51th International conference

The I.S.E.O Institute 51st international public conference in the memory of Franco Modigliani was held at the University of Brescia on 23rd of June 2018.

The conference, titled “Franco Modigliani’s Legacy in the World Economy” paid a tribute to one of the most renowned and appreciated economists in the world who founded the I.S.E.O Institute in 1998.

Watch the tribute to Franco Modigliani

In 1985 he was the only Italian in history to receive a Nobel Prize in Economic Sciences for his “pioneering analyses of saving and of financial markets”. During his life, Modigliani actively participated in debates on economic policies and labour markets. Even after moving to the United States in 1939, due to the Jewish persecutions, Franco remained an observant critic of the Italian economy. His colleague and friend Paul Samuelson has defined him as “the greatest living economist” and some others as “one of the brightest brains that Hitler offered the United States”.

The conference in his honour was led by professor Roberto Savona (University of Brescia) and featured a panel of distinguished speakers: Robert Merton (MIT, Nobel Laureate in Economics 1997, who has been Modigliani’s former alumni), Robert Engle (New York University, Nobel Laureate in Economics 2003), Marco Pagano (University of Naples Federico II) and Gianni Amisano (Federal Reserve Board).

The meeting – attended my more then 200 people among the audience – was opened with a letter sent by the president of the Italian Republic, Sergio Mattarella, who highlighted the brilliant and smart work Modigliani has carried out during his life. The letter can be downloaded here below. Also via a video-tribute Robert Shiller, Jean Paul Fitoussi, Olivier Blanchard and Romano Prodi shared their memories of Franco Modigliani.

At the conference the topical and carrying themes were the life, the research and the legacy of Franco Modigliani. Professor Robert Merton gave a heart-warming speech about his memories with Franco during their days at the Massachusetts Institute of Technology. Professor Marco Pagano continued the conference with his lecture talking about the Modigliani-Miller theorem as the cornerstone of corporate finance. Professor Robert Engle gave the audience a lecture with the title “Prospects for global financial stability” and the conference was ended with the lecture of Gianni Amisano “Forecasting in an uncertain world: GDP nowcasting and output gap assessment at the Federal Reserve Board”.

Here below you can download the invitation to the conference and, also, speakers’ slides. In our photogallery you can have a look at the best images whereas in the videogallery you can watch the full conference.