Franco Modigliani (18 June 1918 – 25 September 2003) was an Italian-American
economist
An economist is a professional and practitioner in the social sciences, social science discipline of economics.
The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this ...
and the recipient of the 1985
Nobel Memorial Prize in Economics. He was a professor at
University of Illinois at Urbana–Champaign
The University of Illinois Urbana-Champaign (U of I, Illinois, University of Illinois, or UIUC) is a public land-grant research university in Illinois in the twin cities of Champaign and Urbana. It is the flagship institution of the Universit ...
,
Carnegie Mellon University
Carnegie Mellon University (CMU) is a private research university in Pittsburgh, Pennsylvania. One of its predecessors was established in 1900 by Andrew Carnegie as the Carnegie Technical Schools; it became the Carnegie Institute of Technology ...
, and
MIT Sloan School of Management
The MIT Sloan School of Management (MIT Sloan or Sloan) is the business school of the Massachusetts Institute of Technology, a private university in Cambridge, Massachusetts.
MIT Sloan offers bachelor's, master's, and doctoral degree programs, ...
.
Early life and education
Modigliani was born on 18 June 1918 in
Rome
, established_title = Founded
, established_date = 753 BC
, founder = King Romulus (legendary)
, image_map = Map of comune of Rome (metropolitan city of Capital Rome, region Lazio, Italy).svg
, map_caption ...
,
Lazio
it, Laziale
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,
Italy
Italy ( it, Italia ), officially the Italian Republic, ) or the Republic of Italy, is a country in Southern Europe. It is located in the middle of the Mediterranean Sea, and its territory largely coincides with the homonymous geographical re ...
, to the
Jewish
Jews ( he, יְהוּדִים, , ) or Jewish people are an ethnoreligious group and nation originating from the Israelites Israelite origins and kingdom: "The first act in the long drama of Jewish history is the age of the Israelites""The ...
family of a
pediatrician father and a voluntary
social worker mother.
["Franco Modigliani" by ]Daniel B. Klein
Daniel Bruce Klein (born January 16, 1962) is an American professor of economics at George Mason University and an Associate Fellow of the Swedish Ratio Institute. Much of his research examines the works of Adam Smith, public policy questions, ...
and Ryan Daza, in
The Ideological Migration of the Economics Laureates
, ''Econ Journal Watch
''Econ Journal Watch'' is a semiannual peer-reviewed electronic journal established in 2004. It is published by the Fraser Institute. According its website, the journal publishes comments on articles appearing in other economics journals, essays, r ...
'', 10(3), September 2013, pp. 472-293
He entered university at the age of seventeen, enrolling in the faculty of Law at the
Sapienza University of Rome
The Sapienza University of Rome ( it, Sapienza – Università di Roma), also called simply Sapienza or the University of Rome, and formally the Università degli Studi di Roma "La Sapienza", is a Public university, public research university l ...
.
[Parisi, Daniela (2005) "Five Italian Articles Written by the Young Franco Modigliani (1937–1938)", ''Rivista Internazional di Scienze Sociali'', 113(4), pp. 555–557 (in ]language
Language is a structured system of communication. The structure of a language is its grammar and the free components are its vocabulary. Languages are the primary means by which humans communicate, and may be conveyed through a variety of met ...
) In his second year at Sapienza, his submission to a nationwide contest in
economics
Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services.
Economics focuses on the behaviour and intera ...
sponsored by the official
student organization
A student is a person enrolled in a school or other educational institution.
In the United Kingdom and most commonwealth countries, a "student" attends a secondary school or higher (e.g., college or university); those in primary or elementary ...
of the state, won first prize and Modigliani received an award from the hand of
Benito Mussolini
Benito Amilcare Andrea Mussolini (; 29 July 188328 April 1945) was an Italian politician and journalist who founded and led the National Fascist Party. He was Prime Minister of Italy from the March on Rome in 1922 until his deposition in 194 ...
.
[Franco Modigliani]
autobiographical notes, Nobel Prize organization website, 1985
He wrote several essays for the fascist magazine ''
Lo Stato'' where he showed an inclination for the fascist ideological currents critical of liberalism.
Among his early works in the Fascist Italy was an article about the organization and management of production in a
socialist
Socialism is a left-wing economic philosophy and movement encompassing a range of economic systems characterized by the dominance of social ownership of the means of production as opposed to private ownership. As a term, it describes the e ...
economy, written in
Italian
Italian(s) may refer to:
* Anything of, from, or related to the people of Italy over the centuries
** Italians, an ethnic group or simply a citizen of the Italian Republic or Italian Kingdom
** Italian language, a Romance language
*** Regional Ita ...
and arguing the case for socialism along lines laid out by earlier
market socialists like
Abba Lerner
Abraham "Abba" Ptachya Lerner (also Abba Psachia Lerner; 28 October 1903 – 27 October 1982) was a Russian-born American-British economist.
Biography
Born in Novoselytsia, Bessarabia, Russian Empire, Lerner grew up in a Jewish family, which ...
and
Oskar Lange
Oskar Ryszard Lange (27 July 1904 – 2 October 1965) was a Polish economist and diplomat. He is best known for advocating the use of market pricing tools in socialist systems and providing a model of market socialism. He responded to the econo ...
.
[Mongiovi, Gary (2015)]
Franco Modigliani and the Socialist State
", Economics & Finance Department, St. John's, May 2015
But, that early enthusiasm evaporated soon after the passage of
racial laws in Italy. In 1938, Modigliani left Italy for
Paris
Paris () is the capital and most populous city of France, with an estimated population of 2,165,423 residents in 2019 in an area of more than 105 km² (41 sq mi), making it the 30th most densely populated city in the world in 2020. S ...
together with his then-girlfriend, Serena Calabi, to join her parents there. After briefly returning to
Rome
, established_title = Founded
, established_date = 753 BC
, founder = King Romulus (legendary)
, image_map = Map of comune of Rome (metropolitan city of Capital Rome, region Lazio, Italy).svg
, map_caption ...
to discuss his ''
laurea
In Italy, the ''laurea'' is the main post-secondary academic degree. The name originally referred literally to the laurel wreath, since ancient times a sign of honor and now worn by Italian students right after their official graduation ceremony ...
'' thesis at the city's university, he obtained his diploma on 22 July 1939, and returned to Paris.
[
The same year, they all immigrated to the United States and he enrolled at the Graduate Faculty of the ]New School for Social Research
The New School for Social Research (NSSR) is a graduate-level educational institution that is one of the divisions of The New School in New York City, United States. The university was founded in 1919 as a home for progressive era thinkers. NSSR ...
. His Ph.D. dissertation, an elaboration and extension of John Hicks
Sir John Richards Hicks (8 April 1904 – 20 May 1989) was a British economist. He is considered one of the most important and influential economists of the twentieth century. The most familiar of his many contributions in the field of economic ...
' IS–LM model, was written under the supervision of Jacob Marschak
Jacob Marschak (23 July 1898 – 27 July 1977) was an American economist.
Life
Born in a Jewish family of Kyiv, Jacob Marschak (until 1933 Jakob) was the son of a jeweler. During his studies he joined the social democratic Menshevik Party, ...
and Abba Lerner
Abraham "Abba" Ptachya Lerner (also Abba Psachia Lerner; 28 October 1903 – 27 October 1982) was a Russian-born American-British economist.
Biography
Born in Novoselytsia, Bessarabia, Russian Empire, Lerner grew up in a Jewish family, which ...
, in 1944,[The basis of his dissertation subsequently appeared in ''Econometrica''. See Modigliani (1944)] and is considered "ground breaking."
Career
From 1942 to 1944, Modigliani taught at Columbia University
Columbia University (also known as Columbia, and officially as Columbia University in the City of New York) is a private research university in New York City. Established in 1754 as King's College on the grounds of Trinity Church in Manhatt ...
and Bard College
Bard College is a private liberal arts college in Annandale-on-Hudson, New York. The campus overlooks the Hudson River and Catskill Mountains, and is within the Hudson River Historic District—a National Historic Landmark.
Founded in 1860, ...
as an instructor in economics
Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services.
Economics focuses on the behaviour and intera ...
and statistics
Statistics (from German language, German: ''wikt:Statistik#German, Statistik'', "description of a State (polity), state, a country") is the discipline that concerns the collection, organization, analysis, interpretation, and presentation of ...
. In 1946, he became a naturalized citizen
Naturalization (or naturalisation) is the legal act or process by which a non-citizen of a country may acquire citizenship or nationality of that country. It may be done automatically by a statute, i.e., without any effort on the part of the in ...
of the United States. In 1948, he joined the University of Illinois at Urbana–Champaign
The University of Illinois Urbana-Champaign (U of I, Illinois, University of Illinois, or UIUC) is a public land-grant research university in Illinois in the twin cities of Champaign and Urbana. It is the flagship institution of the Universit ...
faculty. From 1952 to 1962, he was a member of the Carnegie Mellon University
Carnegie Mellon University (CMU) is a private research university in Pittsburgh, Pennsylvania. One of its predecessors was established in 1900 by Andrew Carnegie as the Carnegie Technical Schools; it became the Carnegie Institute of Technology ...
faculty.[Professor Franco Modigliani]
obituary, ''The Independent
''The Independent'' is a British online newspaper. It was established in 1986 as a national morning printed paper. Nicknamed the ''Indy'', it began as a broadsheet and changed to tabloid format in 2003. The last printed edition was publis ...
'', 28 September 2003
In 1962, he joined the faculty of MIT
The Massachusetts Institute of Technology (MIT) is a private land-grant research university in Cambridge, Massachusetts. Established in 1861, MIT has played a key role in the development of modern technology and science, and is one of the m ...
, as an Institute Professor
An institute is an organisational body created for a certain purpose. They are often research organisations (research institutes) created to do research on specific topics, or can also be a professional body.
In some countries, institutes can ...
.
Contributions to economic theory
Modigliani, beginning in the 1950s, was an originator of the life-cycle hypothesis
In economics, the life-cycle hypothesis (LCH) is a model that strives to explain the consumption patterns of individuals.
Background
The hypothesis
Implications
Saving and wealth when income and population are stable
The effect of population ...
, which attempts to explain the level of saving
Saving is income not spent, or deferred consumption. Methods of saving include putting money aside in, for example, a deposit account, a pension account, an investment fund, or as cash. Saving also involves reducing expenditures, such as recur ...
in the economy. The hypothesis that consumer
A consumer is a person or a group who intends to order, or uses purchased goods, products, or services primarily for personal, social, family, household and similar needs, who is not directly related to entrepreneurial or business activities. T ...
s aim for a stable level of consumption
Consumption may refer to:
*Resource consumption
*Tuberculosis, an infectious disease, historically
* Consumption (ecology), receipt of energy by consuming other organisms
* Consumption (economics), the purchasing of newly produced goods for curren ...
throughout their lifetime (for example by saving during their working years and then spending during their retirement
Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload.
Many people choose to retire when they are elderly or incapable of doing their j ...
).
The rational expectations
In economics, "rational expectations" are model-consistent expectations, in that agents inside the model
A model is an informative representation of an object, person or system. The term originally denoted the plans of a building in late 16 ...
hypothesis is considered by economists[Wade-Hands, Douglas (1986) ''Modigliani And Grunberg : A Precursor To Rational Expectations?'', ]University of Puget Sound
The University of Puget Sound (UPS or Puget Sound) is a private university in Tacoma, Washington. The university draws approximately 2,600 students from 44 states and 16 countries. It offers 1,200 courses each year in more than 50 traditional an ...
to originate in the paper written by Modigliani and Emile Grunberg in 1954.[Grunberg, E. & Franco Modigliani (1954) "The Predictability of Social Events," '']Journal of Political Economy
The ''Journal of Political Economy'' is a monthly peer-reviewed academic journal published by the University of Chicago Press. Established by James Laurence Laughlin in 1892, it covers both theoretical and empirical economics. In the past, the ...
'', 62, pp. 465-478, December 1954
When he was a member of the Carnegie Mellon University
Carnegie Mellon University (CMU) is a private research university in Pittsburgh, Pennsylvania. One of its predecessors was established in 1900 by Andrew Carnegie as the Carnegie Technical Schools; it became the Carnegie Institute of Technology ...
faculty, he formulated in 1958, along with Merton Miller, the Modigliani–Miller theorem
The Modigliani–Miller theorem (of Franco Modigliani, Merton Miller) is an influential element of economic theory; it forms the basis for modern thinking on capital structure. The basic theorem states that in the absence of taxes, bankruptcy c ...
for corporate finance
Corporate finance is the area of finance that deals with the sources of funding, the capital structure of corporations, the actions that managers take to increase the Value investing, value of the firm to the shareholders, and the tools and anal ...
.[Miller, Merton H. & Franco Modigliani (1958)]
The cost of capital, corporate finance and the theory of investment
, ''The American Economic Review
The ''American Economic Review'' is a monthly peer-reviewed academic journal published by the American Economic Association. First published in 1911, it is considered one of the most prestigious and highly distinguished journals in the field of eco ...
'', Vol. XLVIII, June 1958, #3, pp. 261–297. The article was a revised version of a paper delivered at the annual meeting of the Econometric Society
The Econometric Society is an international society of academic economists interested in applying statistical tools to their field. It is an independent organization with no connections to societies of professional mathematicians or statisticians. ...
in December 1956.[Miller, Merton H. & Franco Modigliani (1963) "Corporate Income Taxes and the Cost of Capital: A Correction", '']The American Economic Review
The ''American Economic Review'' is a monthly peer-reviewed academic journal published by the American Economic Association. First published in 1911, it is considered one of the most prestigious and highly distinguished journals in the field of eco ...
'', Vol. 53, No. 3, June 1963, pp. 433–443 The theorem posits that, under certain assumptions,[The theorem assumes an economic environment with an ]efficient market
The efficient-market hypothesis (EMH) is a hypothesis in financial economics that states that asset prices reflect all available information. A direct implication is that it is impossible to "beat the market" consistently on a risk-adjusted bas ...
and without tax
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or n ...
es, bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor ...
costs, agency costs, and asymmetric information. the value of a firm is not affected by whether it is financed by equity
Equity may refer to:
Finance, accounting and ownership
* Equity (finance), ownership of assets that have liabilities attached to them
** Stock, equity based on original contributions of cash or other value to a business
** Home equity, the dif ...
(selling shares) or by debt
Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor. Debt is a deferred payment, or series of payments, which differentiates it from an immediate purchase. The ...
(borrowing money), meaning that the debt-to-equity ratio The debt-to-equity ratio (D/E) is a financial ratio indicating the relative proportion of shareholders' equity and debt used to finance a company's assets. Closely related to leveraging, the ratio is also known as risk, gearing or leverage. The two ...
is unimportant for private firms.[
In the early 1960s, his response, co-authored with ]Albert Ando
was a Japanese-born economist.
Biography
He was born in Tokyo, as a member of family running Ando Corporation, a major construction company. He didn't join the family business, and came to the United States after World War II. He received hi ...
, to the 1963 paper of Milton Friedman
Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the ...
and David I. Meiselman
David I. Meiselman (; 1924 – December 3, 2014) was an American economist. Among his contributions to the field of economics are his work on the term structure of interest rates, the foundation today of the implementation of monetary policy by m ...
, initiated the so-called "monetary/fiscal policy debate" among economists, which went on for more than sixty years.
In 1975, Modigliani, in a paper whose co-author was his former student Lucas Papademos
Lucas Demetrios Papademos ( el, Λουκάς Παπαδήμος; born 11 October 1947) is a Greek economist and academic who served as 12th Prime Minister of Greece from November 2011 to May 2012, leading a national unity government in the wake ...
,[Papademos went on to become Governor of the Bank of Greece from 1994 until 2002, and Prime Minister of Greece from November 2011 to May 2012.] introduced the concept of the "NIRU", the non-inflationary rate of unemployment
Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15) not being in paid employment or self-employment but currently available for Work (human activity), w ...
,[Subsequently known as the "" (NAIRU)] ostensibly an improvement over the "natural rate of unemployment
The natural rate of unemployment is the name that was given to a key concept in the study of economic activity. Milton Friedman and Edmund Phelps, tackling this 'human' problem in the 1960s, both received the Nobel Memorial Prize in Economic Scien ...
" concept. The terms refer to a level of unemployment below which inflation
In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reductio ...
rises.[Inflation "rises"; it does not "accelerate," as can often be misread from the acronym ]NAIRU
Non-accelerating inflation rate of unemployment (NAIRU) is a theoretical level of unemployment below which inflation would be expected to rise.
In 1997, Modigliani and his granddaughter, Leah Modigliani, developed what is now called the " Modigliani Risk-Adjusted Performance," a measure of the risk-adjusted returns of an investment portfolio
In finance, a portfolio is a collection of investments.
Definition
The term “portfolio” refers to any combination of financial assets such as stocks, bonds and cash. Portfolios may be held by individual investors or managed by financial pro ...
that was derived from the Sharpe ratio
In finance, the Sharpe ratio (also known as the Sharpe index, the Sharpe measure, and the reward-to-variability ratio) measures the performance of an investment such as a security or portfolio compared to a risk-free asset, after adjusting for its ...
, adjusted for the risk of the portfolio relative to that of a benchmark, e.g. the "market."
Appointments and awards
In October 1985, Modigliani was awarded the Nobel prize in Economics
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ...
"for his pioneering analyses of saving
Saving is income not spent, or deferred consumption. Methods of saving include putting money aside in, for example, a deposit account, a pension account, an investment fund, or as cash. Saving also involves reducing expenditures, such as recur ...
and of financial market
A financial market is a market in which people trade financial securities and derivatives at low transaction costs. Some of the securities include stocks and bonds, raw materials and precious metals, which are known in the financial markets ...
s."
In 1985, Modigliani received MIT's James R. Killian Faculty Achievement Award. In 1997, he received an ''honoris causa
An honorary degree is an academic degree for which a university (or other degree-awarding institution) has waived all of the usual requirements. It is also known by the Latin phrases ''honoris causa'' ("for the sake of the honour") or ''ad hono ...
'' degree in Management Engineering
Engineering management is the application of the practice of management to the practice of engineering.
Engineering management is a career that brings together the technological problem-solving ability of engineering and the organizational, admini ...
from the University of Naples Federico II
The University of Naples Federico II ( it, Università degli Studi di Napoli Federico II) is a public university in Naples, Italy. Founded in 1224, it is the oldest public non-sectarian university in the world, and is now organized into 26 depar ...
in 1997.
Late in his life, Modigliani became a trustee of the Economists for Peace and Security organization, formerly "Economists Allied for Arms Reduction" and was considered an "influential adviser": in the late 1960s, on a contract with the Federal Reserve
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a ...
, he designed the "MIT-Pennsylvania-Social Science Research Council" model, a tool that "guided monetary policy
Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often a ...
in Washington for many decades."[
A collection of Modigliani's papers is housed at ]Duke University
Duke University is a private research university in Durham, North Carolina. Founded by Methodists and Quakers in the present-day city of Trinity in 1838, the school moved to Durham in 1892. In 1924, tobacco and electric power industrialist James ...
's Rubenstein Library.
Criticism
Modigliani's work on fiscal policy came under criticism from followers of Post-Keynesian economics
Post-Keynesian economics is a school of economic thought with its origins in '' The General Theory'' of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney ...
, who disputed the "Keynesianism" of his viewpoints, pointing out his contribution to the NAIRU
Non-accelerating inflation rate of unemployment (NAIRU) is a theoretical level of unemployment below which inflation would be expected to rise. concept, as well as his general stance on fiscal deficits. The Modigliani-Miller theorem implies that, for a closed economy, state borrowing is merely deferred tax
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or n ...
ation, since state spending can be financed only by " printing money", taxation, or borrowing, and therefore monetary financing of state spending implies the subsequent imposition of a so-called "inflation tax," which ostensibly has the same effect on permanent income as explicit taxation.[See " crowding out effect"]
Nonetheless, they acknowledged his dissenting voice on the issue of unemployment, in which Modigliani concurred early on with heterodox economist
Heterodox economics is any economic thought or theory that contrasts with orthodox schools of economic thought, or that may be beyond neoclassical economics.Frederic S. Lee, 2008. "heterodox economics," ''The New Palgrave Dictionary of Economics' ...
s that Europe-wide unemployment in the late 20th century was caused by the lack of demand
In economics, demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given time. The relationship between price and quantity demand is also called the demand curve. Demand for a specific item ...
induced by austerity
Austerity is a set of political-economic policies that aim to reduce government budget deficits through spending cuts, tax increases, or a combination of both. There are three primary types of austerity measures: higher taxes to fund spend ...
policies.[Demand-driven fiscal policies, as opposed to supply-driven, are a cornerstone of Keynesian and Post-Keynesian economics. For a critique of European economic policies from a modern, Post-Keynesian point of view, see e.g. Mitchell, William (2016) ''Eurozone Dystopia: Groupthink and Denial on a Grand Scale'', Edward Elgar, 2015, ]
Personal life
In 1939, while they were in Paris, Modigliani married Serena Calabi. They had two children, Andre and Sergio Modigliani.
Modigliani died in Cambridge, Massachusetts
Cambridge ( ) is a city in Middlesex County, Massachusetts, United States. As part of the Boston metropolitan area, the cities population of the 2020 U.S. census was 118,403, making it the fourth most populous city in the state, behind Boston, ...
, in 2003, while still working at MIT, and teaching until the last months of his life. He was 85.["In March 2003, only few months before his demise, I was at MIT and witnessed Franco odiglianistill teaching with the same enthusiasm another class at the ]Sloan School of Management
The MIT Sloan School of Management (MIT Sloan or Sloan) is the business school of the Massachusetts Institute of Technology, a private university in Cambridge, Massachusetts.
MIT Sloan offers bachelor's, master's, and doctoral degree programs, ...
" : from Pagano, Marco (2005)
The Modigliani-Miller Theorems: A Cornerstone of Finance
, Center for Studies in Economics and Finance, May 2005 Serena Modigliani-Calabi, active to the end in progressive politics
Progressivism holds that it is possible to improve human societies through political action. As a political movement, progressivism seeks to advance the human condition through social reform based on purported advancements in science, techn ...
, most notably with the League of Women Voters
The League of Women Voters (LWV or the League) is a nonprofit, nonpartisan political organization in the United States. Founded in 1920, its ongoing major activities include registering voters, providing voter information, and advocating for vot ...
, and an outspoken believer in participatory democracy
Participatory democracy, participant democracy or participative democracy is a form of government in which citizens participate individually and directly in political decisions and policies that affect their lives, rather than through elected rep ...
,[Chilmarker Serena Modigliani, 91, Escaped Fascism]
, ''Vineyard Gazette
The ''Vineyard Gazette'' is one of two paid circulation newspapers on the island of Martha's Vineyard. Founded in 1846, it also circulates in many other states and countries to seasonal residents of the resort island. History
The ''Gazette'' was ...
'', 9 October 2008 died in 2008.[Serena Calabi]
obituary, ''The Boston Globe
''The Boston Globe'' is an American daily newspaper founded and based in Boston, Massachusetts. The newspaper has won a total of 27 Pulitzer Prizes, and has a total circulation of close to 300,000 print and digital subscribers. ''The Boston Glob ...
'', 24 September 2008
Selected bibliography
Books
*
*
*
*
*
Articles
*
*
See also
* Piero Sraffa
Notes
References
External links
*
Modigliani works
IDEAS/RePEc
Research Papers in Economics (RePEc) is a collaborative effort of hundreds of volunteers in many countries to enhance the dissemination of research in economics. The heart of the project is a decentralized database of working papers, preprints, ...
*
What influences our likelihood to save?
, Union Bank of Switzerland
Union Bank of Switzerland (UBS) was a Swiss Investment banking, investment bank and financial services company located in Switzerland. The bank, which at the time was the second largest bank in Switzerland, merged with Swiss Bank Corporation in ...
website, with filmed interviews by Franco Modigliani
*
{{DEFAULTSORT:Modigliani, Franco
1918 births
2003 deaths
Nobel laureates in Economics
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