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The letter, dated 14 September 1956, starts a decade long correspondence between Franco Modigliani and Paolo Sylos Labini. Here Modigliani discusses at length a first draft of Sylos Labini’s book on oligopoly theory. Differently from Modigliani’s well known 1958 review of the book, Modigliani focuses here not mainly on the structure of oligopoly industries, but especially on the macroeconomic implications of Sylos Labini’s model. The letter is reproduced with Sylos Labini’s annotated comments on Modigliani’s remarks. Keywords: Macroeconomic theory, Oligopoly, Neoclassical synthesis, Modigliani, Sylos Labini JEL codes: B31, D43, E13