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CONTENTS Preface Francesco Franco Introduction ix xi I THE LIFE-CYCLE HYPOTHESIS 1 1 Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data (with Richard Brumberg) 3 2 The “Life-Cycle” Hypothesis of Saving: Aggregate Implications and Tests (with Albert Ando) 47 3 Long-Run Implications of Alternative Fiscal Policies and the Burden of the National Debt 79 4 Recent Declines in the Savings Rate: A Life Cycle Perspective 107 5 The Age Saving Profile and the Life-Cycle Hypothesis (with Tullio Jappelli) 141 6 The Chinese Saving Puzzle and the Life-Cycle Hypothesis (with Shi Larry Cao) 173 II UNEMPLOYMENT AND MONETARY POLICY IN THE EUROPEAN UNION DURING THE 1990s 207 7 An Economists’ Manifesto on Unemployment in the European Union (with Jean Paul Fitoussi, Beniamino Moro, Dennis Snower, Robert Solow, Alfred Steinherr, and Paolo Sylos Labini) 209
viii Contents 8 The Shameful Rate of Unemployment in the EMS: Causes and Cures 239 9 Why the EMS Deserves an Early Burial (with Olivier Blanchard, Rudiger Dornbusch, Stanley Fischer, Paul Samuelson, and Robert Solow) 275 10 No Reason to Mourn (with Olivier Blanchard, Rudiger Dornbusch, Stanley Fischer, Paul Krugman, Paul Samuelson, and Robert Solow) 277 III MISCELLANA: INFLATION, RISK, LEGAL INSTITUTIONS, AND UNEMPLOYMENT 281 11 Long-term Financing in an Inflationary Environment 283 12 Risk-Adjusted Performance: How to Measure It and Why (with Leah Modigliani) 289 13 The Rules of the Game and the Development of Security Markets (with Enrico Perotti) 305 14 Emerging Issues in the World Economy 319 15 The Keynesian Gospel According to Modigliani 327 IV INTERVIEW 361 16 An Interview with Franco Modigliani (Interviewed by William A. Barnett and Robert Solow) 363 Index 385
Page 1 and 2: THE COLLECTED PAPERS OF FRANCO MODI
Page 3 and 4: Franco Modigliani in 1992.
Page 5 and 6: © 2005 Massachusetts Institute of
Page 10: PREFACE The essays collected in thi
Page 13 and 14: xii Introduction decades of the twe
Page 16: THE LIFE-CYCLE HYPOTHESIS I
Page 19 and 20: 4 The Life-Cycle Hypothesis them. W
Page 21 and 22: 6 The Life-Cycle Hypothesis which c
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Page 35 and 36: 20 The Life-Cycle Hypothesis P = y
Page 37 and 38: 22 The Life-Cycle Hypothesis y y e
Page 39 and 40: 24 The Life-Cycle Hypothesis consum
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Page 51 and 52: 36 The Life-Cycle Hypothesis basis
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42 The Life-Cycle Hypothesis which
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44 The Life-Cycle Hypothesis assump
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2 THE “LIFE-CYCLE” HYPOTHESIS O
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The “Life-Cycle” Hypothesis of
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(11) I C 0.634 0.080 0.634 0.092 0.
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3 LONG-RUN IMPLICATIONS OF ALTERNAT
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Long-Run Implications of Alternativ
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Table 3.1 A. Effects of Government
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4 RECENT DECLINES IN THE SAVINGS RA
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Table 4.1 (continued) Regression Va
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Recent Declines in the Savings Rate
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Table 4.2 (continued) First Differe
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Table 4.3 Period & estimation Surpl
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Table 4.4 The Role of Major Variabl
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Table 4.5 Estimates for Developing
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Table 4.6 (continued) Savings Growt
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5 THE AGE-SAVING PROFILE AND THE LI
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The Age Saving Profile 143 It is ob
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The Age Saving Profile 145 The exer
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The Age Saving Profile 147 same coh
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The Age Saving Profile 149 therefor
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The Age Saving Profile 151 One poss
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The Age Saving Profile 153 0 50 100
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The Age Saving Profile 155 0 5 10 1
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The Age Saving Profile 157 -10 -5 0
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10 40 45 Median discretionary savin
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The Age Saving Profile 161 effect f
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The Age Saving Profile 163 between
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The Age Saving Profile 165 tion. Si
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The Age Saving Profile 167 to save
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The Age Saving Profile 169 sampling
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The Age Saving Profile 171 10. One
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6 THE CHINESE SAVING PUZZLE AND THE
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Table 6.1 Chinese Household Income
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The Chinese Saving Puzzle 177 the p
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The Chinese Saving Puzzle 179 Even
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The Chinese Saving Puzzle 181 those
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The Chinese Saving Puzzle 183 3.3.2
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The Chinese Saving Puzzle 185 3. S(
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The Chinese Saving Puzzle 187 ddpCY
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Table 6.3 Estimates of Coefficients
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The Chinese Saving Puzzle 191 respe
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The Chinese Saving Puzzle 193 These
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The Chinese Saving Puzzle 195 marke
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The Chinese Saving Puzzle 197 coeff
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The Chinese Saving Puzzle 199 6 Con
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The Chinese Saving Puzzle 201 Accor
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The Chinese Saving Puzzle 203 Appen
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The Chinese Saving Puzzle 205 Horio
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7 AN ECONOMISTS’ MANIFESTO ON UNE
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An Economists’ Manifesto on Unemp
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240 Unemployment and Monetary Polic
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11 LONG-TERM FINANCING IN AN INFLAT
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Long-Term Financing in an Inflation
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Long-Term Financing in an Inflation
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12 RISK-ADJUSTED PERFORMANCE: HOW T
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Risk-Adjusted Performance 291 portf
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Risk-Adjusted Performance 293 sugge
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Risk-Adjusted Performance 295 Nonet
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Risk-Adjusted Performance 297 relat
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Risk-Adjusted Performance 299 On th
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Risk-Adjusted Performance 301 Nonet
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Risk-Adjusted Performance 303 perfo
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13 THE RULES OF THE GAME AND THE DE
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The Rules of the Game and the Devel
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14 EMERGING ISSUES IN THE WORLD ECO
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Emerging Issues on the World Econom
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328 Miscellanea mammoth unemploymen
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330 Miscellanea important one at th
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332 Miscellanea M M s M d M d Figur
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334 Miscellanea the flexibility of
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336 Miscellanea Table 15.1 (continu
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338 Miscellanea Table 15.2 Unemploy
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340 Miscellanea Table 15.2 (continu
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342 Miscellanea are equal: one must
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344 Miscellanea For the purpose of
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346 Miscellanea IV.4 The Saving—I
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348 Miscellanea corresponding axis
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350 Miscellanea understood however
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352 Miscellanea creates an excess s
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354 Miscellanea short of totalitari
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356 Miscellanea VI.5 The Role of Fi
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358 Miscellanea flexible nominal wa
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INTERVIEW IV
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364 Interview at Modigliani’s vac
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366 Interview Solow: Now, with Mars
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368 Interview in employment. When t
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370 Interview interest elasticity o
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372 Interview industries such as ag
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374 Interview The theorem, which by
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376 Interview governmental finance
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378 Interview Solow: You had a majo
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380 Interview consequences of “Pe
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382 Interview century, to below 6 p
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INDEX Accelerator effect, 221 Accou
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Index 387 Coefficients of the aggre
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Index 389 Equilibrium market, 328-3
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Index 391 cash, 142, 143 in China,
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Index 393 and open economy, 358 and
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Index 395 Monetary policy argument
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Index 397 Real wages. See Wages, re
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Index 399 Tanzania, income and savi
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Index 401 “Wedge” between pay a
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