This 1986 book examines some of the main issues that have characterized macroeconomics: the debate between 'monetarists' and 'Keynesians'; the response to demand shocks and supply shocks, by which the monetary authorities control aggregrate nominal income and the use and relevance of the money supply as a target; and the consumption function and the determinants of wealth. It shows that Keynesian stabilization policies succeeded in reducing instability due to demand shocks dramatically, but that no aggregrate demand policy can stabilize both price and employment simultaneously after a supply shock. However, by assigning an overall 'social cost' to (excess) unemployment and (initially) unexpected inflation, an optimism path can be derived. In looking at the consumption function and determinants of wealth the empirical evidence is shown to be most consistent with the life-cycle hypothesis. A concluding section is devoted to the impact on private and national society of the 'social securi
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 focu
Articles and essays by the late Nobel Prize-winning economist on the life-cycle hypothesis, unemployment and monetary policy in the European Union, and other topics. This volume of papers, articles,
This book presents an academic and a practical aspect on managing pension funds to clarify the global debate on social security. The authors establish the basic choices in designating any system to help policy makers develop the system that achieves their many objectives. They examine reforms in Latin America to highlight flaws and to estimate the true cost of these reforms and factors affecting these costs. The authors then discuss how the United States and Spain can implement robust systems incorporating many of the ideal features. The success of reforms depends on financial innovation to mitigate key risks and some innovations are discussed, which also demonstrates how pension reform choices affect the achievement of retirement objectives. Finally, the authors examine some proposed hybrid options to show how the beneficial features of these hybrids can be captured through good design in a single fund.
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
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 focu
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 focu
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 focu
Articles and essays by the late Nobel Prize-winning economist on the life-cyclehypothesis, unemployment and monetary policy in the European Union, and other topics.
