Word: maisel
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Dates: during 1970-1979
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...Narrow Path. Burns and the other governors-Lawyer James L. Robertson, Banker William Sherrill, Economists George Mitchell, J. Dewey Daane, Sherman Maisel and Andrew Brimmer-seem in general agreement on broad policy. All are determined to avoid the erratic swings of the late Martin years, when the FOMC sometimes shifted within a few months from actually shrinking the nation's money supply to expanding it at an annual rate of as much as 10%. They agree that, in Burns' words, the Federal Reserve must "tread a narrow path"-dribbling out just enough money to keep the economy from...