Franco Modigliani
(1918 - 2003)
Italian, American
Area of specialisation
Price Motivation
For his pioneering analyses of saving and of financial markets
Affiliation at the time of Award
Massachusetts Institute of Technology (MIT)
Developed sub models of private consumption and the financial sector, studied the consequences for household saving of changes in demography and economic growth ,and laid the foundation for the field Corporate finance
1, Capital Markets: Institutions and Instruments 1996 2, Liquidity preference and the theory of interest and money Econometrica, 12, 45-88 1958 3, New developments on the Oligopoly Front Journal of political Economy, 66, 215-32 1977 4, The Role of Inter generational Transfers and Life-cycle saving in the Accumulation of wealth Journal of Economic Perspectives, 2(2) 15-40. 1954