Word: blindered
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According to my well-worn copy of Baumol and Blinder, the key to long-term prosperity in any economy is labor productivity growth. Labor productivity is simply the amount and quality of goods and services an economy can produce per unit of labor. The most important determinant of labor productivity is technology. Over the past 200 years, an explosion of technological innovations has allowed the average standard of living in the industrialized world to shift from subsistence farming to the modern luxuriance we all enjoy today...
...position of vice chair became available when current vice chair Alan Blinder announced last week that he will not seek renomination when his term expires on January 31. Blinder said he will return to teaching at Princeton University, where he worked before assuming his Fed post in June...
...seven member Board of Governors will have two open spots when Blinder steps down because John LaWare, who resigned last April, has yet to be replaced...
...appoint him to a third consecutive term as chairman. Greenspan might like that. Enough to soften his reluctance to reduce rates? If not, there are others on the Fed who are less reluctant. "I don't think there is going to be a recession,'' says vice chairman Alan Blinder, a Clinton nominee who thinks job creation is as important a mandate as Greenspan's focus on inflation fighting. "But I am worried about...
...about the Fed's actions. While White House officials see no threat of renewed inflation, they would be glad if the Fed's moves kept the economy from growing so rapidly that it peaked before the 1996 election. At the Fed, meanwhile, the expected arrival of Clinton nominees Alan Blinder and Janet Yellen, who could be more tolerant of inflation, has the five holdover members groping for new formulas for battling it. The most draconian of these would raise interest rates whenever unemployment falls below 6.5%. (It now stands at 6.4%.) Such a rigid gimmick has little chance of being...