Word: beryl
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Thus Miller will shortly be overwhelmed by diametrically opposed advice. Conservatives like Beryl Sprinkel, executive vice president of Chicago's Harris Trust & Savings Bank, contend that the Federal Reserve should concentrate on moderating the growth of money supply and let interest rates go wherever the market takes them. Liberal economists like Arthur Okun of the Brookings Institution retort that the Fed should concentrate on holding down business borrowing costs and not worry so much about money-supply targets...
...Beryl Sprinkel, executive vice president of Harris Trust & Savings Bank in Chicago and a member of TIME's Board of Economists, suggests a third reason: the Fed sets targets for both money-supply growth and interest rates, and it has had great difficulty in choosing goals that are consistent with each other. For example, it may try to keep the "Fed funds" rate -the rate on reserves that banks lend to each other-at around 6%. But it may then find that in order to prevent the rate from rising above that, it has to pump reserves into...
...real economic expansion. Members of TIME's Board of Economists expect a simmering down of growth during the final months of 1977 and throughout '78. David Grove, IBM's chief economist, expects declining growth rates-to 4.7% in the third quarter and 4.1% in the fourth. Beryl Sprinkel, a monetarist and executive vice president of Chicago's Harris Trust & Savings Bank, expects about a 3.5% growth rate in the last part of 1977. For next year the majority of the Board anticipates similar modest growth, which certainly would not be great, but also...
...year's end will still be 6% or more. Robert Nathan, a Washington consultant, noting sharp rises in industrial commodity prices and the inflationary impact of escalator clauses in union contracts, believes that prices at year's end could be climbing at a pace of 7%. Beryl Sprinkel, vice president of Chicago's Harris Trust & Savings Bank, is worried that a rapid expansion in money supply -about 11% lately by one measure -could lead to sharp price boosts...
...from satisfied with Carter's energy proposals are the Republican members-Alan Greenspan, who was President Ford's chief economic adviser; Beryl Sprinkel, executive vice president of Chicago's Harris Trust & Savings Bank and Murray Weidenbaum of St. Louis' Washington University. Their main complaint: the program's failure to put enough emphasis on increasing energy supplies by eventually lifting all controls on oil and gas and letting the market determine prices. Says Sprinkel: "It's backward economics. We're not allocating enough resources for investment." In addition, Greenspan fears that the program will...