In the early 1980s, rational expectations and new classical economics dominated macroeconomic theory. This essay evolved from the authors' profound disagreement with that trend. It demonstrates not only how the new classical view got macroeconomics wrong, but also how to go about doing...

These two volumes bring together articles, commentaries, and excerpts by Nobel Prize-winning economist Franco Modigliani published from the late 1970s to 1989. The 11 essays collected in Volume 4 focus on money and inflation and on stabilization policies for growth and unemployment. The 21...

This volume of papers, articles, and essays by the late Nobel Prize-winning economist Franco Modigliani contains writings published during the last decade of his life as well as three seminal earlier papers on the life-cycle hypothesis. As in the previous Collected Papers, the writings are...