Word: gramley
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Dates: during 1977-1977
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Speaking of wholesale prices, Lyle Gramley, a member of the President's Council of Economic Advisers, said: "We're certainly not happy with the numbers, but we don't think they are cause for alarm. Whatever way you look at it, you don't come up with anything much more than a 6.5% increase in the underlying rate of inflation...
...agency that had its share of reversals, will be a major force in the management of the nation's economy. That idea was reinforced last week when the Senate held confirmation hearings on the two other men who will serve with Schultze on the council. They are Lyle Gramley, 50, who comes to the CEA from twelve years at the Federal Reserve Board, and Yale Professor William Nordhaus, 35. The three should make a compatible team. Philosophically Gramley and Nordhaus, like Schultze, can be expected to argue for vigorous federal action to combat high unemployment. Personally they also ought...
Boss's Shadow. Gramley, who taught economics at the University of Maryland while Schultze was also on the faculty, describes himself as a "middle of the road, pragmatic, liberal economist." Despite his years at the Federal Reserve, he says "I am definitely not a monetarist [one who places prime importance on money supply]. The growth rate of the money supply is not the beginning and end of economics." He is regarded as one of Washington's best at economic forecasting, a field he will specialize in at the CEA. Nordhaus, bearded and bespectacled, calls himself "an economic theorist...
Though Schultze has promised the new members that the council will work as a team, there is a possibility that Gramley and Nordhaus will be lost in the boss's shadow. Schultze, a Keynesian economist who was Lyndon Johnson's Budget Director and later turned out a widely read series of critiques on the budget for the Brookings Institution, knows his way around Washington as well as anyone else in the Administration. Also, though he and Carter knew each other only slightly before the campaign, he has developed a remarkable rapport with the President. Economists who have attended...