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Modigliani and Keynesian Economics

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

Abstract

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.

Keywords

Money Market Full Employment Bond Market Real Sector Money Income 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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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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