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"Antonella Rancan’s new book retraces the intellectual path of Franco Modigliani, from his early writings, including the famous article on Keynesian and classical economics (Modigliani 1944), to his contributions of the 1950s and 1960s.1 In this way, Rancan offers relevant insights into the origins and development of the neoclassical synthesis of Keynesian macroeconomic thinking."

"It stands to Rancan’s credit that she traces the foundations of Modigliani’s Keynesian belief in discretionary economic policy as a stabilising tool to his early convictions as student and young researcher. As Rancan makes clear, it is on the terrain of empirical analysis, economic policy and value judgements, rather than on the strictly theoretical ground, that Modigliani’s Keynesianism is defined."

Paolo Paesani

Review of Political Economy

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