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MONETARY AND FISCAL POLICY AND THE ECONOMIC
THE OUTLOOK FOR CONSUMER DEMAND
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American annual automobile average balance of payments Bank billion budget business cycle capital expenditures capital formation cars cent Common Market Company competition Conference consumer spending consumption corporate profits costs countries debt decline deficit demand Detroit developments dollars durable econometric ECONOMIC OUTLOOK economists effect equations estimate Europe expected factors favorable Federal Reserve Ford Motor Company forecast foreign funds government expenditures Gross National Product growth important increase industrial inflation interest rates inventory investment labor force less liquid assets manufacturing ment Michigan Ann Arbor Michigan State University monetary policy months nomic Nondurables output past peak percent period Personal consumption expenditure plans plant and equipment predictions problem purchases quarter recent recession relatively rise sector short-term substantial sumer Survey Research Center Table tax cut tax reduction tion trade trend U.S. exports unemployment United University of Michigan variables wage York