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Modigliani's Expectations

Author

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  • James E. Hartley

    (Economics Department, Mount Holyoke College)

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.

Suggested Citation

  • James E. Hartley, 2004. "Modigliani's Expectations," Eastern Economic Journal, Eastern Economic Association, vol. 30(3), pages 427-440, Summer.
    • Handle: RePEc:eej:eeconj:v:30:y:2004:i:3:p:427-440
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume30/V30N3P427_440.pdf
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    Cited by:

    1. Alice Martini & Luca Spataro, 2022. "The contribution of Carlo Casarosa on the forerunners of the life cycle hypothesis by Franco Modigliani and Richard Brumberg," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 69(1), pages 71-101, March.

    More about this item

    Keywords

    Expectation;

    JEL classification:

    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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