Word: hellers
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That would approach the stunning 9.2% annual rate recorded in the second quarter. Says Walter Heller, who served as President Kennedy's chief economic adviser: "Growth will be brisk...
...vigorous currency can be a source of national pride, the dollar's exceptional strength is causing alarm at home as well as abroad. Many experts fear that unless it can be throttled back, the dollar could threaten the recovery from the recession that ended last November. Says Walter Heller, chairman of the Council of Economic Advisers under Presidents Kennedy and Johnson: "The rise in the value of the dollar is putting the world economy on an extremely dangerous course. It has prevented Europe from having a healthy rebound and is placing tremendous pressure on developing countries...
...higher rates will then dampen their economies. "Germany has already let its interest rates drift up since spring," notes Hans Mast, chief economist for Credit Suisse in Zurich. "If American rates don't drop by fall, European rates will have to start moving up." Says Economist Heller: "The international costs and consequences of our interest rates are really incalculable...
...senior vice president of Data Resources, an economic forecasting firm. A new crop of 3 Government reports indicated last week that the strong upturn is continuing. U.S. industrial production rose 1.1% in June, the seventh monthly increase in a row, while June retail sales gained .7%. Says Walter Heller, chairman of the Council of Economic Advisers under Presidents Kennedy and Johnson: "A percentage point increase on the interest rate would not abort the expansion because it's got a lot of speed-but then it needs a lot of speed." He added, however, that "it would be dangerous...
Liberal economists argue that fears of a too rapid recovery are overblown. Says Heller: "We have lots of headroom for expansion and no prospect of revived inflation for quite a long stretch ahead." Heller points out that wage costs, a central element of inflation, are still declining. Harvard Economist Otto Eckstein challenges the common assumption that the money supply is expanding too fast. He notes that M2 and M3, two broader measures of money that include various types of savings accounts, are growing within their target ranges. The narrower M1 figures, he adds, may have been distorted by the swift...