Word: mcchesney
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...this encouraged the growing belief among economic policymakers-from "conservative" Federal Reserve Board Chairman William McChesney Martin Jr. to "liberal" Chief Presidential Economist Walter Heller-that the nation can have prosperity as well as stable prices. If so, that would contradict the inflationary pattern of previous postwar recoveries (see chart). But, as Treasury Under Secretary Robert Roosa says, "this recovery period is different from all others...
...about as high as in recovery 1959 (see chart). Another reason is that many influential figures in the Kennedy Administration, led by Presidential Economic Adviser Walter Heller, favor the principle of "easy money" and have won at least limited concessions from the more cautious Federal Reserve Board chairman, William McChesney Martin. The Fed has not only held its discount rate at 3% since August 1960 but has started a new policy of buying U.S. notes and bonds of longer maturity to keep the rates on them down (TIME, March...
...nudge down long-term interest rates without affecting short-term levels-a trick his predecessors thought impossible without new laws. The ruling: bonds could be sold at less than their face value, thereby automatically hiking the interest rate. Beyond that, by establishing friendly, first-name relations with William McChesney Martin Jr., cautious boss of the Federal Reserve Board, Dillon smoothed the path for the Reserve's new policy of buying long-term Treasury notes and bonds rather than just short-term bills. At Dillon's direction, Under Secretary Robert Roosa has begun discussions with Europe's central...
...jumped 2.5% in April-the biggest increase since December 1959. But the great debate among U.S. economists last week dealt not with the prospects for recovery but with a problem that may well endure far beyond recovery: unemployment. Economists of the stripe of Federal Reserve Board Chairman William McChesney Martin Jr. believe that, for the first time in its history, the U.S. may be facing the emergence of several million "unemployables"-men and women who cannot get jobs even in good times...
Unfortunately, the pattern is still of an upturn that does not end unemployment. There are 5,500,000 unemployed, 1,800,000 of whom have not had work for at least three months. As a remedy, William McChesney Martin, chairman of the Federal Reserve Board, last week proposed a "harsh doctrine" to U.S. businessmen: across-the-board price cuts. "Throughout our country, we must not only increase our productivity, but also pass some of the gains on to the consumer in the form of lower prices, rather than having all of it go exclusively to labor in higher wages...