National Bureau of Economic Research

Officers Walter W. Heller, chairman Franklin A. Lindsay, vice-chairman Charles A. Walworth, treasurer Eli Shapiro, president Sam Parker, director offinance and David G. Hartman, executive director administration

Directors at Large Franklin A. Lindsay Bert Seidman George T. Conklin, Jr. Roy E. Moor Eli Shapiro Jean A. Crockett Geoffrey H. Moore Stephen Stamas Morton Ehrlich Michael H. Moskow Lazare Teper Edward L. Ginzton James J. O'Leary Donald S. Wasserman David L. Grove Peter G. Peterson Marina v. N. Whitman Walter W. Heller Robert V. Roosa Saul Klaman Richard N. Rosett

Directors by University Appointment Charles H. Berry, Princeton James L. Pierce, California, Berkeley Otto Eckstein, Harvard Nathan Rosenberg, Stanford Walter D. Fisher, Northwestern James Simler, Minnesota J. C. LaForce, California, Los Angeles , Yale Paul McCracken, Michigan William S. Vickrey, Columbia Daniel McFadden, Massachusetts Institute Dudley Wallace, Duke of Technology Burton A. Weisbrod, Wisconsin Almarin Phillips, Pennsylvania Arnold Zellner, Chicago

Directors by Appointment of Other Organizations Carl F. Christ, American Economic Rudolph A. Oswald, American Association Federation of Labor and Congress of Gilbert Heebner, National Association Industrial Organizations of Business Economists Joel Popkin, American Statistical Robert C. Holland, Committee for Association Economic Development G. Edward Schuh, American Agricultural Stephan F. Kaliski, Canadian Economics Association Association Albert Sommers, The Conference Douglass C. North, Economic Board Association Charles A. Walworth, American Institute of Certified Public Accountants

Directors Emeriti Arthur F. Burns Thomas D. Flynn Murray Shields Emilio G. Collado Boris Shishkin Solomon Fabricant Albert J. Hettinger, Jr. Willard L. Thorp George B. Roberts Theodore O. Yntema