This volume contains papers presented at a conference sponsored by the Federal Reserve Bank of Boston in June, 1971.

This conference, the fifth of a series covering a wide range of financial and monetary issues, brought together a distinguished group from universities, government and finance to exchange views on one of the most neglected aspects of monetary theory--the linkages between monetary policy and consumer spending.

Contents

Entire Proceedings (14.9MB)

Foreword
 Frank E. Morris

Monetary Policy and Consumption
  Franco Modigliani, with discussion by James S. Duesenberry followed by a Modigliani rebuttal.

Wealth, Liquidity and Consumption
  James Tobin and Walter C. Dolde, with discussion by Gardner Ackley and a rebuttal by James Tobin.

The Impact of Monetary Policy on a Revised Version of 'Consumer Spending'
  Paul J. Taubman, with discussion by F. Thomas Juster

The Evidence of the Great Depression
  George D. Green, with discussion by Phillip D. Cagan

The Historical Record of Consumption and Monetary Policy
  David I. Meiselman and Thomas D. Simpson, with discussion by Donald J. Daly

The Impact of Monetary Restraint on the Availability of Consumer Credit
  Richard T. Selden, with discussion by Daniel H. Brill