Word: mcchesney
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Dates: during 1960-1969
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...conventions that economists attend. McCracken has been monetarist-minded for years, and since he took office the council has begun running computer calculations about the future course of the U.S. economy based on monetary indicators. Friedman has even closer relations with Arthur Burns, Nixon's choice to succeed William McChesney Martin next month as chairman of the Federal Reserve Board. Friedman studied under Burns at Rutgers, and they have often spent evenings in animated discussion at Ely, Vt. where both own country homes...
Keep Them Guessing. The ultimate decision will be left to William McChesney Martin, the outgoing Federal Reserve chairman, who has a reason to favor continued stringency. Twice since 1966, Martin's board has made major errors in expanding the money supply too much and too soon. The Fed committed its worst error in mid-1968, when it increased the money supply by 14% to counteract the expected deflationary effects of the surtax. That action sharply accelerated the current inflation. Martin now wants to restore his reputation as a sound-money man by making sure that inflation is effectively constrained...
...past 18 years, the seven-member board has been headed by William McChesney Martin, 62, who has become almost as much a fixture in the capital as the Washington Monument. But his term in the $42,500-a-year job ends on Jan. 31, and by law he cannot be reappointed. Last week President Nixon announced his choice as successor to Democrat Martin. The new economic maestro is Arthur Frank Burns, 65, a self-described "moderate Republican," a longtime close aide of Nixon, and a stubborn anti-inflationist. For at least the next four years, the nation's money...
...consumer might think that there is no end in sight to runaway prices. Yet last week Chairman William McChesney Martin Jr. of the Federal Reserve Board told Congress that the nation is "at the tail end" of its siege of inflation. "We're making slow and steady progress," Martin insisted. "There are indications that we may be getting to the end of very high interest rates." Maybe so, but last week interest rates on short-term Government notes jumped to still another record high. Example: 6½% on a $356 million issue of New York State tax-free notes...
Federal Reserve Board Chairman William McChesney Martin recently told Congress that high interest rates are "not a goal" of the Board's policy. He implied that he would be happy to see the economy lose enough steam to let rates fall. Still, there is scant chance that the Fed will ease its squeeze on money any time soon, if only because price increases are proving so difficult to arrest...