Word: burnsian
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Dates: during 1970-1979
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Signs of a spreading Burnsian influence in the Carter camp have been multiplying. As some Carter watchers have been telling it, the Chairman, as Burns is known, was a major influence behind the President's apparent swing toward more conservative budget policies. By some accounts, the Federal Reserve chief's arguments had a big role in persuading Carter to withdraw his proposal for an $11.4 billion tax rebate -framed by Liberal Charles Schultze, the President's chief economic adviser. And when Carter invited congressional leaders to a White House breakfast to try to sell his tightfisted fiscal...
...Burnsian consensus reached at the April meeting of the FOMC was that some trimming of the growth of the money supply is necessary; too much money had begun to flood into the economy as it picked up steam in early spring. The group's decision was to push the federal funds rate up a bit, to as much as 5½%. The Federal Reserve's tighter money policy is already showing up in higher short-term interest rates-to which the stock markets are keenly sensitive-as well as in a rise in the prime lending rate that...
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