Word: gramley
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Dates: during 1990-1999
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...latest oil shock. To help persuade Greenspan that it is time to budge, Treasury Secretary Nicholas Brady last week repeated Administration calls for cheaper borrowing costs. "Everybody wants lower interest rates," Brady said. "At this point in time in the U.S., economic growth is very important." Concurs Lyle Gramley, a former Federal Reserve governor who is chief economist for the Mortgage Bankers Association: "To refuse to ease interest rates now would be like deliberately choosing a recession to bring down inflation...
...could dampen the economy in the short run, many experts argue that a smaller deficit would reduce the danger of rising inflation and encourage the Federal Reserve to let interest rates fall. "I would have preferred to see the deficit attacked earlier, when + the economy was stronger," says Lyle Gramley, chief economist for the Mortgage Bankers Association and a former Federal Reserve governor. "But we ought to take the risk of doing what is needed for the long-run health of the economy...
...deficit, since spending cuts could aggravate the slowdown. Unfortunately, a decade of annual budget deficits of more than $100 billion has shifted the burden of controlling the economy almost completely to the Federal Reserve Board. "The problem is that we have only monetary policy to rely on," says Lyle Gramley, chief economist for the Mortgage Bankers Association and a former Fed governor. "It would be wonderful if we had a $100 billion budget surplus, so that we could have a small tax cut to stimulate the economy instead of having to rely on interest rates...