At the January 1977 meeting of its monthly Economic Seminar series,
the Federal Reserve Bank of San Francisco was honored to present
Prof. Franco Modigliani, Immediate Past President of the American
Economic Association. In his paper, Prof. Modigliani developed some
of the themes which he had first covered last September in his AEA
Presidential Address, ?gThe Monetarist Controversy"YOr, Should We
Forsake Stabilization Policies??h The Bank was doubly fortunate to
obtain, as seminar discussant, Nobel Laureate Milton Friedman, who
was serving as Visiting Scholar at this institution during the
winter term. This supplement to the Bank?fs Economic Review
contains Prof. Modigliani?fs lecture, Prof. Friedman?fs reply, the
discussion between the two and a floor discussion"Yplus, as an
appendix, Prof. Modigliani?fs AEA Presidential Address. The seminar
was chaired by Dr. Michael W. Keran, Vice President and Director of
Research for the Federal Reserve Bank of San Francisco.
General
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