This manifesto challenges a pernicious orthodoxy that has gripped Europe's policy makers. It is that demand- and supply-side policies must have different aims, that a limited number of supply-side policies are to be devoted to fighting unemployment, and that demand management (and particularly...

This paper provides a review of the theory of the determinants of individual and national thrift that has come to be known as the Life Cycle Hypothesis (LCH) of saving. Applications to some current policy issues are also discussed. Part I deals with the state of the art on the eve of the...

I was born in Rome, Italy, the son of Enrico Modigliani and Olga Flaschel. My father was a leading pediatrician in the city and my mother was a volunteer social worker.

L'objectif de cet article est d'expliquer le chômage de masse, tel qu'il existe depuis plus d'une décennie dans les pays européens. Il est affirmé que sa cause réside dans une offre réelle de monnaie insuffisante, conjuguée avec une politique budgétaire trop restrictive. En découlent...

The organization of the paper is simple. We start by examining the real effects of anticipated inflation in an economy that has fully adapted to inflation. In particular, in this economy: (i) public institutions are fully attuned to inflation (or inflation proof), (ii) the same is true of...

This paper first examines the effect of two basic types of investment performance fees, which differ in the method of performance measurement, on the amount and variability of investment advisory compensation. Then this effect is related to the risk borne by fund investors. From this analysis,...

The Reagan administration is credited with one major success: the reduction in inflation. But it was not achieved painlessly, through "monetarism" and "supply" policies. Money growth swung widely and disinflation required, as always, a high and protracted unemployment rate. The deep tax cuts...