EUGENE GARFIELDINSTITUTE FOR SCIENTIFIC tNFOFI MATtON*3501 MARKET ST., PHILADELPHIA, PA 191C4

Frmco Modigiiani of MIT Wins the 1985Nobel Prize h Economics; Novelist

Claude Simon of France Receives thePrize for Literature

.,, ,” -.–1 . . .--.l~um~er 41

The selection of Franco Modigliani,Institute Professor, Affred P. SloanSchool of Management, MassachusettsInstitute of Technology (MIT), Cam-bridge, for the 1985 Nobel Prize in eco-nomic sciences elicited little surprise

from economists. Paul A. Samuefson, acolleague of Modigliani at MIT and the1970 Nobel Prize winner in economics,said at the time of the announcementthat Modigliani’s induction into the Nwbel elite was “never a matter of if, only amatter of when.”1 The Royal SwedishAcademy of Sciences singled out Modi-gliani’s “pioneering analyses of savingand of financial markets,” specifically,his life-cycle hypothesis of saving and histheorems of corporate valuation.z

Early Years, Teaching Career

Modigliani was born in Rome on June18, 1918. His father was a pediatrician,and his mother was active in volunteersocial services. He had intended to fol-low his father in medicine but aban-doned this plan after dkcovering anintolerance for the sight of blood. In-stead he studied law and obtained a doc-torate in jurisprudence from the Univer-sity of Rome in 1939. Then, as he relatedin an interview published in Con versa-

tions with Economists,

there was a national competition amonguniversity students to write an essay aboutthe effect of price controls. I decided toparticipate in this. I had talked about thesubject with a cousin of mine, who lived

ucrooer I .5, I Ym

with us and, as an officer of the trade asso-ciation of wholesalers, he had given thematter some thought. I wrote my essayand won first prize. The judges said Ishould pursue the subject of economicsand so I began.s

In Italy he studied economics on hkown. Shortly thereafter he emigrated tothe US, since, as a Jew and a critic ofMussolini’s fascist regime, he was a liie-Iy target for persecution.

Modigliani and hk wife Serena arrivedin New York City in 1939. He enrofled inthe New School for Social Research and,in 1944, received a doctorate in socialscience. At the New School he studiedwith the renowned macroeconomist Ja-cob Marschak, who, Modigliani says,was his most important teacher. Mar-schak helped him obtain a teaching posi-tion at the New Jersey College forWomen in 1942. In the following yearsModigliani taught at Bard College of Co-lumbia University (1942- 1944), the NewSchool (1943- 1948), the University of 11-linois (1949-1952), Carnegie Institute ofTechnology (1952- 1960), NorthwesternUniversity (1960-1962), and, since 1962,at MIT. He was a visiting professor at theUniversity of Rome in 1955.

His personal and professional ties toItaly have remained strong over theyears. Modigliani has served the Italiangovernment in various consulting rolesand has written (in Italian) about that na-tion’s economy, both in academic publi-cations and in newspapers, such as 11

Corriem dells Sem.

307

,..

Modigliani is, by all accounts, a devot-ed teacher. He speaks fondly of his stu-dents, many of whom have collaboratedwith him on important publications.

Macroeconomk Studfes

Modigliani made his mark earlyon—in fact, with his very first article,published in 1944.4 Samuefson writesthat this article set “Keynesianism on itsmodem evolutionary path and prob[ed]its microf oundations. “s In the paperModigliani explains how, in the contextof Keynes’s The General Theory of Em-ployment, Interest and Money,b the rel-ative rigidity that wages exhibit in re-sponse to changing demand for laborcreates unemployment. Thk paperranks among the top 10 of Modigliani’smost-cited articles, according to datafrom the Science Citation Index”

(SC~” ), 1955-1985, and the .$ocitd sci-

ences Citation Index” (SSCI” ),1%6-1985. (See Table 1.) Modigliani re-turned to the subject in a 1%3 article,Twhich he describes as “a more polishedand rigorous presentation benefitingfrom later developments, including vahs-able criticisms of the previous essay. ”s(p. xii) Samuelson points out that both“form the basis for the Federal ReserveBoard-MIT-[ University of] Pennsylvan-ia] forecasting and policy model thathas long been useful in framing FederalReserve monetary policy.”s Other highlycited articles with a macroeconomicfocus listed in Table 1 are convenientlybrought together in The Co[lected Pa-

pers of Fmnco Modigiiani, Volume 1.9

Life-Cycle Hypotheses of Savhsg

Modigliani is perhaps best known forhis life-cycle hypothesis of saving (LCH),which he and then-graduate studentRichard Brumberg published in 1955.10This article has been cited in over 2(X3publications and is Mo&gliani’s secondmost-cited work. The theory was in-

spired, Modigliani has said, by a bankslogan: “Save it when you need it least.Have it when you need it most.” Modi-gliani and Brumberg proposed that pe~ple generafly follow the bank’s dictum bysaving when in their prime earning yearsand depleting savings or “dissaving” inretirement. In the parlance of econo-mists, thk is known as maximizing theutility of future consumption.

The idea that people save for their oldage may not seem a particularly revolu-tionary proposition, but in the 1950s theModigliani-Brumberg hypothesis rancounter to the prevailing Keynesian no-tion that rich people saved much andpoor people saved little or actually dis-saved. Savings patterns are more com-plex and people more soph~ticated, ob-served Modigliani and Brumberg. TheirLCH states that individuals behave ra-tionally with their Iiietime resources (ex-pected income and bequests), spendingto attain a stable standard of living butalso saving to ensure that there will befunds left to live on in later years. Thevalidity of the LCH became apparentthrough observations of savings rates be-fore and after the introduction of univer-sal public pension programs. For exam-ple, in the early 1960s Sweden intr~duced such a program for its citizens.The result: savings rates fell from 7 per-cent to nearly zero. 11 ThK would seemto prove that people who do not need tosave for retirement hardly save at all.

After the untimely death of Brum-berg, Modigliani delayed a second publi-cation aimed at refining the LCH, but anunpublished version attained wide circu-lation; it was eventually published in1980.12 More recently, Modiglianireturned to the LCH in his Nobel lec-ture, “Life cycle, individual thrift andthe wealth of nations.” 13

The life-cycle hypothesis, which con-cerns household finance, is a microec~nomic theory, but one that has givenbirth to significant macroeconomic un-derstandings, as the title of his Nobel lec-ture indicates. The most signtilcant, the

308

Table I: Modigfiani’s papera most cited in the SCf”, 1955-1985, and the SSCIm, 1966-1985. The papers arearranged in descending order according to number of citations, A = total number of citations, B = biblbgraphic information. SCI/SSCZ research fronts for which the paper is core are listed after thebibliographic information.

A

294

218

193

184140120

105

71

68

66

B

MndJglfanf F & Mfffer M H. Corporate income taxes and the cost of capital: a correction.Amer. ,%on. Rev, 53:433-43, 1963. (85-17tX), 8-4-0504, 83-2710)

Mndfgffsud F & Bnmdserg R. Utility and the consumption function: an interpretation of crosa-section data. (Kurihara K K, ed. ) Post-Keynesian economics. London: Allen and Unwin, 1955.p. 388-436.

Mudigffmd F & Mfffer M H. The cost of capital, corporation finance and the theory ofinvestment. Amer. Econ, Rev. 48:261-97, 1958. (85-1700, 84-0504, 83-2710)

Mndfgfisnf F & Sutch R. Innovations in interest rate policy. Amer. Econ. Rev. 56:178-97, 1%6.Modfgllsnf F. New developments on the ofigopoly front. J, Pofif. Econ. 66:215-32, 1958.Modigflanf F. The monetarist controversy or, should we forsske stabilization policies?

Amer. Econ. Rev. 67:1-19, 1977,Mudigfisnf F & Shfffer R L Inflation, rational expectations and the term structure of interest

rates. Economics 40:12-43, 1973.Modfgfbnf F & Sutch R. Debt management and the term structure of interest rates: an empirical

analysis of recent experience. J. Polif. Econ. 75:569-89, 1%7.Modfgfienf F. Liquidity preference and the theory of interest and money.

Econometnka 12:45-88, 1944.Mndfsffanf F & Cohn R A. Inffation, rational valuation and the market,

Fin&. A not. J, 35:24-44, 1979.

Nobel committee noted, is that “aggre-gate savings depends primarily upon therate of growth of the economy”z andnot, as Keynes had postulated, on thelevel of national income. Samuelsonputs it this way:

A life-cycle system without growth in-volves zero net saving and investment:saving of the young is cancelled by dissav-ing of the old . . . . Growing nations savemuch, stagnating nations save little—adifferent hypothesis from “rich peoplesave much, poor people little .“S

Volume 2 of The Collected Papers of

Franco Modigliani includes articles onthe LCH. 14

Mod@anf-MfIler Theorems ofCorporate Valuation

The work of Modigliani and MertonH. Miller, professor of finance, Univer-sity of Chicago, undertaken in the late1950s, is the foundation of our modernunderstanding of corporate finance. Be-

fore their work, it was thought that acompany’s management could strike theperfect measure of indebtedness—alevel neither too high nor too low—to at-

tain the highest valuation of its stock.Modigliani and Miller threw the idea ofany “golden leveraging ratio, ” as Sam-uelson calls it, 5 out the window. In twoarticles published in the American Eco-nomic Review, in 1958 and 1%3, Modi-gliani and Miller said that, at least in theabsence of taxes, debt does not mat-ter—neither the structure nor theamount. 1516 Rather, the value of a firm(debt plus equity) depends only on thetotal return from the business that isavailable for distribution to debt andequity (stock) holders. These two paperstaken together have been quoted innearly 500 articles since 1955 and repre-sent Modigliani’s most-cited contribu-tion.

The team of Modigliani-Miller pub-lished a corolla~ to this theorem in 1%1that stated that the value of a company isnot dependent on its dividend policy. ITA company that increases its dividendcorrespondingly lowers the value of itsstock .

Both theorems assume that investorsmix the amount of risk in their ownportfolios. The Nobel committee pressrelease states that the Modigliani-Millertheorems introduced “a new methcd of

309

Figure 1: Hi.storiograph of research on corporate finance, from combined SCP ISSCF data, 1983-1985.The numbers in parentheses refer to the number of coret citing publications. An asterisk (*) indicatesresearch fronts that contain core works by Modigfiani.

85-0464Managerial owtwaitip,economic marketa, and

organizational oontracta ofcorporations (13/259)

85-0604Taxation of wpital income

and aeonomk coneider.atlona In a general

equilibrium tax modal(14/135)

“84.0504Corporate capitai structure, T

investment, and taxea—

(37/384)“83-2710

Corporate financial anatyala(12/101)

84.6321L

Financial valuation,dividenda, capital, and

grovcih (2/27)

Effects of intereal ratea,taxatkn, and edjuatmant onindustrial investment (3/21)

86-7166Perepaotivea on innovation,conflict, and strategy in themodem corporation (2/52)

analysis within the discipline of corpor-ate finance.”z Modigliani’s important ar-ticles on this subject are gathered tmgether in Volume 3 of The Collected Pa-

pers of Franco Modigliani. ~g

A Keyssesfasa Issherftassce

I“85.1700

Market risk factors and pric.ing (49/374) I

u85-3369Effacta of market eventa,

eoonomk ctaoiaions, and ex-ecutive compensation plans

on stock valuation (6/69)

65-6039

tablished methodology of economics thatrests on the basic postulate of rationalmaximizing behavior on the part of ecc-nomic agents; (2) testing and estimatingthe resulting structure by means of empir-ical data; and (3) applying the results topolicy issues, including the issue raised bythe monetarist counterrevolution as to

In 1980 Modigliani summarized thewhether there is a valid case for active

dominant themes and activities of hLspolicies.s (p. xi)

career: As a Keynesian, Modigliani has debat-

Sorting out the lasting contribution of the ed with monetarists, such as Milton

Keynesian revolution by (1) integrating Friedman, who advocate an inflexible

the main building blocks of the Genera/ increase in the money supply. Modiglia-Theory with the more traditional and es- ni’s thoughts on monetarism and stabili-

310

zation policies are outlined in his 1976presidential address to the AmericanEconomic Association, an article thatalso ranks among his most cited. 1g

Citation and Research-Front Data

Citations to publications by Modiglia-ni number over 1,900 in the SCZ,1955-1985, and the SSC1, 1966-1985, Ishould caution the reader, as I do eachtime we provide citation counts forNobel Prize-winning economists, thatthe majority of citations to their publica-tions appear in the SSCI, which coversonly the years since 1966. We do not yethave complete data on citations to theirworks given out before 1966.

The historiograph in Figure 1 showsthe 1983, 1984, and 1985 research frentsthat contain core publications by Modi-

gliani and other research fronts linked to

these (that is, those which share core

works to a significant degree). The re-search fronts “Corporate financial analy-sis” (#83-2710), “Corporate capital struc-ture, investment, and taxes” (#84-0504),and “Market risk factors and pricing”(#85-1700) all include as core documentsthe pair of articles by Modigliani andMiller on corporate valuation. 15.16 (Theseeming proliferation of research frontsin 1985 results from improved methodol-ogies introduced last year at ISF that in-crease the number of smaller fields wecan cluster. )

The multidimensional-scaling map inFigure 2, “Effects of market risk factors,interest rates, and inflation on stockprices and returns” (#85-0408), showsthe links between the research front on“Market risk factors and pricing”(#85- 1700) and other Cl-level 1985 re-search fronts.

Figure 2: Multidimensional-scaling map for C2-level research front #85-0408, “Effects of market risk fac-tors, interest rates, and inflation on stock prices and returns,” showing links between Cl-level researchfronts. The numbers of core/citinS publications are given in parentheses followins the research-fronttitles on the man. The size of the box around the research-front number indicates the relative size of theciting literature.

Daily behavior of stock,futures, snd other speculative

Effects of market Investment prices (2/13)

effects on stock prices

Monetsry demand andand risk meaaure-

other macroeconomicment of stock

issues (2/28)

1700

Market risk factora and pricingResponses of in-terest rstes, stockprices, snd ex-

Efficiency of futures marketsfor commodities; pricing and

ply announcement

hedging (9/58)

311

Literature

Novelist Claude Simon of France wasawarded the 1985 Nobel Prize in litera-ture. Simon is identified as a member ofthe nouveau reman (new novel) schoolof French writers, who first becameprominent during the 1950s. Countedamong these writers are Alain Robbe-Grillet, Michel Butor, Nathalie Sar-raute, and others. While each professeddifferent aims and produced extremelydiverse works—in fact, they bristled atbeing grouped together—all rejectedthe traditional form of the novel, for ex-ample, its insistence on linear plot andcharacter development. The conven-tion-breaking narrative styles of MarcelProust, James Joyce, and WilliamFaulkner, among others, influenced thegroup.

In awarding the prize, the committeeof the Swedish Academy cited Simon’sspecial ability to combine the “poet’sand the painter’s creativeness with adeepened awareness of time in the de-piction of the human condition.”zoSimon is the first French author to winthe Nobel Prize in literature since 1964,when Jean-Paul Sartre, although select-ed, refused to accept it.

Few outside literary circles and uni-versity departments of French literaturehad heard of the novelist before the an-nouncement. In recent years the Swed-ish Academy has hailed a number of rel-ative unknowns, such as last year’s win-ner, the late Czech poet JaroslavSeifert.21 However, as William Riggan,University of Oklahoma, Norman, hasobserved,

the Nobel Prize in Literature is not intend-ed merely to echo and confirm populari-ty. It may also attempt to point out talentnot yet recognized by most of the world’sreaders and critics. It may educate themany as it celebrates the one .22

The academy’s choice of Claude Simonundoubtedly has the double purpose ofrecognition and promotion. Roger W.Shattuck, professor of French, Universi-

ty of Virginia, Charlottesville, quoted inthe Lo.r A nge[es Times, called the selec-tion of Simon “courageous,” noting that,whtle his works are neither popular nortraditional, they have significantly “ex-tended the relations between language,vision. and the novel form. ”zJ

The Author

Claude Eugi%e Henri Simon was bornon October 10, 1913, in Tananarive,Madagascar (then a French colony). Hisfather, a cavalry officer, was killed in theearly years of World War I. His motherdied when he was 11. The child wasraised by his mother’s family in southernFrance, in Perpignan, near the Pyr&n6es. From age 7 to 16, he attended theCol13ge Stanislas in Paris. He studiedbriefly in the UK at Oxford and Cam-bridge. Afterward, he returned to Pansand attempted to become a painterunder the guidance of Andr6 Lhote. Dis-covering a lack of artistic talent, he em-barked on extensive travel throughoutEurope. During the Spanish Civil War,he fought in Barcelona on the side of theRepublicans.

During World War II, Simon, like hisfather before hm, served in a Frenchcavalry unit as a horseman. In an inter-view published recently in the NewYorker, Simon recalled the Battle of theMeuse of 1940, in which he fought andnarrowly escaped death:

There we were, astride our horses, facingthe German tanks. By the River Meuse.Our regiment was annihilated... . You

know what was left of our regiment? Onecolonel, one commandant, and two horse-men. I was one of the two. I was capturedat Solre-le-Chateau, near Avesnes. z4

This experience became the subject ofLa Route des Flandres (The Flanders

Road), 1960, which many critics cite ashis masterwork, Simon eventually es-caped from a German POW camp inFrance and joined the resistance move-ment in Perpignan.

312

Tabfa 2: Simon’s novels listed in descendkg order by number of citations in the A& HCfrM, 19761985.A= total citations. B= bibliographic information. Each title is given in the original French; the citations,however, represent citations to all editions, including transfstions,

A

492827252322221917171710864

B

L route des Flandre. (The Flanders road). Paris: Editions de Mlnuit, 1960.314 p.La batai!le de Pharsale (The battle of Pharsalu.). Paris: Editions de Minuit, 1969, 272 p.Ttiptyque (Triptych). Pm’is: Editions de Minuit, 1973.225 p,L’berbe (The gmm). Park: Editions de Mlnuit, 1958.262 p.Le vent (The wind). Park: Editions de Minuit, 1957.241 p,Histoire. Paris: Editions de Minuit, 1%7. 403 p,Les corps conduckwrs (Conducting bodie$). Park: Editions de Mmuit, 1971.227 p.Les geoi-giques (Georgics). Park: Editions de Minuit, 1981, 477 p.Le palace (The palace). Paris: Editions de Minuit, 1962.232 p.Orion aueugle (Orion blinded). Geneva: Albert Skira, 1970. 146 p.Lecon de cho$es (The worfd about us), Paris: Editions de Minuit. 1975. 181 D.Le tn”cheur (The tn”ck$ter). Paris: Editions du Sagittaire, 1945,Le socra d. pn”ntemps (The crowning of spring), Paris: Calmann-Lev-y, 1954.276 p,La code mide (The tightrope). Paris: Editions du Sagittaire, 1947.Gulliver. Paris: Cafmam-Levy, 1952.381 p.

Since the end of World War 11 he haslived alternately in Pans and in Salses, inthe Roussillon region, in a house he in-herited from his mother’s family. Al-though Simon is often described in pressaccounts as a vinegrower by profession,he says he owns only a small plot andthat this description is “a picturesquevignette that j oumalists who know noth-ing else about me have latched onto. “2s

Novels

In 45 years of writing, Simon has produced 14 novels, a book of personal re-flections (see Table 2), and a descriptionof 23 paintings by the Catalan artist JoanMir6.pb His first novel, begun in 1941and published four years later, is entitledLe Tn”cheur (The Trickster). This workand two others—Gulliver, 1952, and Le

Sacre du Pn”ntemps (The Crowning of

Spring), 1954-are experiments inbroadening the novel form through theuse of shifting narration between authorand characters, interior monologue, re-peated and differing views of the sameevents, and precise observations of envi-ronments. These three early works in-clude autobiographical elements (LeSacre du Printemps contains memoriesof the Spanish Civil War, for example),are somewhat melodramatic, and are,critics say, not as successful as his later

efforts. La Corde raide (The Tightrope),1947—not a novel but a kind of artist’ssketchbook—was also published duringthis period. Common to all four is a“feeling for the tragic and absurd in thehuman condition.”po While criticsregard his later works as more impor-tant, they see in the group the foreshad-owing of a mature style Simon was tofirst exhibit in Le Vent (The JWnd),

1957, and L ‘Herbe (The Grass), 1958.“In [these last two] novels,” comment-

ed the Nobel committee, “the authorweaves a close and evocative web ofwords, of events and environments, ofmemories, thoughts, associations [that]cause the text to grow as if the languagewere an independently living organ-ism. ”2° J.A. E. Loub&re, author of TheNovels of Claude Simon, calls Simon’sfocus “the topography of consciousness,that strange crossroads where perception, idea, and language meet and fecun-date one another.”pl

Novels from Simon’s middle period in-clude La Route des Flandres (The

Fianders Road), 1960, which broughtSimon international recognition andwon for him the Prix de l’Express; LePalace (The Palace), 1962; and Histoire,

1967, for which Simon was awarded thePrix M6dicis. Histoire is notable for itsabsence of a plot: the novel consists of acollage of memories and perceptions of

313

one man’s consciousness veering hereand there throughout the course of asingle day, a consciousness that holds acomplex and extremely rich matrix of as-sociations.

Novels from Simon’s third period ex-hibit the influence of structuralism, withits accent on the generative nature oflanguage. Included in this group are La

Bataiile de Pharsale ( The Battle of Phar-salus), 1969; Les Corps conducteurs

(Conducting Bodies), 1971, which con-tains part of Orion aveugle (Orion Blind-ed), 1970; Tn”ptyque (Triptych), 1973;Le~on de choses (The World About Us),1975; and his most recent work, Les

G40rgiques (Geo~ics), 1981. In LesG40rgiques Simon weaves together fam-ify records of a relative who was a gener-al in the Napoleonic era, Michelet’sHistoire de [a revolution fran~aise

(History of the French Revolution),za

and his own memories of the civil war inSpain.

L60n S. Roudiez, Columbia Universi-ty, places Simon among the most giftedwriters of the twentieth century, observ-ing in particular the author’s “consciousawareness of the materiality of lan-guage-that is, the visual aspect, thesound of words in their entirety as well asin their component parts, their polyva-lence.”z~ It would seem, then, thatSimon became a painter after all, apainter with words.

Citation Data

The writings of Claude Simon werecited over 420 times in approximately i 60journal articles indexed in the A rts & Hu-

manities Citation Index~ (A &HCITM)during the period 1976 to 1985.

In a forthcoming essay on most-citedauthors in the A&HCI database, Simon’sname wiil not appear. Piainly, he has notbeen as frequently cited as some of thewriters whom he himself admires, suchas Proust and Faulkner. (Since 1S1 in-dexes the premier French literary jour-nals in the A& HCI. we cannot ascribe

his rather modest total to any deficiencyin our coverage of the relevant liter-ature, )

In any case, having now won theNobel Prize, Simon will be receivingmore scholarly attention. From the per-iod January to April 1986 alone, hisworks received an additional 26 citationsfrom eight citing articles, although thissharp increase is due for the most part toa number of journal articles announcingthe awarding of the prize.

On the other hand, citation data do in-dicate that Simon is not as unknown tothe academic community as he wouldappear to be to the public at large. ~ Anumber of monographs on his novels appeared during the last decade. A specialissue of the journal Cn”tique, publishedin 1981, was devoted to his writings andincludes an excellent bibliography ofworks by and about Simon.gl (It is nota-ble that this issue of Critique significant-ly affected the citation counts; citationsto Simon’s works roughly trebled in1981, due largely to the articles appear-ing in this issue.)

Finally, let me add a word about cita-tion counts, especially those of literaryworks. Citation data merely refiectscholarly attention, not necessarif y in-trinsic worth. There is no implicationthat a novel listed in the lower part ofTable 2 is not “a good read.” In the pres-ent case, however, since scholars andcritics of Simon’s works are usually oneand the same, it is not surprising that thenovel acclaimed Simon’s finest is also hismost cited,

This concludes the second installmentin our annual survey of Nobel Prize win-ners. Recently we reviewed the 1985prize in medicine; in a few weeks we’lldiscuss the prizes in physics and chemis-try.

*****

My thanks to C.J. Fiscus and DavidPendlebury for their help in the prepara-tion of this essay. ~19861Sl

314

REFERENCES

1. Thedn L& Jonm N. Thedlehrd Keynesfin who bagged the Nobel Prize,IJuJ. Week (2918):32, 1985,

2. RoyalSwedfafIAcadernyofScfances. Irrformatiorr, 150ctober 1985.4 p. (Press release.)3. Kker A. Conver$afiom with economist$. Totowa, NJ: Rowman&A1lanhe1d, 1983. p. 115.4. Mndfgfknf F. Liquidity preference arrd the theory of interest and money,

Econometn”ca 12:45-88, 1944.5. Samuekon PA. The1985Nobel Prize ineconomics. Science 23l(47#):l3W-Wl, 1986.6. Keynes J M. The general theory of employment, interest and money.

London: MacmiJfan, 1936.403 p.7. Mndfglfmd F. The monetary mechanism and its interaction with real phenomena.

Rev. Econ. Statisf. 45:79-107, 1963.8. --------------- Introduction. (Abel A, cd. ) The co[lec~ed papers of Frnrrco Modigliarri. Vol. 1.

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Cambridge, MA: MIT Press, 1980, 451 p.10. Mndfgfferd F & Brrrmberg R. Utility and the consumption function: an interpretation of

cross-section data. (Kurihara K K, cd. ) Post-Keynesian economics.London: Allen and Unwin, 1955. p, 388-436.

11. Lofrr S. A professor at M. LT. wins Nobel in economics for work on saving.New York Times 16 October 1985. p. Al; D6.

12. Mnrffglfanf F & Bmmberg R. Utility analysis and aggregate consumption functions: an attempt atintegration. (Abel A, ed, ) The collected papers of Fmnco Modigliani. Vol. 2.Cambridge, MA: MIT Press, 1980, p. 128-97.

13. Mndfgffarrf F. L]fe cycle, indkidual thrift and the wealth of nations.Amer. Econ. Rev. 76(3):297-313, 1986.

14, --------------- The collected papers of Fmrrco Modigliarri. Vol. 2. (Abel A, cd.)Cambridge, MA: MIT Press, 1980.527 p.

15, Mmffgffard F & Mflfer M H. The cost of capital, corporation fiiance and the theory of investment.Amer. Ecrrn. Rev. 48:261-97, 1958.

16. --------------- Corporate income taxes and the cost of capital: a correction.Amer. Ecorr. Rev. 53:433-43, 1%3.

17. Mfffer M H & Mndfglfanf F. Dividend policy, growth, and the valuation of shares,J. BUS. 34:411-33, 1%1.

18. Mndfgffanf F. The collected paper. of Fmnco Modig[iarri. Vol. 3. (Abel A, cd.)Cambridge, MA: MIT Press, 1980.487 p.

19. --------------- Tbe monetarist controversy or, should we forsake stabilization policies?Amer. Econ. Rev. 67:1-19, 1977.

20. Swedhh Academy.The Nobel Prize in literature 1985: Claude Simon. 1985.3 p. (Press release. )21, Garfield E. The 1984 Nobel Prizes in economics and literature are awarded to Sir Richard Stone for

pioneering systems of national accounting and to Jaroslav Seifert, the national poet ofCzechoslovakia. Current Contents (49) :3-13, 9 December 1985. (Reprinted in: Emuy$ of aninformation scientist; ghostwriting and olher e$say$. Phlladelphki: 1S1 Press, 1986. Vol. 8.p, 469-79.)

22. Rfggan W. The Swed~h Academy and the Nobel Prize in literature: history and procedure.World Lit. Today 55:399-405, 1981.

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