The Bank's Panel of Academic Consultants met on 27 January to consider the period of recovery in the UK economy from the recession of 1929-32. Two papers, the first by Mr David Worswick, the second by Professor Michael Beenstock, Dr Forrest Capie and Professor Brian Griffiths, were prepared for discussion at the meeting, and a third, by Mr Peter Sedgwick, was presented as additional background material. All three papers, somewhat revised in the light of the discussion, will shortly be issued as Panel Paper No. 23, available from the Bank at the address given on the reverse of the contents page of this Bulletin. A great deal of statistical material is surveyed by all three papers, some of it being common ground, but there are important differences of emphasis between them. In particular, Worswick tends to stress demand-side influences, while the paper by Beenstock, Capie and Griffiths focuses on supply-side changes, in particular the influence of real wages. Sedgwick's paper, like Worswick's, discusses the demand side extensively, and incorporates some new research on changes in various measures of monetary aggregates.