|Nationality Italian, American|
Name Franco Modigliani
|Alma mater New School|
Field Financial economics
|Born June 18, 1918 (1918-06-18) Rome, Italy|
School or tradition Neo-Keynesian economics
Influences J. M. Keynes, Jacob Marschak
Contributions Modigliani–Miller theorem Life-cycle hypothesis MPS model
Died September 25, 2003, Cambridge, Massachusetts, United States
Education The New School, Sapienza University of Rome
Awards Nobel Memorial Prize in Economic Sciences
Influenced Jacques Dreze, Robert J. Shiller, William A. Barnett
Books Foundations of Financial Markets a, Capital Markets: Institution, Rethinking pension reform, Adventures of an Economist, The Collected Papers of
Similar People Merton Miller, Frank J Fabozzi, John Maynard Keynes, John Muth, Herbert A Simon
The relation between the stock and bond markets franco modigliani 1997
Franco Modigliani ([ˈfraŋko modiʎˈʎani]; June 18, 1918 – September 25, 2003) was an Italian economist naturalized American, a professor at UIUC, Carnegie Mellon University and MIT and who won the Nobel Memorial Prize in Economics in 1985.
- The relation between the stock and bond markets franco modigliani 1997
- 14th annual killian award lecture franco modigliani part 1 1986
- Life and career
14th annual killian award lecture franco modigliani part 1 1986
Life and career
Born in Rome, Italy, Modigliani left Italy because of his Jewish origin and antifascist views, although he had previously published fascist economic papers and had personally received an award from Mussolini. He first went to Paris with the family of his then-girlfriend, Serena, whom he married in 1939, and then to the United States. From 1942 to 1944, he taught at Columbia University and Bard College as an instructor in economics and statistics. In 1944, he obtained his D. Soc. Sci. from the New School for Social Research working under Jacob Marschak. In 1946, he became a naturalized citizen of the United States, and in 1948, he joined the University of Illinois at Urbana-Champaign faculty. From 1952 to 1962, he was faculty at Carnegie Mellon University, where several path-breaking contributions to economic science were made:
In 1962, he joined the faculty at MIT, achieving distinction as an Institute Professor, where he stayed until his death. In 1985 he received MIT's James R. Killian Faculty Achievement Award.
Modigliani also co-authored the textbooks, "Foundations of Financial Markets and Institutions" and "Capital Markets: Institutions and Instruments" with Frank J. Fabozzi of Yale School of Management.
In the 1990s he teamed up with Francis Vitagliano to work on a new credit card, and he also helped to oppose changes to a patent law that would be harmful to inventors.
He is the co-author of Rethinking Pension Reform (2009), Cambridge University Press, and along with Arun Muralidhar, critiqued the privatization model of Social Security reform proposed by the World Bank (in the 1990s) and President Bush in the early 2000s, and offered a better alternative to reform Social Security systems globally.
Modigliani was a trustee of the Economists for Peace and Security.
A collection of Modigliani's papers is housed at the Rubenstein Library at Duke University.
He received an honoris causa degree in Management Engineering from University of Naples Federico II in 1997. For many years, he lived in Belmont, Massachusetts; he died in Cambridge, Massachusetts.