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852d Session*8}

JOIN T C O M M ITTEE PRIN T

ECONOMIC POLICY QUESTIONNAIRE

T A B U L A T IO N O F R E P L IE S SU B M IT T E D TO T H E
SU B C O M M IT T E E ON ECO N O M IC S T A B IL IZ A T IO N
OP T H E

JOINT ECONOMIC COMMITTEE
C O N G R E SS O F T H E U N IT E D S T A T E S

D E CEM BER 1958

Printed for the use o f the Joint Economic Committee

UNITED STATES
GOVERNMENT PRIN TIN G OFFICE
34906

W ASH INGTON : 1039

For sale by the Superintendent of Documents, U.S. Government Printing’Office
Washington 25, D.C. - Price 15 cents




JOINT ECONOMIC COMMITTEE
(Created pursuant to sec. 5(a) of Public Law 304, 79th Cong.)
W RIGH T P A TM A N , Representative from Texas, Chairman
JOHN SPARKM AN , Senator from Alabama, Vice Chairman
HOUSE OF REPRESEN TATIVES

SENATE

R IC H A R D BOLLING, Missouri
HALE BOGGS, Louisiana
H E N R Y S. REUSS, Wisconsin
H E N R Y 0 . TALLE , Iowa
THOM AS B. CURTIS, Missouri
CLARENCE E. KILBU RN , New Y

PAUL H. DOUGLAS, Illinois
J. W . FU LBRIGHT, Arkansas
JOSEPH C. O M AHON EY, Wyoming
RALPH E. FLANDERS, Vermont
AR TH U R V. W ATKINS, Utah
o r k -----------------R o d e r ic k H . R il e y , Executive Director
J o h n W . L e h m a n , Clerk

S u b c o m m itte e o n E c o n o m ic S t a b iliz a t io n
W RIGH T PATM AN, Texas, Chairman
H E N R Y S. REUSS, Wisconsin
JOSEPH C. O’M AHONEY, Wyoming
CLARENCE E. KILBURN, New York
RALPH E. FLANDERS, Vermont
W illiam H. M o o r e , Economist

II




LETTERS OF TR AN SM ITTAL

D

ecem ber

31, 1958.

To Members of the Joint Economic Committee:
Transmitted herewith is a tabulation of replies to the economic
policy questionnaire sent out in September 1958 by the Subcommittee
on Econom ic Stabilization.
The tabulation is presented to provide members of this committee,
Members of Congress, and other interested governmental officials
with a canvass o f professional opinion concerning issues of economic
stabilization and related banking policies.

,

W

r ig h t

P atm

an

,

.

Chairman Joint Economic Committee
D

Hon.

W

r ig h t

,

P

atm an

ecember

31, 1958.

,

Chairman Joint Economic Committee,
House of Representatives Washington D.C.

,

,

Transmitted herewith is a tabulation of the
replies to the economic policy questionnaires. These questionnaires
were sent out in September 1958 by the Subcommittee on Econom ic
Stabilization to an estimated 1,500 economists in 150 universities.
R o d e r i c k H. R i l e y ,
D

ear

M

r

. P




atm an

:

.

Executive Director
m




ECONOMIC POLICY QUESTIONNAIRE, OCTOBER 1958

The Joint Economic Committee through its Subcommittee on
Econom ic Stabilization has, by questionnaire, secured the professional
views of economic experts at colleges and universities 011 a number
of questions of current economic polic 3r. These were designed to
cover not only key issues related to stabilization, but also certain
related banking questions.
The economic policy questionnaire was mailed on September 10,
1958, and replies received through October 31 were tabulated.
The questionnaire was distributed in the first instance by sending
a supply of forms to the heads of economics departments in 150 insti­
tutions granting higher degrees in economics, with the request that tjie
questionnaire be distributed to individual faculty members of the
respective departments. The list of institutions canvassed was com­
piled from data published by the Office of Education, Department of
Health, Education, and Welfare; all the 49 States, the District of
Columbia, and Hawaii were represented.
The coverage of the inquiry and its results is evidenced by the
number and geographical distribution of the responses received. B y
the closing dote, G15 completed questionnaires had been returned
from all parts of the Nation. These constituted about 40 percent of
the number of economists that it is estimated were reached through
department heads.
The committee recognizes the difficulties of answering economic
policy questions categorically. As a matter of practicality, however,
the questions were nevertheless put in multiple-choice form, so that a
minimum of time would be required of the individual respondents and
summarization of the results would be facilitated. I 11 addition to the
direct answers which lent themselves to tabulation, man}" respondents
accepted the subcommittee’s invitation to make qualifying and
amplifjring statements.
In general, the answers have been tabulated as marked, with note
taken of the .coniments and reservations. Comments have not been
treated as affecting the answer unless, as in a few cases, the qualifica­
tions seemed to invalidate or contradict the answer indicated in the
multiple-choice boxes.
The letters sent to departmental chairmen, the questionnaire itself,
and a list of the universities contacted are reproduced in the appendix.
The committee is appreciative of the public spirit of the economists
who gave time and effort to this study. It is of course understood
that views summarized in the tabulations are those of the responding
economists, and do not necessarily reflect the views of the subcom­
mittee or its individual members.




1




TABULATION OF REPLIES TO ECONOMIC POLICY
QUESTIONNAIRES*
1.
The Em ploym ent A ct of 1946 contemplates, either explicitly or
b y implication, several objectives of public policy. Success in the
achievement of any of them may on occasion necessitate some sacrifice
in attainment of another. Recent discussion has focused on the
problem of reconciling “ maximum employment” with maintaining
stability of the general price level.'
A.
D o you believe it feasible to achieve simultaneously both rela­
tively high employment and relatively high stability of the general
price level?
Yes

No

No response

Total

Num­ Per­ Num­ Per­ Num­ Per­ Num­ Per­
ber cent ber cent ber cent ber cent
In the short run?___ _______. ___. . . ______________ . . .
In the long run?--._______ ____________________

369
450

60.0
73.2

222
151

36.1
24.6

24
14

3.9
2.3

615
615

100.0
100.0

If your answer is “ Y es,” you m ay wish to indicate the maximum
level of unemployment (seasonally adjusted) that you would be
prepared to accept, if necessary, as a condition for achieving a high
degree of price stability:
Maximum level of unemployment as percent of labor force

Number

* Percent

Under 3 percent-_____________________________________ _____ __________
3 percent and under 4 percent______________________________ ____________
4 percent and under 5 percent-. . . ______________________________________
5 percent and under 6 p erce n t-.-----—. . . . . . . . . . . . . . .
6 percent and under 7 percent__ ____________________ ____________________
7 percent and under 8 percent___ ___ - _______________________________ __
8 percent and under 10 percent_______ —_______ -____ _________ ___________
10 percent______ ___ _______ . _________j _________________________ ______
11 percent through 20 percent_________ - _______________ - ________________

18
77
92
151
61
21
23
19
3

2.9
12.5
15.0
24.6
9.9
3.4
3.7
3.1
.5

Total responses______ ____________ ____ ___ _____ - __ ________ __ . . .
___ __ ____ _______________ __ ____________________________
No response.

465
150

,75.6
24.4

Grand total________ _____________ . . . __ ___ . . . ___ ________ ____ _

615

100.0

Y ou may wish also to indicate what in your judgment constitutes
a satisfactorily “ high degree of price stability” :
Maximum yearly price change

Number

Percent

Under 1 percent__ -_ - - - - __ - _______________________________- ________ —
_
1 percent and under 2 percent__ _____ . . . . . . . . ____ __________________ ___
2 percent and under 3 percent________________ _____ _____________________
3 percent...___ . . . . . . __ . . . __ -_ -__ _________ ____ ______________ - _____
_
4 percent. . . . _____________________ ______ ____________ __ ___ ___ _. .
5 percent__ - ___ ____ ___ ___ ______ _________ __ _________________ ____ _
_
6 percent through 10 percent..... . ______- __ _______ ____ ______ . . . . . . _____

26
82
74
48
12
20
12

4.2
13.3
12.0
7.8
2.0
3.3
2.0

Total responses . . .
. . . _____. . . __ _____ __ _. . . _______ . . . . . . . . .
No response or not tabulated 1
____ ___ ____ _. . . . _____ . . . ____ ____

274
341

44.6
55.4

Grand total__ ____ ______________ ______ . . . _____ ____ . . . . . . .

615

100
.0

1Includes, in addition to no response, essay-type responses and those relating solely to the long run.
•Detail in the tables may not add to totals because of rounding.




*

S

4

ECONOMIC POLICY QUESTIONNAIRE

B.
If these two objectives are not, in your opinion, fully compatible,
please indicate which, over the long run, you believe should be given
the greater emphasis:
Number

Percent

.Maximum employment
Price stability...............
No response......... .........

329
113
173

53.5
18.4
28.1

TotaL...................

615

10 0 .0

C.
D o you believe that standby authority for direct controls should
be available in order to assure sustained high employment combined
with high stability of the general price level?
Number

Percent

Yes__________________________ ____ _____ _____ ____ ______ ____ ____ __
N o ........................................................................................................................
No response__________________________________________ ______ __________

413
187
15

67.2
30.4
2.4

Total...................................... ..................... ..............................................

615

100.0

If your answer is “ Yes,” please indicate which types of controls
you favor—
Number

Of business investment................................ .....................................................
Of consumer credit____ _______________ _________________________________
Of prices_______ _______ __ _______________________ _ ______ ___________
_
Of wages........... .................................... ...................... .................... ...................

Percent of
total answer­
ing “ yes”
47.7
93.0
44.1
43.3

197
384
182
179

If 3^our answer is “ Y es,” do you think that the strengthening of
competition (through vigorous antitrust and related policies) could
be expected—
Yes

No

No response

Total

Num­ Per­ Num­ Per­ Num­ Per­ Num­ Per­
ber cent ber cent ber cent ber cent
To reduce the need for such direct controls?...............
To eliminate such need?.........» ....................................




250
13

60.5
3.1

136
270

32.9
65.4

27
130

,6.5
31.5

413
413

100.0
100.0

5

ECONOMIC POLICY QUESTIONNAIRE

2.
A. In its anti-inflationary actions of recent years, how would
you characterize the Federal Government’s use of the following basic
policies?
Too little

Enough

Too much

No re­
sponse

'

Total

Num­ Per­ Num­ Per­ Num­ Per-* Num­ Per­ Num­ P er-.
ber cen t ber cent ber tcentj ber cent ber cent,
Tax increases (either new or continued).
Expenditure limitations.........................
Monetary tightness................................
Appeals for voluntary restraint over
wage and price increases.....................

376
303
158

61.1
49.3
25.7

183
199
.310

29.8
32.4
50.4

29
71
117

4.7
11.5
19.0

27
42
30

4.4
6.8
4.9

615
615
615

100.0
100.0
100.0

157

25.5

163

26.5

222

36.1

73

11.9

* 615

100.0

B. In its anti-recessionary actions during recent months, how'would
you characterize the Federal Government’s use of these policies?
Too little

Enough

Too much

No re­
sponse

Total

Num­ Per­ Num­ Per­ Num­ Per­ Num­ Per­ Num­ Per­
ber cent ber cent ber cent ber cent ber cent
Tax reductions........................................
Expenditure acceleration and increases.
Monetary ease........................................

339
224
125

55.1
36.4
20.3

235
272
429

38.2
44.2
69.8

14
98
41

2.3
15.9
6.7

4.4
3.4
3.3

27
21
20

615
615
615

100.0
100.0
100.0

3.
A. In the control of inflation, a combination of policies m ay be
called for and varying emphasis be appropriate under different cir­
cumstances. If you believe, however, that as a general proposition
reliance or preference should be placed more heavily on one type of
policy than another, please indicate:
\
X o general rule________________________________________________________
Tabulated............................................................................................................
Not tabulated 1
............................ ........................................................................
Total.........................................................................................................

Number

Percent

165
209
241

26.8
34.0
39.2

615

100.0

Primary emphasis
Number

Percent

(leneial rule as follows:
Tax policy________________________________________________________
Expenditure policy_________ ___________________ ____________________
Monetary policy____ ______________ ___ __ _________________
Direct control___ ...___________ - ____ . . . . . . . . ____________________

55
23
118
13

26.3
11.0
56. 5
6.2

Total___'__________________________ . . . . __________________________

209

100.0

1 No response was tabulated in which more than 1 primary emphasis was indicated. These included 80
responses in which primary emphasis was placed on both tax policy and expenditure policy. In these
cases the respondents may have intended to indicate that they considered these as inseparable aspects of
fiscal policy; if so, then a total of 158 out of 289, or 54.7 percent, placed primary emphasis on some combina­
tion of tax and expenditure policies.

34906— 59 .... . 2




6

ECONOMIC POLICY QUESTIONHAIBE

B. Do you believe:
That “ tight m oney” served to dampen inflation during 1955-57?
Number

Peroent

Yes.........................................................................................................................
No.........................................................................................................................
No response___________________________________________________________

459
130
26

74.6
21.1
4.2

Total............................................................................................................

'615

100.0

That, by adding to costs, or otherwise, “ tight money” may have
contributed to rising prices?
Number

Percent

Yes................ J............................................................................................... .
N o.........................................1................... ..........................................................
No response................... ......................................................................................

ID
S
430
77

17.6
69.9
12.5

Total...........................................................................................................

615

100.0

C.
Do you believe that in recent years rising prices have resulted
in significant part from a tendency of real wage increases to exceed
the rise of productivity?
Number

Percent

Yes.........................................................................................................................
N o_____________________ ____ ________________ ___ ____ _______ _________
No response_________________________________________________ ___ ______

310
250
55

50.4
40.7
8.9

Total i..........................................................................................................

615

100.0

i M any respondents answering this question interpreted it as referring to the rise of wages, as the term Is
ordinarily used, rather than of deflated or real wages. In several eases, indeed, this wasmade explicit
and in a large number of others no other interpretation was.consistent with the comments that were added.

4. A. In the exercise of monetary policy, Federal Reserve authorities
may utilize three interrelated techniques. Please indicate your ap­
praisal of the use. made of these in actions taken in recent years to
check inflation:
Under
utilized

Appropriate
utilization

Over
utilized

No
response

Total

Num­ Per­ Num­ Per­ Num­ Per­ Num­ Per­ Num­ Per­
ber cent ber cent ber cent ber cent ber cent
Open-market operations.........................
Reserve requirements.............................
Discount rate..........................................




234
214
87

38.0
34.8
14.1

297
308
319

48.3
50.1
51.9

22
28
147

3.6
4.6
23.9

62
65
62

10.1
10.6
10.1

615
615
615

100.0
100.0
io a o

7

ECONOMIC POLICY QUESTIONNAIRE

B. Please indicate your appraisal of the use made of these tech­
niques to check the current recession and promote recovery:
Under
utilized

Appropriate
utilization

Over
utilized

No re­
sponse

Total

Num­ Per- Num­ Per­ Num­ Per­ Num­ Per­ Num­ Per­
ber cent ber cent ber cent ber cent ber cent
Open-market operations.........................
Reserve requirements.............................
Discount rate..........................................

216
178
106

35.1
28.9
17.2

309
332
344

50.2
54.0
55.9

12
30
92

2.0
4.9
15.0

78
75
73

12.7
12.2
11.9

615
615
615

100.0
100.0
100.0

5.
Please check whichever of the following statements most closely
corresponds to your opinion:
Number

'
In using open-market operations to influence long-term interest rates, Federal
Reserve authorities—
Should limit themselves exclusively (except in correcting “ disorderly
markets” ) to purchase and sale of Treasury bills.....................................
Should follow a flexible policy as regards securities dealt in, varying the
types as circumstances may require..........................................................
Should subordinate other considerations to “ pegging” the Government
bond market (as was done prior to 1951)..................................................
No response.................. - .............- ................................... .....- .... ................

Percent

46

85.0

14
32

2.3
5.2

615

Total............................................................................................................

7.5

523

100.0

6. D o you favor—
Yes

No

No response

Total

Num­ Per­ Num­ Per­ Num­ Per­ Num­ Per­
ber cent ber cent ber cent ber cent
Permitting banks to pay interest on demand de­
posits?..................................................................
Requiring banks to pay interest on Government de­
posits? ......................... .............................................
Restoration of free domestic exchange of dollars for
gold—
Soon?.......................................................................
Ultimately?............................................................




257

41.8

285

46.3

73

11.9

615

100.0

194

31.5

331

53.8

90

14.6

615

100.0

36
49

5.9
8.0

505
474

82.1
77.1

74
92

12.0
15.0

615
615

100.0
100.0

8

ECONOMIC POLICY QUESTIONNAIRE

7.
A. Are there important inadequacies of banking facilities with
respect to—
Nationally
Yes

No

No response

Total

Num­ Per* Num­ Per­ Num­ Per­ Num­ Per­
ber cent ber cent ber cent ber cent
Business needs?.... ........................................................
Broad public interest?....... - ........................ ...............
Assuring adequate competition?..................................

126
161
164

20.5
26.2
26.7

57.1
50.1
48.6

351
308
299

138
146
152

22.4
23.7
24.7

615
615
615

100.0
100.0
100.0

N
615
615
615

100.0
100.0
100.0

Locally or regionally
Business needs?........... ................................................
Broad public interest?.............................. ..................
Assuring adequate competition?..................................

222
189
251

36.1
30.7
40.8

202
211
169

32.8
34.3
27.5

191
215
195

31.1
35.0
31.7

B. If “ Yes,” are these due to—
Nationally
Yes

No

No response

Total

Num­ Per­ Num­ Per­ Num­ Per­ Num­ Per­
ber cent ber cent ber cent ber cent
Lack of sufficient number of banks?............................
Lack of sufficient banking outlets (including
branches)?...................................... ...........................
Lack of sufficient banking capital?..............................
Tendency of bankers to hold riskless assets (Govern­
ment and Government-guaranteed bonds and
loans) rather than to function as enterprisers meet­
ing local banking needs................................... .........

32

13.2

122

50.4

88

36.4

242

40
31

16.5
12.8

106
111

43.8
45.9

96
100

39.7
41.3

242' 100.0
242 100.0

149

61.6

44

18.2

49

20.2

242

100.0

100.0

Locally or regionally
Lack of sufficient number of banks?............................
Lack of sufficient banking outlets (including
branches)?..................................................................
Lack of sufficient banking capital?..............................
Tendency of bankers to hold riskless assets (Govern­
ment and Government-guaranteed bonds and
loans) rather than to function as enterprisers meet­
ing local banking needs?................................... ........




99

32.1

114

37.0

95

30.8

m

100.0

110
90

35.7
29.2

96
105

31.2
34.1

102
113

33.1
36.7

308
308

100.0
100.0

200

64.9

47

15.3

61

19.8

308

100.0




A PP EN D IXE S




APPENDIX A

Congress! of tfje tlm'teb states
J O I N T E C O N O M IC C O M M IT T E E
SU B C O M M ITTEE ON ECONOM IC STABILIZA TION
Septem ber 1958
(Iteturn requested
by O ctober 10)

ECONOMIC POLICY QUESTIONNAIRE

This questionnaire relates to selected aspects o f econom ic policy in which the Su b ­
com m ittee on E conom ic Stabilization is particularly interested.

It w ill be very helpful

to the Com m ittee in the discharge o f its responsibilities under the E m ploym ent A c t o f
194G if it can secure, even in the necessarily general term s provided by the questionnaire,
an indication o f the consensus o f professional opinion o f university and colleg e econ o­
m ists on these m atters.
It is intended to publish a sum m ary o f the results o f the questionnaire, and each
participant w ill rccciv e a cop y .
this purpose.

A card is attached fo r entering name and address fo r

Identification by nam e on page 4 o f this questionnaire is, o f course,

entirely optional.
I f any o f the follow in g questions is so w orded that none o f the alternatives seem s
to offer you a sa tisfa ctory choice or if, fo r any reason, y ou do not feel in position to •
answ er it, plcaBe use the space provided on pages S and 4, either to indicate thin fa ct or
to explain your view m ore fully.

The Employment Act of 1916 contemplates, cither explicitly or by implication, several objectives of
public policy. Success in the achievement of any of them may on occasion necessitate some sacrifice
in attainment of another. Recent discussion has focused on the problem of reconciling “ maximum
employment” with maintaining stability of the general price level.
A. Do you believe it feasible to achieve simultaneously both relatively high employment
and relatively high stability of the general price level:
Yes

No

In the short ru n ?............................................................................................................

□

□

In the long ru n?...............................................................................................................

□

□

If your answet is “ Yes,” you may wish to indicate the maximum level of unemployment (season­
ally adjusted) *that you would be prepared to accept, if necessary, as a condition for achieving a
high degree of pricG stability:
...................percent of the labor force.
You may wish also to indicate what In your judgment constitutes a satisfactorily “ high degree of
price stability” : .....................................................................- .................... —
..........................................

these two objectives are not, in your opinion fully compatible, please indicate which, over
.the long fun, you believe should be given the greater emphasis:

IS. I f

Maximum employment...............................................................................................................

□

Price stability..............................................................................................................................

□




11

12

ECONOMIC POLICY QUESTIOX.VAIKE

1. C. I)o you believe that standby authority for direct controls should be available in order
to assure sustained high employment combined with high stability of the general price
le v e l? .......................................................................................................................................
If your answer is “ YES,” please indicate which types of controls you favor—

□

,\
’o
□

□
□

□
□

Yes

□
□
□
□

Of business investment....................................................................................
Of consumer credit...........................................................................................
Of prices............................................................................................................
Of wages............................................................................................................

If your answer is “ YES," do you think that the strengthening of competition (through
vigorous antitrust and related policies) could be expected:
To reduce the need for such direct controls?................................................................
To eliminate such need?............................................................................ ....................
2. A. In its anti-inflationary actions of recent years, how would you characterize
the Federal Government's use of the following basic policies?
Too
LittU

r'tiniinh
Enou0h

Too
Mueh

□
□
□
□

□
□
□
□

□
□
□
□

I?. In its anti-recessionary actions during recent months, how would you char­
acterize the Federal Government’s use of these policies?
□
□
□
□
□
□
□
□
□
varying emphasis be
appropriate under different circumstances. If you believe, however, that as a general proposition,
reliance or preference should be placed more heavily on one type of policy than another, please
indicate:
No general ru le...........................................................................................................................
General rule as follows:

□

Primary Secondary Limited
Emphasis Emphasis Emphasis

Tax policy........................................................... • • •'...............
Expenditure policy............................................ ........................
Monetary p o lic y ............................................... ........................
Direct control..................................................... ..................................

□
□
□
□

□
□
□
□

□
□
□
i i
—

(Specify types of direct control........................

13. Do you believe:
Yes

That “ tight money" served to damp inflation during 1955-7)7?..................................
That, by adding to costs, or otherwise, “ tight money” may have contributed to
rising p rices?..................................................................................................................
C. I)o you believe that in recent years rising prices have resulted in significant part from
a tendency of real wage increases to exceed the rise of productivity?..............................
If so, during what period do you believe this tendency has prevailed?..................

No

□

□

□

[~]

□

□

ID.......-19.......

■. A. In the cxercisc of monetary policy, Federal Reserve authorities may utilize three interrelated tech­
1
niques. Please indicate your appraisal of the use made of these in actions taken in recent years to
check inflation:
Under­ Appropriate




utilized
□

utilisation
□

□

n

□

□

O rw utilised
□
□
□

13

ECONOMIC POLICY QUESTIONNAIRE

B. Please indicate your appraisal of the use made of these techniques to UndermAppropriate Overcheck the current recession and promote recovery:
utilized utilization
utilized
Open-market operations . . . . . . . . . ............................. ..
□
□
□
Reserve requirements......................................................................
□
□
□
Discount r a t e ..................................................................................
□
□
□
5. Please check whichever of the following statements most closely corresponds to your opinion:
In using open-market operations to influence long-term interest rates, Federal Reserve
authorities:
"
Should limit themselves exclusively (except in correcting “ disorderly markets” ) to pur­
chase and sale of Treasury bills.............................................................................................
Should follow a flexible policy as regards securities dealt in, varying the types as cir­
cumstances may require............................. ..........................................................................
Should subordinate other considerations to “ pegging” the Government bond market (as
was done prior to 1951)....................................................... ........................................ ..

□
□
□

6. Do you favor:
Y<*

No

□
□

□
□

□
□

Permitting banks to pay interest on demand deposits?....................................................
Requiring banks to pay interest on Government deposits? . ................................... . . .
Restoration of free domestic exchange of dollars for gold:
S o o n ?...................................................................................................... .......................
U lt im a t e ly ? ............................................................................... ...............................

□
□

7. A. Are there important inadequacies of banking facilities, with respect to :
Nationally
Yes
No

Business n eeds? ...........................................................................................................

□
□
□

Locally or
regionally
No
Yen

Assuring adequate competition?..................................................
,

□
□
□

If “ Yes,” are these due to:
Lack of sufficient number of banks? ..............................................................
Lack of sufficient banking outlets (including branches) ? . . . .

□

□

□

□

□

□

□
Tendency of bankers to hold riskless assets (Government and
Government-guaranteed bonds and loans) rather than to func­
tion as enterprisers meeting local banking needs? ............................. □

□

□
□

□
□

□

□

□

'

□
□
□

□
□
□

Qualifying or amplifying comment. (Please key by number to relevant question. Are there any addi­
tional questions that you regard as especially pertinent to this general inquiry? If so, please include them
below.)







APPENDIX B
C

ongress

of

t iie

J o in t E

U

n it e d

c o n o m ic

States,
C o m m it t e e ,

September 10, 1958.
This letter is addressed to you as head of the department of eco­
nomics in one of 150selected universities and colleges, representing cvcrjr
State of the Union. The Subcommittee on Economic Stabilization of
the Joint Economic Committee is interested in getting the opinion of
academic economists with respect to specific questions of economic
policy.
Enclosed are copies of an economic policy questionnaire, which we
ask that you distribute to the individual members of your department.
We hope each of them will find it possible to help us by giving the
questionnaire early attention.
The questions have been put in the form of multiple choice, so that
a minimum of time will be required on the part, of each respondent, and,
incidentally, to facilitate tabulation of the results. As 3*011 will see,
however, space has also been provided for statements to qualif\r or
amplif3r the respondent's views.
The subcommittee will greath* appreciate \*our cooperation and
that of other members of 3’our department in making this canvass of
opinion as complete as possible. Should the enclosed supply of
questionnaires be insufficient to canvass 3T
our department, please let
me know how many* more 3rou need.
Sincereh' j'ours,
W r ig h t Pa t m a n ,
Chairman, Subcommittee on Economic Stabilization.

C

ongress

of

t iie

J o in t E

U

n it e d

c o n o m ic

States,
C o m m it t e e ,

October 7, 1958.
In a recent letter I asked 3’our aid in helping
the Joint Econom ic Committee canvass, lnT questionnaire, the views
of academic economists, including those in 3-our department.
As of M onday,'O ctober 0, over 400 questionnaires had been received
from economists in institutions in 47 States and the District of
Columbia. The closing date for returning the questionnaires is
October 10 , but it will be possible for questionnaires received shorth’
after that date to be included in the final tabulation.
M a 3r I ask you to remind members of 3T
our department who have
not already responded to do so promptly, so that all who intend to
respond ma 3* have their answers included in the tabulation?
Sineereh-,
W r i g h t P a t m a n , Chairman.
D

ear

P

rofessor:




15




APPENDIX C
IN STITU TIO N S C O N TACTED
A

L o u is ia n a

labam a

University of Alabama
A

Louisiana State University and A. &
M . College
Tulane University of Louisiana

laska

University of Alaska
M

A r iz o n a
A rkansas

University of Arkansas
California
Stanford University
University of California, Berkeley
University of California, Los Angeles
University of Southern California
C olorado

M

M

University of Connecticut
Yale University
*

,

University of Delaware
D

is t r ic t

of

C o l u m b ia

'American University
Catholic University" of America
Georgetown University
George Washington University
Howard University

M

Florida State University
University of Florida
University of Miami
e o r g ia

Emory University
University of Georgia
H

a w a ii

University of Hawaii
I daho
C o lle g e o f Id a h o
I l l in o is

Bradley University
Northwestern University
University of Chicago
University of Illinois
I n d ia n a

Indiana University
Purdue University
University of Indiana
Iowa

M

ansas

University of Kansas
K

entucky

University of Kentucky




in n e s o t a

St.^Olaf College
University of Minnesota
M

is s is s ip p i

M

is s o u r i

University of Mississippi
'

St.'Louis University
University of Missouri
Washington University
M

ontana

N

ebraska

Montana State University
*

University of Nebraska
N

evada

N

ew

University of Nevada
H

a m p s h ir e

Dartmouth College
University of New Hampshire

Iowa State College
State University of Iowa
K

ic h ig a n "

Hope College
Michigan State University of Agricul­
ture and Applied Science
University of Michigan
Wayne University

F l o r id a

G

assach usetts

Amherst College •
Boston College
Boston University
Brandeis University
Clark University
College of the Holy Cross
Harvard University
Mount Holyoke College
Smith College
Tufts University
University of Massachusetts
Wellesley College

C o n n e c t ic u t

elaw are

aryland

Goucher College
Johns Hopkins University
University of Maryland

Colorado State University
University of Colorado
University of Denver

D

a in e

Bates College
Bowdoin College
Colby College
University of Maine

University of Arizona

N

ew

Je r se y

Princeton University
Rutgers University *
Stevens Institute of Technology
17

18

ECONOMIC POLICY QUESTIONNAIRE
P e n n s y l v a n i a — Continued

N e w M exico

University of New Mexico

University of Pennsylvania
University of Pittsburgh

N e w Y ork

Brooklyn College
Colgate University
Columbia University
Cornell University
Fordham University
Hamilton College
Hofstra College
Hunter College
. New School for Social Research
New York University
Queens College *

R

I slan d

Brown University
South

C a r o l in a

University of South Carolina
S outh

D

akota

South Dakota State College
University of South Dakota
T

ennessee

University of Tennessee
Vanderbilt University
T

Syracuse University
Union College and University
University of Buffalo
University of Rochester
Yassar College
N orth C aro lina
D uke University
University of North Carolina
N orth D ako ta
U niversity of North Dakota
O hio
A ntioch College

exas

Agricultural and Mechanical College
of Texas
Baylor University
Southern Methodist University
Texas College of Arts and Industries
University of Houston
University of Texas
Utah

Brigham Young University
University of Utah
Utah State University
V

erm ont

V

Bowling Green State University
Oberlin College
Ohio State University
Ohio University
Ohio Wesleyan University
University of Akron
University of Toledo
Western Reserve University

ir g in ia

Middlebury College
University of Richmond
University of Virginia
Washington and Lee University
William and Mary College
W ashington
Gonzaga University
State College of . Washington
University of Washington
W est V irginia

Oklahom a

Oklahoma A. & M. College
University of Oklahoma
O regon

West Virginia University

Reed College
University of Oregon

W

is c o n s in

Beloit College
Carroll College
Lawrence College
Marquette University
University of Wisconsin
University of Wisconsin— Milwaukee

P e n n s y l v a n ia

Bryn Mawr College
Bucknell University
Carnegie Institute of Technology
Duquesne University
Pennsylvania State University
Swarthmore College
Temple University




hode

W

y o m in g

University of Wyoming

o