Re: Obituary: Franco Modigliani

[pdavidso <pdavidso@xxxxxxx>]

>===== Original Message From Barkley Rosser <rosserjb@xxxxxxx> =====
>Paul,
>      That is an unfortunately underappreciated
>paper, and I am closely acquainted with some
>of its authors.  It does need more publicizing.
>      However, there are at least two caveats that
>need to be noted before using it to simply dismiss
>the life cycle hypothesis, which is not entirely
>without empirical support.  The major problem
>is that the JPKE paper was based on cross-section
>rather than time-series data (unless I am mistaken,
>which is possible).


It was based on a running over time cross sectional surveys.

Paul

Paul Davidson
Editor, Journal of Post Keynesian Economics
University of Tennessee
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