WILLIAM FELLNER was an adviser to the Brookings Panel from its inception in 1970 to his sudden death on September 15, 1983. During that period he attended twenty-eight of the thirty-five Brookings Panel conferences, wrote numerous formal papers and comments, and always contributed well-prepared and cogent remarks in the discussions. Indeed, Willy was planning to attend the panel meeting the very day he died, and to take part the following day in the presentation and discussion of his paper with Phillip Cagan, published in this issue.
