This proposal request funds to enable the continuance of a program of supporting several small projects per year in macroeconomics and monetary economics by Ph.D. dissertation writers and very recent Ph.D.'s. The program, formerly under the auspices of the Federal Reserve, has enjoyed great success in the past in encouraging a number of young economists to produce imaginative and significant results at the critical stage of their professional careers. Professors Ando and Sargent will administer the project under the auspices of the National Bureau of Economic Research. Its basic objective is unchanged, namely, to target talented individuals for research support at a time in their careers when financial assistance is hardest to find.
