Word: economists
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Dates: during 1970-1979
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...Fort Worth. His mother named him Charls Edward Walker, vainly hoping that the unusual spelling of his first name would keep him from being "Charlie." He went to the universities of Texas and Pennsylvania, where he earned his doctorate in economics. After working as a Federal Reserve Bank economist, he became an assistant to Treasury Secretary Robert Anderson in 1959. From 1961 to 1968, while the Democrats were in power, Walker served as executive vice president of the American Bankers Association. He moved back to the Treasury Department as the No. 2 man after Richard Nixon's inauguration...
...Volkswagen Rabbits has climbed 12.6%, and Japanese Toyotas are up 13% this year. Rising prices for imports likewise give domestic manufacturers an excuse to raise their own prices. This in turn sends more money pouring abroad, depressing the dollar's value on foreign money markets. Says Chase Manhattan Bank Economist Sykes Wilford: "If people look down the road a year and see U.S. inflation at 10%, they're going to get out of dollars...
...half of the 7% or more that Japan hopes for this year. To bring the U.S. into line with those two countries, productivity must not only be lifted, but inflation has to be slowed. More is at stake than just the value of the dollar. As one leading international economist observed: "How can the U.S. be a world leader when it is tarred and feathered every day in the money markets...
...West Germans would end up with conservative fiscal and monetary policies that would severely limit economic growth. Another fear is that the ECU, once established, would invite speculators and governments from Togo to Turkey to dump dollars for the ECU currencies, thus bringing more downward pressure on the dollar. Economist Robert Triffin, a U.S. monetary expert who has long championed a European currency, believes that it would help rather than hurt the dollar's stability in the long run. The final form of the common European money system remains uncertain, but, said Federal Reserve Board Governor Henry Wallich, "something...
...Many economists believe that the quarter of a century of strong, sustained expansion from 1948 until the oil price increases of 1973 has given way to a period of sluggishness and high inflation. Walt W. Rostow, who was one of Lyndon Johnson's chief aides, argues that the world has begun a new downward turn on the Kondratieff Cycle. In the 1920s Russian Economist N.D. Kondratieff theorized that capitalist economic development proceeds in up-and-down waves of 50 to 60 years each, which are determined by the confluence of invention, investment and trade. As Rostow explains...