An Introduction to Their Careers and Main Published Works
THE 1985 NOBEL MEMORIAL LAUREATE FRANCO MODIGLIANI FRANCO MODIGLIANI Franco Modigliani (1918–2003) © The Nobel Foundation Franco Modigliani was born in Rome, Italy in 1918. At the age of 17 he entered the University of Rome to study law and obtained his degree in law in 1939. At the start of the Second World War he emigrated to the United States (later becoming a US citizen) where he obtained a scholarship to study economics at the New School for Social Research, New York City in the autumn of 1939. Between 1942 and 1944 he was an Instructor in Economics and Statistics at Bard College, Columbia University. In 1943 he returned to the New School for Social Research (where he received his doctoral degree in 1944), ﬁrst as a lecturer (1943–44) and then as Assistant Professor of Mathematical Economics and Econometrics (1946–48), before leaving New York to join the Cowles Commission as a research consultant (1949–54). In 1949 he joined the University of Illinois as an associate professor and subsequently became Professor of Economics (1950–52). Between 1952 and 1960, Modigliani was Professor of Economics and Industrial Administration at Carnegie Institute of Technology (now Carnegie-Mellon University) and, after a brief spell at Northwestern University (1960–62) as Professor of Economics, he moved to Massachusetts Institute of Technology (MIT) as Professor of Economics and Finance in 1962 where he taught until his retirement in 1988. Between 1964 and 1972, Modigliani was a 146 FRANCO MODIGLIANI consultant to the Secretary...
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