(NY 10036). nvestors and financial analysts have long been intercsted in measuring the
performance of portfolio managers. Initially performance was evaluated by comparing the total …

Franco Modigliani, Massachusetts Institute of Technology THIS paper traces the major
developments of lasting value in our understanding of the monetary mechanism and its role in the …

… is still replaced by l, but l is evaluated using not the … that l is substantially positive, though
well below τc. In MO it was estimated that, for the postwar years up to 1988, the coefficient l—…

… (b) From (1) l/Pk is the price which an investor has to pay for a dollar's worth of expected
return in the class k. (c) Again from (1), by analogy with the terminology for perpetual bonds, Pk …

THE AIM OF this paper is to reconsider critically some of the most important old and recent
theories of the rate of interest and money and to formulate, eventually, a more general theory …

… In summary, there can be little doubt that the estimate of l of ⅓ obtained under the assumption
of perpetual, sure consequences suffers from serious upward bias, but there is little basis …

… In this paper I will show that alternative paths of the government's portfolio consistent with
a single path of fiscal policy can be irrelevant in precisely the sense in which the Modigliani-…

… Tests of the Original Model If, for the moment, we approximate Kt by a constant, (1.9) contains
only observable variables; it is in fact, the basic equation derived and tested by Modigliani …

… William Barnett in Modigliani’s apartment … Modigliani in an elaborate machine that would
be owned only by someone who takes fine coffee seriously. Although the impact that Modigliani …

… The mortality rate is assumed to be zero up to age L and one at age L. The solid curve labeled
Y(T) shows per capita income from labor as a function of age, which is assumed constant …