Economist Franco Modigliani dies aged 85

Franco Modigliani, winner of the Nobel Prize for Economics in 1985, has died aged 85. Modigliani made major contributions to macroeconomics - particularly the "life-cycle" savings hypothesis and taught at MIT from 1962. In the mid-1960s, Modigliani also served as a consultant to the board of governors of the Federal Reserve, for which he built a model of the American economy.

Source: Financial Times

Franco Modigliani, who has died at the age of 85, was the winner of the Nobel Prize for Economic