Word: ecksteins
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Researchers at the bureau have access to a larger data base and a small databank service from Data Resources Institute (DRI), a publicly-held forecasting firm where Eckstein works half time for half pay. DRI provides the services free as a professional courtesy to economists solving large systems of complicated equations or developing simulation models...
...between the bureau and Harvard is fairly close now because Feldstein is president and has rebuilt the bureau around a younger generation," Otto Eckstein, Warburg Professor of Economics and Harvard's appointee to the NBER's Board of Directors, says. "He has attracted a group of young scholars, many from Harvard--bright, capable people still in their creative years...
...While Eckstein defends the independence and diversity of NBER, many observers have noted with some skepticism Feldstein's influence in guiding and shaping the bureau: critics have claimed the bureau has developed into a Harvard-dominated research center. Though the University's presence in the NBER is inescapably obvious, proponents maintain the bureau has full independence...
...Eckstein says Feldstein's revamping of old programs and initiation of capital formation and human resource studies, along with a tremendous turnover in personnel, have given the bureau new vitality. "The bureau has always been a great institution, and periodically it needs renewal," he says. "Now, it has been renewed." Eckstein adds that a factual and empirical focus is not subject ot renewal; the NBER's first president began the bureau in a rebellion against the theoretical thrust of economics at that time. But because it is impossible to dictate what research will improve the performance of the U.S. economy...
...economists expect the oil cartel to go on raising prices from the present average $16.40 per bbl. to about $18 by year's end. Higher fuel costs would both fan inflation and be an added tax on Americans' disposable income, thus prolonging the recession. Otto Eckstein, chief of Data Resources Inc., the economic analysis firm, favors putting a strict limit of 7 million bbl. per day on petroleum imports, which now average about 8 million bbl. daily; mandatory limits would probably result in gasoline rationing. Okun and other board members would increase Government financing of efforts to develop...