Professor Franco Modigliani's lecture titled “Application of the Life Cycle Hypothesis to Policy Issues" is the second of two talks he gave for the James R. Killian, Jr. Faculty Achievement Award Lecture series. Kresge Auditorium, April 9, 1986. Established in 1971 as a tribute to MIT's 10th president, the Killian Award recognizes extraordinary professional accomplishment by an MIT faculty member. The winner is asked to deliver a lecture in the spring term. [T16890,T16891]