Franco Modigliani

Franco Modigliani

Infobox Scientist
name = Franco Modigliani

image_size = 180px
birth_date = birth date|1918|6|18|mf=y
birth_place = Rome, Italy
death_date = death date and age|2003|9|25|1918|6|18|mf=y
death_place = Cambridge, Massachusetts, USA
nationality = Italy
field = Finance
alma_mater = New School for Social Research University of Rome La Sapienza
work_institution = MIT Carnegie Mellon
University of Illinois at Urbana-Champaign
doctoral_advisor = Jacob Marschak
doctoral_students = Robert Shiller Hossein Askari
known_for = Modigliani-Miller theorem Life-cycle hypothesis MPS model
prizes = Nobel Prize in Economics (1985)

Franco Modigliani (Rome, June 18, 1918September 25, 2003) was an Italian-American economist at the MIT Sloan School of Management and MIT Department of Economics, and winner of the Nobel Memorial Prize in Economics in 1985.

Born in Italy, he left Italy in 1939 because of his Jewish background and antifascist views. He first went to Paris with the family of his then-girlfriend, Serena, whom he married in 1939, and then to the United States. From 1942 to 1944, he taught at Columbia University and Bard College as an instructor in economics and statistics. In 1944, he obtained his D. Soc. Sci. from the New School for Social Research working under Jacob Marschak. In 1946, he became a naturalized citizen of the United States, and in 1948, he joined the University of Illinois at Urbana-Champaign faculty.

When he was a professor at the Graduate School of Industrial Administration of Carnegie Mellon University in the 1950s and early 1960s, Modigliani made two path-breaking contributions to economic science:

*Along with Merton Miller, he formulated the important Modigliani-Miller theorem in corporate finance. This demonstrated that under certain assumptions, the value of a firm is not affected by whether it is financed by equity (selling shares) or debt (borrowing money).

*He was also the originator of the life-cycle hypothesis, which attempts to explain the level of saving in the economy. Modigliani proposed that consumers would aim for a stable level of consumption throughout their lifetime, for example by saving during their working years and spending during their retirement.

In 1962, he joined the faculty at MIT, achieving distinction as an Institute Professor, where he stayed until his death.

Modigliani also co-authored the textbooks, "Foundations of Financial Markets and Institutions" and "Capital Markets: Institutions and Instruments" with Frank J. Fabozzi of Yale School of Management.

Active until the end, Modigliani enlisted fellow Nobel laureates Paul Samuelson and Robert Solow in 2003 to write a letter published in "The New York Times" chiding the Anti-Defamation League for honoring Italy's prime minister, Silvio Berlusconi. Berlusconi had recently defended Mussolini's conduct toward Jews during World War II.

Modigliani was a trustee of the Economists for Peace and Security.

For many years, he lived in Belmont, Massachusetts, where his wife was active Belmont Garden Club. He died in Cambridge, Massachusetts.


*cite book |author=Modigliani, Franco |title=Adventures of an Economist |publisher=Texere |location=London, New York |year=2001 |id=ISBN 1-587-99007-5
*cite book |last=Fabozzi |first=Frank J. |coauthors=Franco Modigliani, Michael G. Ferri |title=Foundations of Financial Markets and Institutions |publisher=Prentice Hall |location=Upper Saddle River, NJ |year=1998 |id=ISBN 0-136-86056-7
*cite book |last=Fabozzi |first=Frank J. |coauthors=Franco Modigliani |title=Capital Markets: Institutions and Instruments |publisher=Prentice Hall |location=Upper Saddle River, NJ |year=1996 |id=ISBN 0-133-00187-3
*cite book |last=Modigliani |first=Franco |coauthors=Andrew B Abel, Simon Johnson |title=The Collected Papers of Franco Modigliani |publisher=MIT Press |location=Cambridge, Mass. |year=1980 |id=ISBN 0-262-13150-1

External links

* [ Franco Modigliani autobiography]
* [ About Franco Modigliani from]
* [ Memorial for Franco Modigliani - MIT Sloan]
* [ his pioneering analyses of saving and of financial markets.]
* [ School performance in the early years was good though not outstanding]
* [ IDEAS/RePEc]

NAME= Modigliani, Franco
DATE OF BIRTH= June 10, 1918
DATE OF DEATH= September 25, 2003
PLACE OF DEATH= Cambridge, Massachusetts

Wikimedia Foundation. 2010.

Игры ⚽ Поможем написать реферат

Look at other dictionaries:

  • Franco Modigliani — Saltar a navegación, búsqueda Franco Modigliani Franco Modigliani (Roma (Italia), 18 de junio de 1918 – NuevaYork (Estados Unidos), 25 de septiembre de 2003) fue un economista italoamericano que …   Wikipedia Español

  • Franco Modigliani — (2000, im Alter von 82) Franco Modigliani (* 18. Juni 1918 in Rom; † 25. September 2003 in Cambridge, Massachusetts) war ein italienischer Wirtschaftswissenschaftler und Nobelpreisträger. Aufgrund seiner jüdischen Herkunft und seiner …   Deutsch Wikipedia

  • Franco Modigliani — Pour les articles homonymes, voir Modigliani (homonymie). Franco Modigliani Naissance 18 juin …   Wikipédia en Français

  • Franco Modigliani — An Italian American Keynesian economist. Modigliani was born in 1918 in Rome and won the Nobel Memorial Prize in Economics in 1985. One of Modigliani s contributions to economics was the life cycle theory, which says that individuals primarily… …   Investment dictionary

  • Wirtschaftsnobelpreis 1985: Franco Modigliani —   Der Amerikaner erhielt den Nobelpreisfür seine bahnbrechende Analyse über das Sparverhalten der Finanzmärkte.    Biografie   Franco Modigliani, * Rom 18. 6. 1918; 1939 Emigration in die USA, 1944 48 Tätigkeit an der School for Social Research,… …   Universal-Lexikon

  • Modigliani risk-adjusted performance — or M2 or M2 or Modigliani–Modigliani measure or RAP is a measure of the risk adjusted returns of some investment portfolio. It measures the returns of the portfolio, adjusted for the deviation of the portfolio (typically referred to as the risk) …   Wikipedia

  • MODIGLIANI (F.) — MODIGLIANI FRANCO (1918 ) Né à Rome en 1918, Franco Modigliani s’est fait connaître très jeune, en 1944, par un article sur la théorie de Keynes qui a lancé la controverse sur le rôle essentiel de la préférence pour la liquidité. Fidèle au… …   Encyclopédie Universelle

  • Modigliani — may refer to: Amedeo Modigliani (1884–1920), painter and sculptor Modigliani, a 2004 biographical film about the painter and sculptor Elio Modigliani (1860–1932), anthropologist, zoologist, and plant collector Franco Modigliani (1918–2003),… …   Wikipedia

  • Modigliani — Franco, geboren 1918, aus Italien stammender Nationalökonom, der 1939 in die Vereinigten Staaten emigrierte, dort an verschiedenen Universitäten lehrte, seit 1962 am Massachusetts Institute of Technology; ⇡ Nobelpreis für… …   Lexikon der Economics

  • Modigliani — ist der Familienname folgender Personen: Amedeo Modigliani (1884–1920), italienischer Zeichner, Maler und Bildhauer Franco Modigliani (1918–2003), italienischer Wirtschaftswissenschaftler und Nobelpreisträger Siehe auch: Modigliani (Film), Film… …   Deutsch Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”