Word: okun
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
...economy has been expanding so rapidly that Arthur Okun, chairman of the President's Council of Economic Advisers, last week had to reach a long way for a suitably descriptive simile. He settled for "a fat lady munching candy." Said Okun: "Nobody can promise her a lovely figure overnight if she stops nibbling, but the more she overindulges the more serious the risks become...
...risks that were worrying Okun-inflation at home and a threatened dollar abroad-last week prompted the Federal Reserve Board to give the nation its third dose in five months of some painful economic medicine: higher interest rates. The Reserve Board voted unanimously to raise its discount rate from 5% to 51%. That increase in the amount the Fed's district banks charge for borrowed funds applied initially to loans to member banks from the Federal Reserve banks of New York, Philadelphia and Minneapolis. The other nine reserve banks were expected to take similar action quickly...
...also hopes that its move will cool an economy in which, as C.E.A. Chairman Okun aptly put it, "too much good news is bad news." His largest worry: the record $16 billion surge in consumer spending during the first three months of the year. Personal income spurted by the same amount to another record, reaching an annual rate of $659 billion. Though the total economy expanded by $20 billion, 40% of that record growth was mere inflation. If that continues, along with balance of payments and budget deficits, the Federal Reserve may well feel forced to cinch up the monetary...
...President Johnson's Council of Economic Advisers, that 10%-a-year growth rate is about 21 times as much as the economy can sustain under stable conditions. "It's like trying to pour 10 oz. of water into an 8-oz. bottle," says CEA Chairman Arthur Okun. "You get water all over the table...
...L.B.J. Ranch. "We won't fire in the dark or jump in the dark," he said then. The day after his operations, members of Johnson's economic consortium-Treasury's Fowler, Budget's Schultze, Federal Reserve Board Chairman William McChesney Martin and C.E.A. Member Arthur Okun-spent a lunchtime hour at his bedside, and it was clear that nobody had jumped in the interim...