TH E B ROOKING S P AN E L on Economic Activity completed its seventh
year with a conferenceh eld in WashingtonD, .C., on December2 and 3,
1976. Presented at that time, and published here, were four articles and
one report. One of the five studies focuses on recent experience in international exchange rates,two are concerned with the contractual setting of
wages, and two explore certain features of the demand for money.