Alumnus Michael Dworkin, Professor of Economics and Statistics Philip Howrey, Professor of Economics Robert Willis and Professor of Economics and Statistics Saul Hymans talk at the April 28 Department of Economics seminar, “The Interest Elasticity of Saving, Twenty-Five Years Later.” The event honored Howrey and Hymans, who are retiring. They are known for their economic forecast, which is used by the federal government. The seminar revisited a paper written by the duo in 1978, “The Measurement and Determination of Loanable-Funds Savings.” Matthew Shapiro, chair of the Department of Economics, introduced the seminar and called the paper a piece of Michigan-style empirical work. Howrey said the seminar brought back a lot of memories; Hymans called it a very hard problem that was important 25 years ago and still has not been resolved today. A reception and dinner followed the seminar. (Photo by Paul Jaronski, U-M Photo Services)