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Modigliani and Keynesian Economics

In: Franco Modigliani

Author

Listed:
  • Michael Szenberg

    (Pace University)

  • Lall Ramrattan

    (University of California)

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.

Suggested Citation

  • Michael Szenberg & Lall Ramrattan, 2008. "Modigliani and Keynesian Economics," Great Thinkers in Economics, in: Franco Modigliani, chapter 2, pages 15-44, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-0-230-58243-9_2
    DOI: 10.1057/9780230582439_2
    as

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