Modigliani and Keynesian Economics

  • Michael Szenberg
  • Lall Ramrattan
Part of the Great Thinkers in Economics Series book series (GTE)


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.


Money Market Full Employment Bond Market Real Sector Money Income 
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Copyright information

© Michael Szenberg and Lall Ramrattan 2008

Authors and Affiliations

  • Michael Szenberg
    • 1
  • Lall Ramrattan
    • 2
  1. 1.Pace UniversityNew YorkUSA
  2. 2.University of CaliforniaBerkeley ExtensionUSA

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