The Department of Economics

The Grunberg Lecture Series

Third Grunberg Lecture - 1990

Franco Modigliani Image
Professor Franco Modigliani
Massachusetts Institute of Technology
Nobel Prize in Economics, 1985
"Social Security and the Moynihan Ploy"

Professor Franco Modigliani is an internationally known authority on monetary theory, capital markets, corporation finance, macroeconomics, and econometrics. He won the Nobel Prize for research which radically changed our understanding of how people save (the Life-Cycle hypothesis) and how corporations finance (the MM hypothesis). His work on savings has significant implications for the issue of social security. Modigliani's work in the areas of production planning, credit rationing, international finance, and the public predictability of social events (with Emile Grunberg) has won an important place in economic literature.

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