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Published online by Cambridge University Press: 01 March 2000
This honorary lecture is the first to appear in Macroeconomic Dynamics.Other honorary lectures and addresses on topics of importance tomacroeconomics will appear occasionally in this journal. Manyunpublished honorary lectures and addresses have become well known andheavily cited. As a means of making such valuable “named”lectures and addresses available in published form, journals of someprofessional societies annually publish an invited lecture presented atsociety meetings.