Word: nber
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Dates: during 1970-1979
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When the National Bureau of Economic Research Inc. (NBER) moved to Cambridge two years ago at the order of newly-chosen president Martin S. Feldstein, professor of Economics, 14 other professors began to exit Littauer regularly for offices on Cambridge Street, with some two dozen students...
...between the bureau and Harvard is fairly close now because Feldstein is president and has rebuilt the bureau around a younger generation," Otto Eckstein, Warburg Professor of Economics and Harvard's appointee to the NBER's Board of Directors, says. "He has attracted a group of young scholars, many from Harvard--bright, capable people still in their creative years...
While Eckstein defends the independence and diversity of NBER, many observers have noted with some skepticism Feldstein's influence in guiding and shaping the bureau: critics have claimed the bureau has developed into a Harvard-dominated research center. Though the University's presence in the NBER is inescapably obvious, proponents maintain the bureau has full independence...
Wesly Clair Mitchell, a professor at Columbia and the first president of the NBER, chartered the bureau in 1920 as an organization "devoted to objective quantitative analysis of the American economy." That quantitative analysis included the compilation of statistics on the business cycle and labor supply. The bureau began amassing information like flow of fund accounts and national income accounts for the government to use in fiscal planning...
...downturn has lasted roughly three months, and no figures are yet available on what has happened to real G.N.P.Industrial production has dropped 1.4%, the jobless rate has risen six-tenths of a percentage point, to 5.2%, and employment has declined in about 20% of the nonfarm industries. So, by NBER standards, the U.S.is not yet in a recession-though it could enter one later...