Modigliani's Expectations

James Hartley ()
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James Hartley: Economics Department, Mount Holyoke College

Eastern Economic Journal, 2004, vol. 30, issue 3, 427-440

Abstract: On the one hand, Franco Modigliani does not like rational expectations. On the other hand, Franco Modigliani does like rational expectations - indeed, as he says, he invented it. Many times in his complaints, Modigliani seems to be conflating the use of the rational expectations hypothesis with the use of the market clearing hypothesis. The life-cycle model seems at first glance to have very little relationship to the business expectations and planning project.

Keywords: Expectation (search for similar items in EconPapers)
JEL-codes: D84 D90 (search for similar items in EconPapers)
Date: 2004
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