém institutu. Vedle teoretické ekonomie se aktivně účastnil diskusí o hospodářské politice nejen v USA, psal novinářské články, byl poradcem italské vlády, konzultantem americké centrální banky a v roce 1976 byl zvolen prezidentem Americké ekonomické asociace.

Pro Modiglianiho vývoj bylo rozhodující setkání s Keynesovou Obecnou teorií zaměstnanosti, úroku a peněz. Stal se nejen přesvědčeným stoupencem této doktríny, ale i jejím zasvěceným interpretem, který ji rozvíjel a obhajoval před zastánci monetaristické teorie.

Do každé ze tří základních částí Keynesiánské makroekonomie (teorie peněz, teorie chování spotřebitelů a teorie investičního rozhodování) F. Modigliani významným způsobem zasáhl. Proslavil se hned svým prvním textem „Preference likvidity a teorie úroku“ z roku 1944. Tato práce znamenala zobecnění a doplnění Keynesovy teorie poptávky po penězích, která zpochybňovala účinnost peněžní politiky a kladla důraz na přímé státní výdaje do ekonomiky.

K teorii spotřeby a úspor přispěl F. Modigliani v roce 1954 publikací své verze teorie „životního cyklu“, podle které nejsou při rozhodování domácností o spotřebě dominantní krátkodobé vlivy, ale vlivy dlouhodobé, vlastní „celoživotně“ působící faktory. Nikoli spotřeba, ale úspory domácností se přizpůsobují krátkodobým výkyvům. Tato hypotéza měla obrovský význam pro ekonomickou teorii i praxi.

V oblasti investičního rozhodování firem propojil F. Modigliani ve své stati z roku 1958 originálním způsobem teorii podnikových financí s obecnou teoretickou makroekonomií, a tím přispěl k obohacení teorie firmy o rozsáhlý poznatkový fond finanční vědy. Tyto myšlenky vyvolaly teoretické spory a ovlivnily i skutečné chování amerických firem v oblasti financování investic, výplat dividend apod.

V 70. a 80. letech Modigliani vstoupil do sporu Keynesiánců s monetaristy o významu a účinnosti stabilizační politiky státu – novým způsobem obhajoval působení Keynesovy Obecné teorie ve změněných podmínkách světové ekonomiky tohoto období.

Knihy

MODIGLIANI, F., NEISSER, H. National Incomes and International Trade. University of Illinois Press, 1953.

MODIGLIANI, F. Ricerca Operativa. (Collection of lectures on operations research given at the Istituto Superiore per la Direzione Aziendale, Rome), Rome: C.I.A.A., 1956.

MODIGLIANI, F. Editor of: Problems of Capital Formation: Concepts, Measurements and Controlling Factors. Studies in Income and Wealth, Vol. 19, National Bureau of Economic Research, Princeton University Press, 1957.

MODIGLIANI, F., HOLT, C. C., MUTH, J. B., SIMON, H. S. Planning Production, Inventories and Work Forces. Prentice-Hall, 1960. French Edition: Planification de la Production des Stocks de ľ Emploi, Dunod, Paris, 1964. Spanish edition: Planeamiento de la Production, Inventarios y Mano de Obra, Herreto Hermanos, Mexico, 1963.

MODIGLIANI, F., COHEN, K. J. The Role of Anticipations and Plans in Economic Behavior andd their Use in Economic Analysis and Forecasting. Studies in Business Expectations and Planning, no. 4, Bureau of Economic and Business Research, University of Illinois, January, 1961. Reprinted pages 9-11, 14-42, 81-96, 158-166 in The Collected Papers of FM: The Theory of Finance and Other Essays, vol. 3, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F., TARANTELLI, E. Mercato del Lavoro. Distribuzione del Reddito e Consumi Privati, Bologna: Il Mulino, 1975.

MODIGLIANI, F. New Mortgage Designs for Stable Housing in an Inflationary Environment. Edited with Donald Lessard, Conference Series Number 14, Federal Reserve Bank of Boston, 1975.

The Collected Papers of Franco Modigliani: Essays in Macroeconomics. vol. 1, edited by Andrew Abel, Cambridge, MA: M.I.T. Press, 1980.

The Collected Papers of Franco Modigliani: The Life Cycle Hypothesis of Saving. vol. 2, edited by Andrew Abel, Cambridge, MA: M.I.T. Press, 1980.

The Collected Papers of Franco Modigliani: The Theory of Finance and Other Essays. vol. 3, edited by Andrew Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F. The Determinants of National Saving and Wealth. Edited with Richard Hemming, Proceedings of a Conference held by the International Economic Association at Bergamo, Italy, June 9-14, 1980, London: The Macmillan Press Ltd, 1983.

Články

MODIGLIANI, F. Liquidity Preference and the Theory of Interest and Money. Econometrica, vol. 12, no. 1, January 1944, p. 45-88. Reprinted in Readings in Monetary Theory, American Economic Association, 1951.

MODIGLIANI, F. La Preferencia Por La Liquidez Y La Teoria del Interes Y El Dinero. In F. A. Lutz and L.W. Mints, eds, Etudios Sobre E Teoria Monetaria, Centro de Estudios Monetarios Latinoamericanos, Mexico, p. 5-58.

MODIGLIANI, F. Ľ Organizzazione e la Direzione della Produzione in un Economia Socializzata, Giornale degli Economisti, September-October 1947.

MODIGLIANI, F. Fluctuations in the Saving-Income Ratio: A Problem in Economic Forecasting. Studies in Income and Wealth, vol. 11, National Bureau of Economic Research, New York, 1949, p. 371-442. Reprinted in The Collected Papers of FM: The Life Cycle Hypothesis of Saving, vol. 2, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F. Liquidity and Uncertainty – Discussion. American Economic Review, vol. 34, no. 3, May 1949, p. 201-208.

MODIGLIANI, F. New Areas of Opinion Research: Economics. Public Opinion Quarterly, Winter 1949-50.

MODIGLIANI, F. The Measurement of Expectation (abstract). Econometrica, vol. 20, no. 3, July 1952.

MODIGLIANI, F., ZEMAN, M. The Effect of Availability of Funds and the Terms Thereof, on Business Investment. Conference on Research in Business Finance, National Bureau of Economic Research, 1952.

MODIGLIANI, F. Preface to The Railroad Shippers´ Forecasts by Robert Ferber, Studies in Business Expectations and Planning. Bureau of Economic and Business Research, University of Illinois, Urbana, 1953, p. 3-5.

MODIGLIANI, F., BRUMBERG, R. Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data. In K.K. Kurihara, ed. Post-Keynesian Economics, Rutgers University Press, 1954, p. 388-436. Reprinted in The Collected Papers of FM: The Life Cycle Hypothesis of Saving, vol. 2, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F., GRUNBERG, E. The Predictability of Social Events. Journal of Political Economy, vol. 62, no. 6, December 1954, p. 465-478. Reprinted in The Collected Papers of FM: The Theory of Finance and Other Essays, vol. 3, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F., HOHN, F. E. Production Planning over Time and the Nature of the Expectation and Planning Horizon. Econometrica, vol. 23, no. 1, January 1955, p. 46-66. Reprinted in The Collected Papers of FM: The Theory of Finance and Other Essays, vol. 3, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F., HOLT, C. C., SIMON, H. A. A Linear Decision Rule for Production and Employment Scheduling. Management Science, October 1955. Reprinted in Analyses of Industrial Operations, Richard D. Irwin, Inc., 1959.

MODIGLIANI, F., SAUERLENDER, O. H. Economic Expectations and Plans of Firms in Relation to Short Term Forecasting, Short-term Economic Forecasting. Studies in Income and Wealth, by the Conference on Research in Income and Wealth, vol. 17, National Bureau of Economic Research, Princeton University Press, 1955, p. 261-361.

MODIGLIANI, F., HOLT, C. C., MUTH, J. F. Derivation of a Linear Decision Rule for Employment and Production, Management Science, January 1956.

MODIGLIANI, F. Business Reasons for Holding Inventories and their Macro-Economic Implications. In Problems of Capital Formation: Concepts, Measurement and Controlling Factors, Studies in Income and Wealth, vol. 19, by the Conference on Research in Income and Wealth, National Bureau of Economic Research, Princeton University Press, 1957, p. 495-511.

MODIGLIANI, F. Comment on Capacity, Capacity Utilization and the Acceleration Principle. by B.G. Hickman, same volume as above, p. 450-463.

MODIGLIANI, F., KISSELGOFF, A. Private Investment in the Electric Power Industry and the Acceleration Principle. Review of Economics and Statistics, vol. 39, no. 4, November 1957, p. 363-379. Reprinted in R.A. Gordon and L.R. Klein, eds. Readings in Business Cycles, vol. X, American Economic Association, Richard D. Irwin, Inc., 1965.

MODIGLIANI, F., BERT, A., ANDO, K. Tests of the Life Cycle Hypothesis of Savings: Comments and Suggestions. Bulletin of the Oxford University Institute of Statistics, 1957, p. 99-124.

MODIGLIANI, F., WEINGARTNER, H. M. Forecasting Uses of Anticipatory Data on Investment and Sales Quarterly Journal of Economics, 72, February 1958, p. 23-54. Reprinted in The Collected Papers of FM: The Theory of Finance and Other Essays, vol. 3, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F., WEINGARTNER, H. M. Reply. Quarterly Journal of Economics, 73, February 1959.

MODIGLIANI, F., ANSHEN, M., et al. Mathematics for Production Scheduling. Harvard Business Review, vol. 36, no. 2, March-April 1958.

MODIGLIANI, F. New Developments on the Oligopoly Front. Journal of Political Economy, vol. 66, no. 3, June 1958, p. 215-232. Reprinted in The Journal of Reprints for Antitrust Law and Economics, 1 Summer, Record Press Inc., New York, 1969, p. 229-248; The Collected Papers of FM: Essays in Macroeconomics, Vol. 1, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980. Reprinted in Italian translation in Problemi di Microeconomia, vol. II, Etas Kompas, 1971.

MODIGLIANI, F. Reply. Journal of Political Economy, 67, August, 1959.

MODIGLIANI, F. , MILLER, M. H. The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, vol. 48, no. 3, June 1958, p. 2161-2197. Reprinted in E. Solomon, ed., The Management of Corporate Capital, Glencoe, IL: Free Press, 1959; in O´ Donnell and Goldberg, eds, Elements of Financial Administration, Merrill Books, Columbus, OH, 1962; in S.H. Archer, C.A. D´ Ambrosio, eds, The Theory of Business Finance: A Book of Readings, MacMillan Company, 1967; The Collected Papers of FM: The Theory of Finance and Other Essays, vol. 3, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980; in William F. Sharpe, ed., Investments, 2nd edition, Prentice-Hall, Inc., 1981.

MODIGLIANI, F., MILLER, M. H. Reply. American Economic Review, vol. 49, no. 4, September 1959, p. 655-669. Reprinted in S.H. Archer, C.A. D´ Ambroiso, eds, The Theory of Business Finance: A Book of Readings, MacMillan Company, 1967, p. 125-133.

MODIGLIANI, F., COHEN, K. L. The Significance and Uses of Ex Ante Data. In M.J. Bowman, ed., Expectations, Uncertainty and Business Behavior, Social Science Research Council, 1958, p. 151-164.

MODIGLIANI, F. Preface“ to Employers´ Forecasts of Manpower Requirements: A Case Study. by Robert Ferber, Studies in Business Expectations and Planning, no. 3, Bureau of Economic and Business Research, University of Illinois, Urbana, 1958, p. 3-5.

MODIGLIANI, F., ANDO, A. K. Growth, Fluctuations and Stability. American Economic Review, vol. 49, no. 2, May 1959, p. 501-524. Reprinted in Italian translation in Rassegna della Letteratura sui Cicli Economici, I.S.C.O., Rome, Italy, September 1959.

MODIGLIANI, F., BALDERSTON, F. E. Economic Analysis and Forecasting: Recent Developments in Use of Panel and Other Survey Techniques. In American Voting Behavior, Glencoe, IL: Free Press, 1959.

MODIGLIANI, F. Liquidity Preference and the Theory of Interest and Money. In Henry Hazlitt, ed., The Critics of Keynesian Economics, Chapter VIII, Princeton, N.J.: D. Van Nostrand Co., 1960, p. 131-184. Reprinted in The Collected Papers of FM: Essays in Macroeconomics, vol. 1, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F. Postscript of the above paper in H. Hazlitt, ed., Critics of Keynesian Economics, D. Van Nostrand Co., Inc., 1960, p. 183-184. Reprinted in The Collected Papers of FM: Essays in Macroeconomics, vol. 1, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F., BOSSONS, J. The Source of Regressiveness in Surveys of Businessmen´s Short Run Expectations. In The Quality and Economic Significance of Anticipation Data, National Bureau of Economic Research, Princeton University Press, 1960, p. 239-262.

MODIGLIANI, F., BOSSONS, J. Reply. same volume as above, p. 261-262.

MODIGLIANI, F., HART, A. G., ORCUTT, G. H. Introduction. same volume as above, p. 3-8.

MODIGLIANI, F., ANDO, A. K. The ´Permanent Income´ and the ´Life Cycle´ Hypothesis of Saving Behavior: Comparison and Tests. In Consumption and Saving, vol. 2, Wharton School of Finance and Commerce, University of Pennsylvania, 1960, p. 74-108, 138-147. Reprinted in The Collected Papers of FM: The Life Cycle Hypothesis of Saving, vol. 2, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F., MILLER, M. H. Dividend Policy, Growth, and the Valuation of Shares. Journal of Business, vol. 34, no. 4, October 1961, p. 411-433. Reprinted in H.K. Wu, A.J. Zakon, eds, Elements of Investments: Selected Readings, Holt, Rinehard and Winston, Inc., 1965; in S.H. Archer and C.A. D´Ambrosio, eds, The Theory of Business Finance: A Book of Readings, MacMillan Company, 1967; in J. Lorie and R. Brealey, eds, Modern Developments in Investment Management: A Book of Readings, Dryden Press, 1978; in R. Posner and K. Scott, Economics of Corporation Law and Securities Regulation, Little Brown 1980; The Collected Papers of FM: The Theory of Finance and Other Essays, vol. 3, ed. A. Abel, M.I.T. Press, Cambridge, MA, 1980; in Cheng-few Lee, ed. Financial Analysis and Planning: Theory and Application, A Book of Readings, Addison Wesley, 1982.

MODIGLIANI, F., MILLER, M. H. A Reply. The Journal of Business, vol. 36, no. 1, January 1964, p. 116-119. Reprinted in S.H. Archer and C.A. D´Ambrosio, eds, The Theory of Business Finance: A Book of Readings, MacMillan Company, 1967.

MODIGLIANI, F. Long Run Implications of Alternative Fiscal Policies and the Burden of the National Debt. Economic Journal, vol. 71, no. 284, December 1961, p. 728-755. Reprinted in J.M. Ferguson, ed., Public Debt and Future Generations, University of North Carolina Press, 1964; The Collected Papers of FM: The Life Cycle Hypothesis of Saving, vol. 2, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F., HOLT, C. C. Firm Costs Structures and the Dynamic Responses of Inventories. Production, Work Force and Orders to Sales Fluctuations, in Inventory Fluctuations and Economic Stabilization, Part II, Causative Factors in Movements of Business Inventories, Joint Economic Committee, Congress of the United States, U.S. Government Printing Office, 1961, p. 3-50.

MODIGLIANI, F. Postilla al Resoconto D´Ippolito, Bolletino Ciriec. Gennaio, 1962, no. 25, p. 30-32.

MODIGLIANI, F., MILLER, M. H. Il Rapporto tra Indebitamento e Patrimonio. la Politica dei Dividendi ed il Costo del Capitale, Studi Economici, vol. 17, no. 1, January-February 1962, p. 3-25.

MODIGLIANI, F. Implicazioni a Lungo Periodo di Politiche Fiscali Alternative e Ľonere del Debito Publico. Moneta e Credito, no. 58, June 1962, Banca Nazionale del Lavoro, Rome, p. 3-40.

MODIGLIANI, F. The Monetary Mechanism and Its Interaction with Real Phenomena. Review of Economics and Statistics, vol. 45, no. 1, Part II, supplement February 1963, p. 79-107. Reprinted in The Collected Papers of FM: Essays in Macroeconomics, vol. 1, ed. A. Abel, Cambridge, MA: M.I.T. Press,  1980. Reprinted in Italian translation in Problemi di Economia Monetaria, Etas Kompas, 1969.

MODIGLIANI, F., ANDO, A. K. The ´Life Cycle´ Hypothesis of Saving: Aggregate Implications and Tests. American Economic Review, vol. 53, no. 1, Part I., March 1963, p. 55-84. Reprinted in R.A. Gordon and L.R. Klein, eds, Readings in Business Cycles, vol. X, American Economic Association, Richard D. Irwin, Inc., 1965; in Arnold Zellner, ed., Readings in Economic Statistics and Econometrics, Little Brown and Company, 1968; The Collected Papers of FM: The Life Cycle Hypothesis of Saving, vol. 2, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F., ANDO, A. K.  A Correction. American Economic Review, vol. 54, no. 2, Part I, March 1964, p. 111-113.

MODIGLIANI, F., MILLER, M. H. Corporate Income Taxes and the Cost of Capital: A Correction.  American Economic Review, vol. 53, no. 3, June 1963, p. 433-443. Reprinted in S.H. Archer and C.A. D´Ambrosio, eds, The Theory of Business Finance: A Book of Readings, MacMillan Company, 1967; The Collected Papers of FM: The Theory of Finance and Other Essays, vol. 3, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980; Financial Analysis and Planning: Theory and Application, A Book of Readings, Cheng-few Lee, ed., Addison-Wesley, 1982.

MODIGLIANI, F., GRUNBERG, E. Economic Forecasting When the Subject of the Forecast is Influenced by the Forecast: Comment. American Economic Review, vol. 53, no. 4, September 1963, p. 734-737.

MODIGLIANI, F., GRUNBERG, E. Correction. American Economic Review, vol. 54, no. 4, Part I, June 1964.

MODIGLIANI, F. A Critique of Central Banking in the United States – Discussion. Federal Reserve Bank of Boston, Annual Report, April 1964, p. 24-29.

MODIGLIANI, F. Some Empirical Tests of Monetary Management and of Rules Versus Discretion. Journal of Political Economy, vol. 72, no. 3, June 1964, p. 211-245.

MODIGLIANI, F. ĽAttuale Congiuntura Economica: Possibilta` e Strumenti di Intervento. (The Current State of the Economy: Possibilities for and Tools of Intervention), Proceedings of a Round Table Discussion, Il Nuovo Osservatore, vol. 5, no. 28, July 1964, p. 581-602.

MODIGLIANI, F. Monetary Policy and the Rate of Economic Activity: A Project of the Committee on Economic Stability, Social Science Research Council, vol. 18, no. 3, September 1964, p. 36-38.

MODIGLIANI, F. How to Make a Burden of the Public Debt: A Reply to Mishan. Journal of Political Economy, vol. 52, no. 5, October 1964, p. 483-485.

MODIGLIANI, F. Comment on A Survey of Some Theories of Income Distribution, by T. Scitovsky. In The Behavior of Income Shares, Studies in Income and Wealth, vol. 27, National Bureau of Economic Research, 1964, p. 39-51.

MODIGLIANI, F. Comment on A Postwar Quarterly Model: Description and Applications, by L.R. Klein. In Models of Income Determination, Studies in Income and Wealth, vol. 28, National Bureau of Economic Research, 1964, p. 41-53.

MODIGLIANI, F., GRUNBERG, E. Discussion: Reflexive Prediction. Philosophy of Science, vol. 32, no. 2, April 1965, p. 173-174.

MODIGLIANI, F., ANDO, A. K. The Relative Stability of Monetary Velocity and the Investment Multiplier.  American Economic Review, vol. 55, no. 4, September 1965, p. 693-728.

MODIGLIANI, F. Rejoinder (to „Reply“ by M. Friedman and D. Meiselman), same volume as above, p. 786-790.

MODIGLIANI, F., DRÉZE, J. H. Epargne et Consommation en Avenir Aleatoire, Cahiers du Seminaire ď Econometrie, no. 9, 1966, p. 7-33. Reprinted in Decision Making Under Uncertainty, Jacques Dreze, ed., Cambridge University Press, 1983.

MODIGLIANI, F., KENEN, P. A Suggestion for Solving the International Liquidity Problem. Banca Nazionale del Lavoro Quarterly Review, no. 76, March 1966, Rome, p. 3-17. Reprinted in The Collected Papers of FM: The Theory of Finance and Other Essays, vol. 3, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980. Reprinted in Italian translation, „Una Proposta per Risolvere il Problema della Liquidita` Internazionale“, same, no. 73, March 1966, p. 3-18.

MODIGLIANI, F. Research on the Links Between Monetary Policy and Economic Activity: A Progress Report of a Subcommittee of the Committee on Economic Stability. Social Science Research Council, vol. 20, no. 1, March 1966, p. 7-8.

MODIGLIANI, F., BOSSONS, J. Statistical vs. Structural Explanations of Understatement and Regressivity in ´Rational´ Expectations. Econometrica, vol. 34, no. 2, April 1966, p. 347-353.

MODIGLIANI, F., SUTCH, R. Innovations in Interest Rate Policy. American Economic Review, vol. 56, no. 2, May 1966, p. 178-197. Reprinted in The Collected Papers of FM: Essays in Macroeconomics, vol. 1, ed. A. Abel, M.I.T. Press, Cambridge, MA (1980). Printed in Italian translation, „Innovazioni nella Politica dei Tassi ďInteresse“, Moneta e Credito, no. 73, March 1966, Banca Nazionale del Lavoro, Rome, p. 3-27.

MODIGLIANI, F. The Life Cycle Hypothesis of Saving, the Demand for Wealth and the Supply of Capital. Social Research, vol. 33, no. 2, Summer 1966, p. 160-217. Reprinted in The Collected Papers of FM: The Life Cycle Hypothesis of Saving, vol. 2, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F., MILLER, M. H. Some Estimates of the Cost of Capúital to the Electric Utility Industry. 1954-57, American Economic Review, vol. 56, no. 3, June, 1966, p. 333-391. Reprinted in Italian translation, Alcune Stime del Costo del Capitale nelľIndustria Elettrica nel Periodo, 1954-57, Economia Internazionale delle Fonti di Energia, no. 4, July-August 1967.

MODIGLIANI, F., MILLER, M. H. A Reply. American Economic Review, vol. 57, no. 5, December 1967, p. 1288-1300.

MODIGLIANI, F., LaMALFA, G. Su Alcuni Aspetti della Congiuntura e della Politica Monetaria Italiana nelľUltimo Quinquennio. Moneta e Credito, vol. 19, no. 75, September 1966, Banca Nazionale del Lavoro, Rome, p. 211-257.

MODIGLIANI, F., SAMUELSON, P. A. The Pasinetti Paradox in Neoclassical and More General Models.  Review of Economic Studies, vol. 33, no. 4, October 1966, p. 269-301.

MODIGLIANI, F., SAMUELSON, P. A. Reply to Pasinetti and Robinson, same volume as above, p. 321-330.

MODIGLIANI, F., LaMALFA, G. Inflation, Balance of Payments Deficit and their Cure through Monetary Policy: the Italian Example. Banca Nazionale del Lavoro Quarterly Review, no. 80, March 1967, Rome, p. 3-47. Reprinted in The Collected Papers of FM: The Theory of Finance and Other Essays, vol. 3, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F., SUTCH, R. Debt Management and the Term Structure of Interest Rates: An Empirical Analysis. Conference of University Professors, September 19 1966, The American Bankers Association, Journal of Political Economy, vol. 75, no. 4, Part II, August 1967, p. 569-589. Reprinted in The Collected Papers of FM: Essays in Macroeconomics, vol. 1, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F. La Sfida al Dollaro (proceedings of a round table discussion). Ľ Astrolabio, no. 51, December 1967.

MODIGLIANI, F., MILLER, M. H. Estimates of the Cost of Capital Relevant for Investment Decisions Under Uncertainty. In Robert Ferber, ed., Determinants of Investment Behavior, Conference Series Number 18, The Universities-National Bureau Committee for Economic Research, Columbia University Press, 1967, p. 179-214.

MODIGLIANI, F. Il Dollaro in Castigo. ĽEspresso, January 14 1968.

MODIGLIANI, F. Testimony on Standards for Guiding Monetary Action: Hearings before the Joint Economic Committee. 90th Congress of the United States, 2nd Session, May 1968, U.S. Government Printing Office, 1968, p. 8-13, 50-76.

MODIGLIANI, F., HOLT, C. C., SHELTON, J. P. The Transmission of Demand Fluctuations through a Distribution and Production System, the TV-Set Industry. The Canadian Journal of Economics, vol. 1, no. 4, November, 1968, p. 718-739.

MODIGLIANI, F. Liquidity Preference. In D.L. Sills, ed., International Encyclopedia of the Social Sciences, vol. 9, Cromwell, Collier and McMillan, Inc., 1968, p. 394-409. Reprinted in The Collected Papers of FM: Essays in Macroeconomics, vol. 1, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F., SUTCH, R. The Term Structure of Interest Rates: A Re-examination of the Evidence.  Journal of Money, Credit and Banking, vol. 1, no. 1, February 1969, p. 112-120.

MODIGLIANI, F., ANDO, A. K. Econometric Analysis of Stabilization Policies. American Economic Review, vol. 59, no. 2, May 1969, p. 296-314.

MODIGLIANI, F., MILLER, M. H. Reply to Heins and Sprenkle (a comment on the Modigliani-Miller Cost of Capital Thesis). American Economic Review, vol. 19, no. 4, Part 1, September 1969, p. 592-595.

MODIGLIANI, F., JAFFEE, D. M. A Theory and Test of Credit Rationing. American Economic Review, vol. 59, December 1969, p. 850-872. Reprinted in The Collected Papers of FM: The Theory of Finance and Other Essays, vol. 3, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F., RASCHE, R., COOPER, J. P. Central Bank Policy, and Money Supply, and the Short-Term Rate of Interest. Journal of Money, Credit and Banking, vol. 2, no. 2, May 1970, p. 166-218. Reprinted in The Collected Papers of FM: Essays in Macroeconomics, vol. 1, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F. The Life Cycle Hypothesis of Saving and Intercountry Differences in the Saving Ratio. In W.A. Eltis, M. FG. Scott, J.N. Wolfe, eds, Induction, Growth and Trade: Essays in Honour of Sir Roy Harrod, Oxford: Clarendon Press, 1970, p. 197-225. Reprinted in The Collected Papers of FM: The Life Cycle Hypothesis of Saving, vol. 2, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F. Monetary Policy and Consumption: Linkages via Interest Rate and Wealth Effects in the FMP Model. In Consumer Spending and Monetary Policy: The Linkages, Conference Series Number 5, Federal Reserve Bank of Boston, June 1971, p. 9-84. Reprinted in The Collected Papers of FM: The Life Cycle Hypothesis of Saving, vol. 2, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F. Testimony on the 1971 Midyear Review of the Economy. Hearings before the Joint Economic Committee, Congress of the United States, 92nd Congress, first session, July 1971), U.S. Government Printing Office, 1971, p. 111-127.

MODIGLIANI, F., ASKARI, H. The Reform of the International Payments System. In Essays in International Finance, no. 89, International Finance Section, Department of Economics, Princeton University, September 1971, p. 3-28. Reprinted in The Collected Papers of FM: The Theory of Finance and Other Essays, vol. 3, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F., TARANTELLI, E. Curva di Phillips, sottosviluppo e disoccupazione strutturale. Quaderni di Ricerche, no. 9, Ente Per Gli Studi Monetari, Bancari e Finanziari Luigi Einaudi, October 1971.

MODIGLIANI, F. Some Proposals for a Reform of the Discount Window. Reappraisal of the Federal Reserve Discount Mechanism, vol. 2, Board of Governors of the Federal Reserve System, December 1971, p. 59-76.

MODIGLIANI, F., ASKARI, H. A More American Dollar. Technology Review, December 1971.

MODIGLIANI, F., POGUE, P. Efficiency of European Capital Markets and Comparison with the American Market, Myron Scholes and Bruno Solnik. In The Stock Exchange: How to Make it an Instrument of Economic-Social Progress in Europe and in the World, Proceedings of the First International Conference of Stock Exchanges, Milan, March 1972.

MODIGLIANI, F. Stock Market and Economy – Discussion. American Economic Review, Papers and Proceedings, May 1972, p. 229-33.

MODIGLIANI, F., ASKARI, H. The International Payaments System: Past, Present and Future. Sloan Management Review, vol. 13, no. 3, Spring 1972, p. 1-16.

MODIGLIANI, F. The Dynamics of Portfolio Adjustment and the Flow of Savings through Financial Intermediaries. In E.M. Gramlich and D.M. Jaffee, eds, Savings Deposits, Mortgages, and Housing: Studies for the Federal Reserve-MIT-Penn Econometric Model, Chapter 3, Lexington Books, Fall 1972, p. 63-102. Reprinted in The Collected Papers of FM: Essays in Macroeconomics, vol. 1, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F., DRÉZE, J. Consumption Decisions Under Uncertainty. Journal of Economic Theory, vol. 5, no. 3, December 1972, p. 308-335. Reprinted in The Collected Papers of FM: The Life Cycle Hypothesis of Saving, Vol. 2, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980; Decision Under Uncertainty, Jacques Dreze, ed., Cambridge University Press, 1983.

MODIGLIANI, F. International Capital Movements, Fixed Parities, and Monetary and Fiscal Policies. In Development and Planning: Essays in Honor of Paul Rosenstein-Rodan, Jagdish Bhagwati and Richard Eckaus, eds, London: George Allen & Unwin Ltd., 1972, p. 239-253. Reprinted in The Collected Papers of FM: The Theory of Finance and Other Essays, vol. 3, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F., ANDO. A. K., RASCHE, R. Appendix to Part One: Equations and Definitions of Variables for the FRB-MIT-Penn Econometric Model. November 1969, In Econometric Model of Cyclical Behavior, Bert G. Hickman, ed., Studies in Income and Wealth, no. 36, National Bureau of Economic Research, 1972, p. 543-598.

MODIGLIANI, F., ASKARI, H. Import and Export Price Indices. In the Puzzles Section, Journal of Political Economy, January 1973, p. 12-43.

MODIGLIANI, F., SHILLER, R. J. Inflation, Rational Expectations and the Term, Structure of Interest Rates. Economica, February 1973, p. 12-43. Reprinted in The Collected Papers of FM: Essays in Macroeconomics, vol. 1, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F., TARANTELLI, E. A Generalization of the Phillips Curve for a Developing Country. Review of Economic Studies, vol. 40, no. 2, April 1973, p. 203-223. Reprinted in The Collected Papers of FM: Essays in Macroeconomics, vol. 1, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980. Reprinted in Italian translation, Una generalizzazione della curva di Phillips per un paese in via di sviluppo, Il Mercato Del Lavoro in Italia, a cura di Salvatore Vinci, Franco Angeli, ed., Milan, p. 200-225.

MODIGLIANI, F., ASKARI, H. The International Transfer of Capital and the Propagation of Domestic Disturbances Under Alternative Payment Systems. Banca Nazionale Del Lavoro Quarterly Review, no. 107, December, 1973, Rome, 3-18. Reprinted in The Collected Papers of FM: The Theory of Finance and Other Essays, vol. 3, (ed. A. Abel), Cambridge, MA: M.I.T. Press, 1980. Reprinted in Italian translation, Transferimenti internazionali di capitale e propagazione di squilibri interni in sistemi diversi di pagamenti, Moneta e Credito, 24 (104), Fourth Quarter, Banca Nazionale del Lavoro, Rome, 1973.

MODIGLIANI, F. Testimony of the 1974 Economic Report of the President. Hearings before the Joint Economic Committee, Congress of the United States, 93rd Congress, Second Session, Part 2, February 19-22 1974) U.S. Government Printing Office, 1974, p. 643-676.

MODIGLIANI, F., POGUE, G. A. An Introduction to Risk and Return: Concepts and Evidence. Part I, Financial Analysts Journal, March/April; Part II, same, May/June 1974. Entire article reprinted in Financial Analysts´ Handbook I: Portfolio Management, S.N. Levine, ed., Dow Jones-Irwin, Inc., 1975, p. 1296-1342; and Issues in Managerial Finance, 2nd edition, Eugene F. Brigham and Ramon E. Johnson, eds, Dryden Press, 1979. Part I reprinted in Economic Perspectives on Corporation Law and Securities Regulation, Richard Posner and Kenneth E. Scott, eds, Little, Brown and Company, 1980.

MODIGLIANI, F., COTULA, F. An Empirical Analysis of the Composition of Financial Wealth in Italy. Banca Nazionale Del Lavoro Quarterly Review, no. 109, June 1974, Rome, p. 140-166. Translated from the Italian: Un´analisi empirica dei flussi finanziari e della composizione della ricchezza finanziaria delľEconomia,  Moneta e Credito, March-June 1973, Banca Nazionale del Lavoro, Rome, p. 101-102.

MODIGLIANI, F., ANDO, A. K., RASCHE, R., TURNOVSKY, S. J. On the Role of Expectations of Price and Technological Change in an Investment Function. International Economic Review, vol. 15, no. 2, June 1974, p. 384-344. Reprinted in L.R. Klein and E. Burmeister, eds, Econometric Model Performance, Chapter 6, University of Pennsylvania Press, 1976, p. 126-156; The Collected Papers of FM:? Essays in Macroeconomics, vol. 1, (ed. A. Abel), Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F. La Ricetta Americana. Panorama, vol. 12, no. 437, September 5 1974, p. 58-65.

MODIGLIANI, F. The 1974 Report of the President´s Council of Economic Advisors: A Critique of Past and Prospective Policies. American Economic Review, vol. 64, no. 4, September 1974, p. 544-557. Reprinted in The Collected Papers of FM: The Theory of Finance and Other Essays, vol. 3 (ed. A. Abel), Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F. Balance of Payments Implications of the Oil Crisis and How to Handle Them Through International Cooperation. prepared statement, same as above, 1974 Economic Report of the President, U.S. Government Printing Office, 1974, p. 650-655. Reprinted in The Collected Papers of FM: The Theory of Finance and Other Essays, vol. 3 (ed. A. Abel), Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F., PAPADEMOS, L. Targets for Monetary Policy in the Coming Year. Brookings Papers on Economic Activity (1:1975), p. 141-163. Reprinted in The Collected Papers of FM: Essays in Macroeconomics, vol. 1, (ed. A. Abel), Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F. La Situazione Economica Internazionale e le Prospettive Italiane.,In proceedings published under the same title of a roundtable held in Rome, Italy, January 22 1975, il Mulino, Bologna, 1975.

MODIGLIANI, F., ANDO, A. K., KLEIN, L., GORDON, R. A., SAMUELSON, P., TOBIN, J. Tax Cut: Why It Must Be Quick and Big. Letters to the Editor, The New York Times, February 26 1975; reprinted in Economic Principles in Action, Robert L. Moore, ed., Prentice-Hall, Inc., 1979.

MODIGLIANI, F., ASKARI, H. Alternative Exchange-rate Systems: A Rejoinder. Banca Nazionale del Lavoro Quarterly Review, March 1975, Rome.

MODIGLIANI, F. Testimony presented at the Hearings before the Joint Economic Committee. 94th Congress, concerning „Financial Aspects of the Budget Deficit“, first session, April 25 1975, Government Printing Office, p. 27-34.

MODIGLIANI, F. Rediscovery of Money – Discussion. American Economic Review, vol. 65, no. 2, May 1975, Papers and Proceedings of the 87th Annual Meeting of the American Economic Association, San Francisco, California, December 28-30, 1974, p. 179-181.

MODIGLIANI, F., POGUE, G. A. Alternative Investment Performance Fee Arrangements and Implications for SEC Regularity Policy. Bell Journal of Economics, vol. 6, no. 1, Spring 1975, p. 127-160.

MODIGLIANI, F. The Channels of Monetary Policy in the Federal Reserve-MIT-University of Pennsalvania Econometric Model of the United States. In G.A. Renton, ed., Modelling the Economy, Social Science Research Council Conference, July 1972, London: Heinemann Educational Books Ltd., 1975, p. 240-267. Reprinted in The Collected Papers of FM: Essays in Macroeconomics, vol. 1, (ed. A. Abel), Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F., LASSARD, D. Inflation and the Housing Market: Problems and Potential Solutions. Sloan Management Review, vol. 17, no. 1, Fall 1975, p. 19-35.

MODIGLIANI, F., TARANTELLI, E. The Consumption Function in a Developing Economy and the Italian Experience. American Economic Review, 65, December 1975, p. 825-842. Reprinted in The Collected Papers of FM: The Life Cycle Hypothesis of Saving, vol. 2 (ed. A. Abel), Cambridge, MA: M.I.T. Press, 1980. Reprinted in Italian translation, „La Funzione del Consumo in Un´Economia in via di Sviluppo e Ľesperienza Italiana“, Rivista Internazionale Di Scienze Sociali, no. 4, 1975, p. 393-427.

MODIGLIANI, F. The Life Cycle Hypothesis of Saving Twenty Years Later. In M. Parkin, ed., Contemporary Issues in Economics, Manchester University Press, 1975, p. 2-36. Reprinted in The Collected Papers of FM: The Life Cycle Hypothesis of Saving, vol. 2 (ed. A. Abel), Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F., ANDO, A. K., SHELL, K. Some Reflections on Describing Structures of Finance Sectors.  In G. Fromm and R. Klein, eds, The Brookings Model: Perspective and Recent Developments, New York: North Holland/Elsevier, 1975, p. 524-563.

Inflation and the Housing Market: Problems and Potential Solutions. Edited by  F. Modigliani, D. Lessard, New Mortgage Designs for Stable Housing in an Inflationary Environment, Conference Series, Number 14, Federal Reserve Bank of Boston, 1975, p. 13-45.

MODIGLIANI, F. Testimony and Prepared Statement presented at the Hearings before the Subcommittee on Financial Institutions Supervision. Regulation and Insurance of the Committee on Banking, Currency and Housing, House of Representatives, 94th Congress, concerning „Financial Institutions and the Nation´s Economy (FINE), ´Discussion Principles´“, first and second sessions, part I, December 3 1975, Government Printing Office, p. 186-225.

MODIGLIANI, F. Diagnosi della Crisi Italiana e Alternative di Soluzione neel Pensiero di Franco Modigliani. Bancaria, 12, December 1975, p. 1259-1263.

MODIGLIANI, F., PAPADEMOS, L. Monetary Policy for the Coming Quarters: The Conflicting Views. New England Economic Review, March/April 1976, p. 2-35. Reprinted in The Collected Papers of FM: The Theory of Finance and Other Essays, vol. 3 (ed. A. Abel), Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F. Chi paghera´ per la Crisi?. Mondo Economico, no. 11, March 20 1976, p. 22-29.

MODIGLIANI, F. Discussion on Public Pension Funding and U.S. Capital Formation: A Medium-Run View. by Benjamin Friedman, Funding Pensions: Issues and Implications for Financial Markets, Federal Reserve Bank of Boston, Conference Series no. 16, October 1976, p. 201-205.

MODIGLIANI, F. General Discussion. The Scandinavian Journal of Economics, vol. 78, no. 2, 1976, Proceedings of a conference at Saltsjobaden, Stockholm, August 26-27 1975, organized by the Institute for International Economic Studies, University of Stockholm, p. 392-395.

MODIGLIANI, F. Some Economic Implications of the Indexing of Financial Assets with Special Reference to Mortgages. The New Inflation and Monetary Policy, by Mario Monti, London, Basingstoke: Macmillan,  1976, 90-116. Reprinted in The Collected Papers of FM: The Theory of Finance and Other Essays, vol. 3 (ed. A. Abel), Cambridge, MA: M.I.T. Press, 1980. Reprinted in Italian translation, „Alcune Implicazioni Economiche delľIndicizzazione delle Attivita` Finanziarie con Particolare Riguardo ai Mutui Ipotecari“, Giornale degli Economisti e Annali di Economia, Cisalpino-Goliardica, Milan, January/February 1976, p. 1-30.

MODIGLIANI, F., ANDO, A. K. Impacts of Fiscal Actions on Aggregate Income and the Monetarist Controversy: Theory and Evidence. In J.L. Stein, ed., Monetarism, Studies in Monetary Economy, Chapter 1, Amsterdam: North-Holland, 1976, p. 17-42. Reprinted in The Collected Papers of FM: Essays in Macroeconomics, vol. 1 (ed. A. Abel), Cambridge, MA: M.I.T. Press, 1980.

MODIGLIANI, F. Some Currently Suggested Explanations and Cures for Inflation: A Comment. In K. Brunner and A.H. Meltzer, eds, Institutional Arrangements and the Inflation Problem, vol. 3, Carnegie-Rochester Conference Series on Public Policy, North-Holland, Amsterdam, 1976, p. 179-184.

MODIGLIANI, F. Crisi Economica E Crisi Politica. no. 22, a roundtable discussion in Rome, March 17 1976, published by Quaderni del ľassociazione Salvemini, p. 23-28.

MODIGLIANI, F., JAFFEE, D. M. A Theory and Test of Credit Rationing: Reply. American Economic Review, vol. 66, no. 5, 1976, p. 918-920.

MODIGLIANI, F. Comment. in Crisi Economica e Condizionamenti Internazionali Delľ Italia. Atti del Convegno promosso del CESPE, March 1976, Editori Riuniti, p. 223-230.

MODIGLIANI, F. Comment on „Eurocurrencies and the Evolution of the International Monetary System. by John H. Makin, in C.H. Stem, J.H. Makin, D.E. Logue, eds, Eurocurrencies and the International Monetary System, American Enterprise Institute for Publiic Policy Research, Washington, D.C., 1976, p. 60-70.

MODIGLIANI, F. Models of the Economy and Optimal Stabilization Policies. In Mathematic Models in Economics, papers and proceedings of a US-USSR Seminar, Moscow, National Bureau of Economic Research, 1976, p. 211-244.

MODIGLIANI, F., STEINDEL, C. Is a Tax Rebate an Effective Tool for Stabilization Policy?. The Brookings Papers on Economic Acitivity (1:1977), p. 175-209.

MODIGLIANI, F. Comment on Investment, Interest Rates, and the Effects of Stabilization Policies. by Robert E. Hall, same volume as above, p. 107-112.

MODIGLIANI, F., ASKARI, H. A Note on Capital Movements and the Rellation of the Spread in Spot and Forward Rates to Variations in the Short-Term Interest Differential. Kyklos, vol. 30, no. 1, January 1977, p. 38-50.

MODIGLIANI, F. The Monetarist Controversy or, Should We Forsake Stabilization Policies?. Presidential Address delivered at the American Economic Association, September 17 1976, American Economic Review, vol. 67, no. 2, March 1977, p. 1-19. Reprinted in Economic Review Supplement, Spring 1977, Federal Reserve Bank of San Francisco, 27-46; in Robert C. Puth, ed., Current Issues in the American Economy, D.C. Heath and Company, 1978-79 edition; in Thomas M. Havrilesky and John T. Boorman, eds.Current Issues in Monetary Theory and Policy, 2nd edition, AHM Publishing Corp., 1980; The Collected Papers of FM: Essays in Macroeconomics, vol. 1 (ed. A. Abel), Cambridge, MA: M.I.T. Press, 1980; in David Colander, ed., Solutions to Unemployment, Harcourt Brace Jovanovich, Inc., 1981. Reprinted in Italian translation, „La Polemica Monetarista ovvero: dovremmo abbandonare ogni politica di stabilizzazione?“ Bancaria, Rome, 1979.

MODIGLIANI, F. Consulto Sulľ Economia Italiana. Proceedings of a roundtable on the Italian economy held in Milan, October 1976, published by Associazione Industriale Lombarda, Milan, Italy, 1977.

MODIGLIANI, F. The Monetarist Controversy. A seminar discussion, and discussion with Milton Friedman, Federal Reserve Bank of San Francisco, Economic Review Supplement, Spring 1977, p. 5-26.

MODIGLIANI, F., PADOA-SCHIOPPA, T. Disoccupazione, Inflazione e Svalutazione Nelľeconomia Italiana: Diagnosi e Cure. Bancaria, 3, March 28 1977, p. 67-77.

MODIGLIANI, F., TARANTELLI, E.  Market Forces, Trade Union Action, and the Phillips Curve in Italy.  Banca Nazionale Del Lavoro Quarterly Review, March, 1977, Rome, 3-36. Translated from Italian: „Forze di Mercato, Azione Sindacale e la Curva di Phillips in Italia“, Moneta E Credito, no. 114, June, Banca Nazionale del Lavoro, Rome, 1976, p. 3-35.

MODIGLIANI, F. Should Control Theory be Used for Economic Stabilization?: A Comment. In K. Brunner and A.H. Meltzer, eds, Optimal Policies, Control Theory and Technology Exports, vol. 7, Carnegie-Rochester Conference on Public Policy, Amsterdam: North-Holland, 1977, p. 85-91.

MODIGLIANI, F. Implications for Policy: A Symposium. Brookings Papers on Economic Activity, 2, 1978. A special issue on Innovative Policies to Slow Inflation, p. 514-518. Reprinted in A. Okun and G. Perry, eds, Curing Chronic Inflation, Brookings Institution, 1978, p. 278-282.

MODIGLIANI, F. Comment on Efficient-Market Theory: Implications for Monetary Policy. by Frederic S. Mishkin, Brookings Papers on Economic Activity, 3, 1978, p. 757-762.

MODIGLIANI, F. Discussion on Inflation and Unemployment in a Macro-econometric Model. by Ray C. Fair, After the Phillips Curve: Persistence of High Inflation and High Unemployment, Conference Series Number 19, Federal Reserve Bank of Boston, 1978, p. 194-200.

MODIGLIANI, F., PAPADEMOS, L. Optimal Demand Policies against Stagflation. Weltwirtschafliches Archiv, Review of World Economics, Kiel Institute of World Economics, Germany, Band 114, Heft 4, 1978, p. 736-781.

MODIGLIANI, F., FISCHER, S. Towards and Understanding of the Real Effects and Costs of  Inflation. same volume as above, p. 810-832.

MODIGLIANI, F., PADOA-SCHIOPPA, T. The Management of an Open Economy with ´100% Plus´ Wage Indexation. Essays in International Finance, Number 130, International Finance Section, Department of Economics, Princeton University Press, December 1978, p. 1-43. Reprinted in The Collected Papers of FM: The Theory of Finance and Other Essays, vol. 3 (ed. A. Abel), Cambridge, MA: M.I.T. Press, 1980. Translated from Italian: „La Politica Economica in una Economia con Salari Indicizzati al 100%Piu“, Moneta E Credito, vol. 30, no. 117, First Quarter, Banca Nazionale del Lavoro, Rome, 1977, p. 3-53.

MODIGLIANI, F. Statement presented at the Hearings before the Subcommittee on International Economics of the Joint Economic Committee. Congress of the United States, 95th Congress, concerning „The Dollar Rescue Operations and their Domestic Implications“, Second Session, December 14 and 15 1978,  U.S. Government Printing Office, p. 207-215.

MODIGLIANI, F. Inflazione, Indebitamento e Valore Azionario: Conversazione con il Prof. Franco Modigliani. Istituto Bancario San Paolo, Torino, Italy, January 22 1979.

MODIGLIANI, F. Has the Economist Lost Control of the Economy?. Stated Meeting Report, Bulletin, The American Academy of Arts and Sciences, vol. 32, no. 6, March 1979, p. 38-49.

MODIGLIANI, F., COHN, R. A. Inflation, Rational Valuation and the Market. Financial Analysts Journal, March/April 1979, p. 24-44. Reprinted in Saving, Investment, and Capital Markets in an Inflationary Economy, 1982, Cambridge, MA: Ballinger Publiishing Co., p. 121-165.

MODIGLIANI, F., COHN, R. A.  A Reply. Financial Analysts Journal, May/June 1981, p. 72-73.

MODIGLIANI, F. The Financial Goal of the Firm in a Market Economy. The European Federation of Financial Analysts Societies, Bullletin Number 13, May 1979, p. 100-102.

MODIGLIANI, F., TARANTELLI, E. Determinanti Strutturali e Transitorie della Mobilita´ del Lavoro. ´La Congettura di Holt´ e ľEsperienza Italiana, Banca Nazionale Del Lavoro Quarterly Review, June, 1979, Rome, p. 123-148.

MODIGLIANI, F. Effetti delľInflazione sui Mercati finanziari. Associazione per lo Sviluppo degli Studi dei Banca e Borsa, Quaderno no. 19, September 18 1979, p. 3-16.

MODIGLIANI, F., TARANTELLI, E. Structural and Transitory Determinants of Labour Mobility: ´Holt´s conjecture´ and Italian Experience. Banca Nazionale Del Lavoro Quarterly Review, September 1979, Rome, p. 205-226.

MODIGLIANI, F. Comment on „On Modeling the Economic Linkages Among Countries“. by Ray C. Fair, in R. Dornbusch and J. Frenkel, eds, International Economic Policy, Theory and Evidence, Johns Hopkins University Press, 1979, p. 239-242.

MODIGLIANI, F. Problems and Prospects for the World Economy: Round Table. same, p. 329-331.

MODIGLIANI, F. Discussion on Costs of Economic Growth. by Edmond Malinvaud, in Edmond Malinvaud, ed., Economic Growth and Resources, The Major Issues, vol. 1, Proceedings of the 5th World Congress of the International Economic Association held in Tokyo, Japan, The Macmillan Press Ltd., 1979, p. 217-223.

MODIGLIANI, F., SHILLER, R. J. Coupon and Tax Effects on New and Seasoned Bond Yields and the Measurement of the Cost of Debt Capital. Journal of Financial Economics, 7, 1979, p. 297-318.

MODIGLIANI, F. Comment on The Central Role of Credit Crunches in Recent Financial History. by Albert M. Wojnilower, Brookings Papers on Economic Activity, 2, 1980, p. 332-337.

MODIGLIANI, F. Comment on The Determination of Long-Term Interest Rates: Implications for Fiscal and Monetary Policies. by Benjamin Friedman, Journal of Money, Credit and Banking, Special Issue, vol. 12, no. 2, May 1980, p. 370-373. Abstracted in The C.F.A. Digest, The Institute of Chartered Financial Analysts, vol. 11, no. 4, Fall 1981, p. 15-16.

MODIGLIANI, F. Financial Markets, The Decades Ahead: an M.I.T. Perspective. (Proceedings of a Symposium for Senior Executives), The Industrial Liaison Program of the Massachusetts Institute of Technology, June, 1980.

MODIGLIANI, F., BRUMBERG, R. Utility Analysis and Aggregate Consumption Functions: An Attempt at Integration. The Collected Papers of Franco Modigliani: The Life Cycle Hypothesis of Saving, vol. 2, ed. A. Abel, Cambridge, MA: M.I.T. Press, 1980, p. 128-197.

MODIGLIANI, F., DRÉZE, J. H. The Trade-Off Between Real Wages and Employment in an Open Economy (Belgium). C.O.R.E., Universite Catholique de Louvain, Discussion Paper no. 7947, 1980. Reprinted in European Economic Review, 15, 1981, p. 1-40.

MODIGLIANI, F., PAPADEMOS, L. The Structure of Financial Markets and the Monetary Mechanism. Controlling Monetary Aggregates III, Conference Series Number 23, Federal Reserve Bank of Boston, 1980.

MODIGLIANI, F. A New Look at the Monetary Mechanism. The 1980 W.A. MacKintosh Lecture, Queen´s University Discussion Paper no. 447, Kingston, Ontario, Canada, 1981.

MODIGLIANI, F. Uma Nova Abordagem do Mecanismo Monetario e Sue Relacao com a Estrutura Financeira (the monetary mechanism revisited and its relation with the financial structure). Revista de Econometria, Sociedade Brasileira de Econometria, vol. 1, no. 1, April 1981, p. 5-30.

MODIGLIANI, F. Comment on Scale of Macro-Econometric Models and Accuracy of Forecasting. by G. Fromm and L.R. Klein, in J. Kmenta and J.B. Ramsey, eds, Large-Scale Macro-Econometric Models, North-Holland, 1981, p. 393-394.

MODIGLIANI, F. Comment on Where Have All the Flowers Gone? Economic Growth in the 1960s. by Robert M. Solow, in J.A. Pechman and N.J. Simler, eds, Economics in the Public Service, Papers in honor of Walter W. Heller, WW Norton & Co., Inc., 1981, p. 75-83.

MODIGLIANI, F., COHN, R. A. Inflation and the Stock Market., In J.A. Boeckh and R.T. Coghlan, eds, The Stock Market and Inflation, Dow Jones-Irwin (1982). Reprinted in Review of Economic Conditions in Italy, no. 3, October 1981, p. 415-431. Reprinted in Italian translation: „Inflazione e Mercato Azionario“, Economia Italiana, no. 3, Ottobre 1981, p. 417-434.

MODIGLIANI, F. Statement presented at the Hearing before the Subcommittee on Housing and Community Development of the Committee on Banking, Finance and Urban Affairs. House of Representatives, 97th Congress, concerning a bill to establish a Federal Home Loan Mortgage Corporation charter act, and a bill to expand and reorganize the Federal Home Loan Mortgage Corporation, April 21 1982, p. 319-329.

MODIGLIANI, F. Debt, Dividend Policy, Taxes, Inflation and Market Valuation. (Presidential Address delivered at the American Finance Association, December 28-30 1981) The Journal of Finance, vol. 37, no. 2, May 1982, p. 255-273. Abstracted in The CFA Digest, The Institute of Chartered Financial Analysts, vol. 13, no. 2, Spring 1983, p. 16-17.

MODIGLIANI, F. Inflation-Induced Errors in Stock Market Values – United States. In Patrick Grady, ed., Peering Under the Inflationary Veil, Proceedings of a Conference on Inflation-Induced Distortions in Financial Reporting and Taxation, Toronto, October 15-16 1981, Economic Council of Canada, 1982, p. 17-19.

MODIGLIANI, F. Nei paesi industrializzati solo ľItalia fa eccezione (Among the industrialized countries, only Italy is an exception). La Donna Negli Anni´90 E Il Ruolo Della Stampa Femminile (proceedings of a conference), Grazia, Milan, Italy, 1982, p. 17-25.

MODIGLIANI, F. Comment on „The Nonadjustment of Nominal Interest Rates: A Study of the Fisher Effect. by L.H. Summers in James Tobin, edd., Macroeconomics, Prices, and Quantities, Essays in Memory of Arthur M. Okun, The Brookings Institution, Washington, D.C., 1983, p. 241-244.

MODIGLIANI, F., STERLING, A. Determinants of Private Saving with Special Reference to the Role of Social Security – Cross-country Tests. In Franco Modigliani and Richard Hemming, eds., The Determinants of National Saving and Wealth, Proceedings of a Conference held by the International Economic Association at Bergamo, Italy, June 9-14 1980, The Macmillan Press Ltd., London, 1983, p. 24-55.

MODIGLIANI, F. Introduction in the same volume as above, pp. xi-xv.

MODIGLIANI, F., PAPADEMOS, L. Inflation, Financial and Fiscal Structure, and the Monetary Mechanism.  In G. de Menil and R.J. Gordon, eds, European Economic Review, International Seminar in Macroeconomics, conference held in Mannheim, Germany, June 21-22 1982, 21, 1/2, March/April 1983, p. 203-250.

MODIGLIANI, F. Discussion of Investment Versus Savings Incentives: The Size of the Bang for The Buck and the Potential for Self-financing Business Tax Cuts. by Alan J. Auerbach and Laurence J. Kotlikoff in L.H. Meyer, ed., The Economic Consequences of Government Deficits (Center for the Study of American Business, Economic Policy Conference Series; conference held at Washington University in St. Louis, October 29-30 1982, Boston: Kluwer-Nijhoff Publishing, 1983, p. 150-154.

MODIGLIANI, F. Sviluppi e prospettive del sistema finanziario italiano. Il ruolo delle istituzioni, ľinflazione e il deficit publico, Borsa Valori Impieghi Finanziari E Risparmio, proceedings of a conference held November 26 1982, Borsa Valori, Milan, Italy, 1983, p. 49-58.

MODIGLIANI, F. Government Deficits, Inflation, and Future Generations. In D.W. Conklin and T.J. Courchene, eds, Deficits: How Big and How Bad? Ontario Economic Council Special Research Report, Ontario Economic Council, 1983, p. 55-77.

MODIGLIANI, F. Debt, Dividend Policy, Taxes, Inflation, and Market Valuation: Erratum. The Journal of Finance, vol. 38, no. 3, June 1983, p. 1041-1042.

MODIGLIANI, F., COHN, R. Reply to Professor A. Graziani´s paper „Interesse reale e interesse monetario. Studi Economici, no. 20, 1983, p. 121-123.

„Franco Modigliani“ in Arjo Klamer, ed., Conversations with Economists: New Classical Economists and Opponents Speak Out on the Current Controversy in Macroeconomics, Totowa, NJ: Rowman & Allanheld,  1984, p. 114-126.

MODIGLIANI, F. Discussion of Retirement Annuity Design in an Inflationary Climate. by Z. Bodie and J.E. Pesando“ in Z. Bodie and J. Shoven, eds, Financial Aspects of the United States Pension System conference held in Amelia Island, Florida, March 24-26 1982, Chicago, Ill: The University of Chicago Press,  1984.

MODIGLIANI, F. Comment on paper by Professors Yeager and Schwartz, Opportunities and Implications of a Return to Fixed Exchange Rates: Is the Gold Standard an Answer?. In T. Agmon, R. Hawkins, R. Levich, eds, Future of the International Monetary System, conference held in New York, October 7-8 1982, Lexington, Mass.: D.C. Heath (Lexington Books), 1984.

MODIGLIANI, F. I problemi di indicizzazione nel finanziamento delľ edilizia abitativa: il progetto MIT di´mutuo ipotecario per i giovani´ (The role of indexation in financing residential construction: MIT´s mortgage for the young). Bancaria, July 1984, p. 607-617.

MODIGLIANI, F. Une reduction des impots est efficace lorsqu´elle apparait comme definitive. ĽExpansion, December 6 1984, p. 18-19.

Franco Modigliani in Great Economists Since Keynes: an introduction to the lives and works of one hundred modern economists. Mark Blaug, Wheatsheaf Books, 1985, p. 169-171.

MODIGLIANI, F., CAPPONI, G. Tassare i rendimenti reali dei BOT. Il Sole 24 ORE, March 23 1985, 1 and 9.

MODIGLIANI, F. Comment on Changes in the Balance Sheet of the U.S. Manufacturing Sector. by J.H. Ciccolo, Jr. and C.F. Baum, in Benjamin M. Friedman, ed., Corporate Capital Structures in the United States, A National Bureau of Economic Research Project Report, Chicago: The University of Chicago Press, 1985, p. 109-115.

MODIGLIANI, F. The Public Spending Deficit and the Over-Valued Dollar. In Gianni Zandano, ed., Thema: the international monetary system and economic recovery (seminar held in Torino, Italy, March 30-31, 1984), Istituto Bancario San Paolo, Torino, Italy, 1985, p. 99-102.

MODIGLIANI, F., COHN, R. Inflation and Corporate Financial Management. In E.I. Altman and M.G. Subrahmanyam, eds, Recent Advances in Corporate Finance, conference held in New York, November 1983, Chicago, Ill.: Richard D. Irwin, 1985, p. 341-370.

MODIGLIANI, F. Italy. Chapter 5: Past Experience with Deindexation. In John Williamson, ed., Inflation and Indexation: Argentina, Brazil, and Israel, conference sponsored by Institute for International Economics, held in Washington, D.C., December 7-8 1984, distributed by MIT Press, 1985, p. 118-121.

MODIGLIANI, F., JAPPELLI, T., PAGANO, M. The Impact of Fiscal Policy and Inflation on National Saving: the Italian Case. Banca Nazionale del Lavoro Quarterly Review, no. 153, June 1985, p. 91-126. Reprinted in Italian: Ľ impatto della politica fiscale e delľinflazione sul risparmio nazionale: il case italiano“, Banca Nazionale del Lavoro Moneta e Credito, N. 150, Giugno, 1985, p. 123-162.

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