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FINAL AGENDA Committee on Financial Analysis Federal Reserve Bank of Philadelphia April 20 and 21, 1966 Wednesday, April 20 : Morning (9:00 A.M.) I. The Concept of Liquidity A. Role in Economic Analysis — Reserve Bank of St. Louis Comment: B. Leonall Anderson, Federal Richard Davis, Federal Reserve Bank of New York Arthur Broida, Board of Governors Bank Liquidity — Martin Blyn, Federal Reserve Bank of Cleveland James Pierce, Board of Governors Comment: John Zoellner, Federal. Reserve Bank of Kansas City mcheon (12:30 P.M. to 1:30 P.M.) -rp>mfl-rV^ ~bv Mr. Karl R . Bopp, P r e s i d e n t . Federal Reserve Bank of Philadelphia T n fn rm n 1 Afternoon (2:00 P.M. to 5:00 P.M.) C. Corporate Liquidity — Hugh Chaimoff, Federal Reserve Bank of Philadelphia Comment: George Cloos, Federal Reserve Bank of Chicago -2- Thursday, April 21: Morning (9:00 A.M. to 1:00 P.M.) II. The Significance of Total Credit A. Bank Credit and Total. Credit — Reserve Bank of New York Comment: B. Marshall Puckett, Federal Lyle Gramley, Board of Governors James Duprey, Federal Reserve Bank of Minneapolis Total Credit Flows — Concept, Measurement, and Estimation Stephen Taylor, Board of Governors Comment: Ronald Cooper, Federal Reserve Bank of San Francisco Luncheon (l:30 P.M. to 2:30 P.M.) — Informal remarks by academic guests Afternoon (2:00 P.M. to 4:00 P.M.) — Recapitulation and planning for future meetings Maurice Mann, Chairman Committee on Financial Analysis Kci apr 28 April 25, 1966. System Committee on Financial Analysis Summary Minutes of Meeting Held in Philadelphia, Pennsylvania April 19-21, 1966 Present for all or part of the meeting: Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Board Guests Messrs. Anderson and Murphy Messrs. Davis and Puckett Messrs. Bopp, Rothwell, Aff, Alderfer, Chairnoff, Eastburn, O'Leary, Staats, and Miss Deutermann Messrs. Mann (Chairman) and Blyn Mr. Haymes Messrs. Wyand, Crowe, and Brandt Messrs. Stiles and Cloos Messrs. Bowsher and Anderson Mr. Duprey Messrs. Zoellner and Struble Mr. Saylor Mr. Cooper Messrs. Partee, Gramley, Broida, Pierce, and Taylor Professors A. G. Hart, Columbia University, Albert Ando, University of Pennsylvania and Lawrence R. Klein, University of Pennsylvania. The Spring meeting of the Committee on Financial Analysis was convened at 9:00 a.m., April 20, 1966, at the Federal Reserve Bank of Philadelphia. Mr. Mann presided. The first day of the session was concerned with the concept of liquidity and its relevance for ecnonomic activity and central banking. Leonall Anderson (Federal Reserve Bank of St. Louis) opened this part of the program with a paper on the concept of liquidity and its role in economic analysis, focusing particularly on the consumer sector. Richard Davis (Federal Reserve Bank of New York) and Arthur Broida (Board of Governors) provided formal comments. Following this were two papers on bank liquidity given by ftartin Blyn (Federal Reserve Bank of Cleveland) and James Pierce (Board of Governors). The discussant for these two papers was John Zoellner (Federal Reserve Bank of Kansas City). The question of corporate liquidity was treated in a paper by Hugh Chairnoff (Federal Reserve Bank of Philadelphia), with formal discussion by George Cloos (Federal Reserve Bank of Chicago) At lunch on the first dav the group was greeted by Mr. Karl Bopp (President. Federal Reserve Bank of Philadelphia) who spoke informally on the role and prospects for research in the formulation and implementa tion of monetary policy. On the second day the Committee's attention focused on the significance of credit flows for evaluation of financial market develop ments. Marshall Puckett of the Federal Reserve Bank of New York evaluated the significance of differing growth rates of bank credit as a potential indicator of credit availability and as a proxy for total credit flows. The formal discussants for his paper were James Duprey (Federal Reserve Bank of Minneapolis) and Lyle Gramley (Board of Governors). Stephen Taylor (Board of Governors) then discussed the concept, measure ment, and estimation of total credit flows in the context of the flowof-funds accounting system. Ronald Cooper (Federal Reserve Bank of San Francisco) discussed a paper by himself and Robert J. Oster, in which an attempt was made to utilize flow-of-funds data for sectoral analysis of cyclical changes in flows of funds. The first day's session on liquidity was attended by Professor A. G. Hart of Columbia University and Professor Lawrence R. Klein of the University of Pennsylvania. The second day's session was attended by Professor Albert Ando of the University of Pennsylvania. The latter part of the second day was devoted to Committee business and planning for the fall meeting, tentatively scheduled to be held at the Fedaral Reserve Bank of Minneapolis during the week of October 17-21. The specific date will be announced later. The first day of that session will deal with recent progress in the linkage research area. Selected members of Mr. Mann's working group on linkage research will provide papers. There will be three invited papers on the second day, by Professor Albert Ando of the University of Pennsylvania, Fred Struble of the Federal Reserve Bank of Kansas City, and Thomas Thomson of the Board of Governors. Ando's paper will be on a special purpose model for monetary policy. Struble will provide a survey paper on the term structure of interest rates. Thomson will give a paper on short-run reserve adjustments of commercial banks. The Committee decided to continue the policy of soliciting short formal commentaries on the principal papers. Specific discussants will be announced later, along with the more detailed agenda for the fall meeting. It is the sense of the Committee that all papers to be presented at the fall meeting should be distributed to Committee members as far in advance as possible. The Committee accepted with regret the resignation of J. Charles Partee as Secretary, offering its sincere thanks for a task well done. The meeting was adjourned at 2:45 p.m. on April 21.w Lyle E. Gramley, Secretary, System Research Committee on Financial Analysis. Listing for Meeting of Committee on Financial Analysis Federal Reserve Bank of Philadelphia April 20-21, 1966 MEMBERS- COMMITTEE ON FINANCIAL ANALYSIS Maurice Mann, Chairman Paul Anderson Richard Davis J. C. Rothwell Harmon Haymes Robert R. Wyand, II Lynn A. Stiles Norman N. Bowsher James N. Duprey John F. Zoellner R. Gerald Saylor Ronald Cooper J. Charles Partee, Secretary (Cleveland) (Boston) (New York) (Philadelphia) (Richmond) (Atlanta) (Chicago) (St. Louis) (Minneapolis) (Kansas City) (Dallas) (San Francisco) (Board) OTHER PARTICIPANTS Neil Murphy Edward A. Aff Clay J. Anderson Evan B. Alderfer Hugh Chairnoff Elizabeth P. Deutermann David P. Eastbum David C. Melnicoff Lawrence C. Murdoch John F. O'Leary Kenneth M. Snader William F. Staats Bertram W. Zumeta Martin Blyn Harry Brandt Paul Crowe George Cloos Leonall. C. Anderson Fred Struble Arthur Broida James Eckert Lyle E. Gramley James Pierce Stephen Taylor (Boston) (Philadelphia) (Philadelphia) (Philadelphia) (Philadelphia) (Philadelphia) (Philadelphia) (Ph ilade lph ia) (Philadelphia) (Philadelphia) (Philadelphia) (Philadelphia) (Philadelphia) (Cleveland) (Atlanta) (Atlanta) (Chicago) (St. Louis) (Kansas City) (Board) (Board) (Board) (Board) (Board) GUESTS Prof. Albert Ando Department of Economics University of Pennsylvania Philadelphia, Pennsylvania Prof. John G. Gurley Department of Economics Stanford University Stanford, California Prof. Irwin Friend Department of Economics University of Pennsylvania Philadelphia, Pennsylvania Prof. A. G. Hart Department of Economics Columbia University New York Prof. Lawrence R. Klein Department of Economics University of Pennsylvania Philadelphia, Pennsylvania
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