Macroeconomic theory and monetary policy: the contributions of Franco Modigliani and the ongoing debate

The paper reviews some of the most important results of the LCH for understanding individual and aggregate saving behaviour. It then turns to the implications for fiscalpolicy and social security, highlighting Modigliani's seminal contributions. Over time competing theories have emerged, and so...

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Main Author:	Lucas Papademos
Format:	Article
Language:	English
Published:	Associazione Economia civile 2005-01-01
Series:	PSL Quarterly Review
Subjects:	Macroeconomic theory monetary policy Modigliani ongoing debate
Online Access:	http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9854/9736

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spelling	doaj-c8314c12bd7d434cbcec3d39a6e1757a2020-11-24T23:07:54ZengAssociazione Economia civilePSL Quarterly Review2037-36352037-36432005-01-0158233-234187214Macroeconomic theory and monetary policy: the contributions of Franco Modigliani and the ongoing debateLucas PapademosThe paper reviews some of the most important results of the LCH for understanding individual and aggregate saving behaviour. It then turns to the implications for fiscalpolicy and social security, highlighting Modigliani's seminal contributions. Over time competing theories have emerged, and some empirical findings are difficult to reconcile with LCH; chiefly aspects of inertia, myopia, and irrational behaviour documented by the recent behavioural literature. But the LCH is still the benchmark model to think about individual saving decisions, the aggregate evidence and policyissues.http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9854/9736Macroeconomic theorymonetary policyModiglianiongoing debate
collection	DOAJ
language	English
format	Article
sources	DOAJ
author	Lucas Papademos
spellingShingle	Lucas Papademos Macroeconomic theory and monetary policy: the contributions of Franco Modigliani and the ongoing debate PSL Quarterly Review Macroeconomic theory monetary policy Modigliani ongoing debate
author_facet	Lucas Papademos
author_sort	Lucas Papademos
title	Macroeconomic theory and monetary policy: the contributions of Franco Modigliani and the ongoing debate
title_short	Macroeconomic theory and monetary policy: the contributions of Franco Modigliani and the ongoing debate
title_full	Macroeconomic theory and monetary policy: the contributions of Franco Modigliani and the ongoing debate
title_fullStr	Macroeconomic theory and monetary policy: the contributions of Franco Modigliani and the ongoing debate
title_full_unstemmed	Macroeconomic theory and monetary policy: the contributions of Franco Modigliani and the ongoing debate
title_sort	macroeconomic theory and monetary policy: the contributions of franco modigliani and the ongoing debate
publisher	Associazione Economia civile
series	PSL Quarterly Review
issn	2037-3635 2037-3643
publishDate	2005-01-01
description	The paper reviews some of the most important results of the LCH for understanding individual and aggregate saving behaviour. It then turns to the implications for fiscalpolicy and social security, highlighting Modigliani's seminal contributions. Over time competing theories have emerged, and some empirical findings are difficult to reconcile with LCH; chiefly aspects of inertia, myopia, and irrational behaviour documented by the recent behavioural literature. But the LCH is still the benchmark model to think about individual saving decisions, the aggregate evidence and policyissues.
topic	Macroeconomic theory monetary policy Modigliani ongoing debate
url	http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9854/9736
work_keys_str_mv	AT lucaspapademos macroeconomictheoryandmonetarypolicythecontributionsoffrancomodiglianiandtheongoingdebate
_version_	1725616530874433536

Macroeconomic theory and monetary policy: the contributions of Franco Modigliani and the ongoing debate

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