Word: ecksteins
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...fact, the rising stakes in the Iranian mess are almost certain to put alarming new stresses on both the U.S. economy and the world financial system. Asserts Economist Otto Eckstein, president of Data Resources Inc.: "The direct impact of the U.S.'s actions is obviously small. But the unfortunate experience of the past few years has been that every political problem involving an energy-producing nation ultimately converts itself into a further upset in the oil market and a further upset in prices...
...sold under contracts of three months or more, OPEC members are clamoring for a hefty new increase when the cartel meets in Caracas on Dec. 17. Notes a top Carter Administration official: "Spot prices are the locomotive now dragging OPEC prices along." Adds Data Resources' Eckstein: "Our present forecast has OPEC prices going to $26 per bbl. during 1980, as a result of the current situation in Iran, and perhaps $29 in 1981. But if Iran's production shuts down completely, the resulting shortfall would mean that we could well be paying between $35 and $40 long before...
...OTTO ECKSTEIN: "The Federal Reserve is taking a tremendous gamble with the economy, that they will succeed in licking inflation without creating another recession as deep as 1974," says Eckstein, a master of computerized forecasting who runs his own company. "They are finally jamming on the brakes, having done too little for a long time." But late as the switch is, Eckstein believes, "it's going to work. The chances are the inflation rate, currently 13.1%, will drop below 9% by February." But Eckstein sees a darker side: "There is no question that the economy is now going...
...took was some news about the U.S. trade deficit to send the buck plunging sharply anyway. Most members of TIME's Board of Economists expect the dollar to fall further. So long as inflation in the U.S. remains steeper than in other leading industrial countries, says Economist Otto Eckstein, "the dollar is indefensible...
...believe the enormous fluctuation in the economy has something to do with it. They see the inflation, and the price of gold going up and they want to understand it," Otto Eckstein, Warburg Professor of Economics, said earlier this week...