Bringing together the proceedings of the 1979 and 1980 annual conferences of the Association of University Teachers of Economics the papers in this volume discuss: the effect of social security on private saving; an analysis of aggregate consumer behaviour; the philosophy and objectives of econometrics and other topics in macroeconomic and econometric analysis.

Editors’ Introduction. 1. The Effect of Social Security on Saving Martin S. Feldstein 2. Philosophy and Objectives of Econometrics Arnold Zellner 3. Aggregate Consumer Behaviour and Individual Welfare Dale W. Jorgenson, Lawrence J. Lau and Thomas Stoker 4. A Review of Recent Work on Testing for Atuo-Correlation in Dynamic Simultaneous Models T. S Breusch and L. Godfrey Discussion: Denise R. Osborn 5. Estimating Continuous Consumer Equivalence Scales in an Expenditure Model with Labour Supply R. W. Blundell Discussion: A. Ingham 6. Consistent estimation of a Large Generalised Strongly Separable Demand System P. Simmons Discussion: J. E. Spencer 7. On the Structure of the Theory of Monetary Policy Victoria Chick 8. Problems and Resolutions of Problems Concerning The Short Run Demand for Money George A. Akerlof 9. The Role of Economic Policy After the New Classical Macroeconomics Willem H. Buiter Discussion: Sean Holly 10. Investment Grants Michael T. Sumner 11. The Roots of British Sickness Samuel Brittan 12. Public Sector Behaviour: The Status of the Political Business Cycle James E. Alt and K. Alec Chrystal Discussion: Kerry Schott 13. Portfolio Selection in Practice W. B. Reddaway 14. Verdoorn’s Law – the Externalities Hypothesis and Economic Grwoth in the UK M. Chatterji and M. Wickens Discussion: N. Kaldor 15. The Wage Equation and Rational Expectations Patrick Minford and Michael Brech 16. A Multivariate Approach to Data Analysis John Matatko and David G. Mayes