Modigliani and Keynesian Economics

Michael Szenberg and Lall Ramrattan
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Michael Szenberg: Pace University
Lall Ramrattan: University of California

Chapter 2 in Franco Modigliani, 2008, pp 15-44 from Palgrave Macmillan

Abstract: Abstract Modigliani built a Keynesian macroeconomic model that has attracted research for over 60 years. It started with his dissertation in 1944, which he revised just several months before his death in 2003. Some hold that the model revived classical thought, others say it betrayed the tools and thoughts of classical economics. But the model performed well overall in the sense that it solved problems and predicted macroeconomic events. In this chapter, we present Modigliani as a model builder who has one foot on theory and the other on application, extending the Keynesian paradigm.

Keywords: Money Market; Full Employment; Bond Market; Real Sector; Money Income (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:gtechp:978-0-230-58243-9_2

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DOI: 10.1057/9780230582439_2

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