Word: okun
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...that an appropriate policy? Republicans Sprinkel and Murray L. Weidenbaum, former Assistant Secretary of the Treasury, say yes: they think that the recovery now in prospect is the fastest that the U.S. can afford without kicking up inflation. Democrats Heller, Okun and Pechman insist that there is so much slack in the economy that a more expansionary policy would speed recovery and bring the jobless rate down faster while producing little or no added inflation. Yet Pechman concludes resignedly that in the present political climate, an extension of the 1975 tax cut and a money supply growth within Federal Reserve...
Despite its difficulties, the U.S. seems well on its way out of recession. Most members of the TIME Board of Economists are concerned about the latest rise in prices and joblessness. But even such inveterate critics of Administration policy as Walter Heller, Arthur Okun, Joseph Pechman and Otto Eckstein are satisfied that recovery is about on schedule, at least for now. Says Okun: "If anything, people are revising the level of their forecasts upward from last summer...
...along, the Democrats had been making especially gloomy predictions about the impact of decontrol on prices. Arthur Okun, a member of TIME'S Board of Economists, warned that decontrol would add one point to the inflation rate and that the price rise OPEC is expected to announce soon may add another. Last week the pessimists drew some support from an unexpected source: a major oil company. In a widely noted letter to congressmen, Mobil Chairman Rawleigh Warner Jr. said that sudden decontrol might be "a shock" to the recovery and could slash consumer buying power by as much...
...Data Resources Inc. President Otto Eckstein calls "a new wave of inflation"; he expects it to last for six to twelve months. The experts' main dispute seems to be over the reasons for that wave. Though all agree that crop failures played a role, Brookings Institution Economist Arthur Okun cites such "self-inflicted wounds" as the Soviet grain sales and the coming abrupt decontrol of oil prices at the end of this month. Monetarists argue that the Federal Reserve's moderately easy money policy earlier this year is partly to blame...
...target of increasing the money supply at an annual rate of 5% to 7½% over the next year or so, and insists that that will provide enough stimulation to reduce the unemployment rate during the next year "to 7½%, possibly lower." Critics such as Walter Heller, Arthur Okun and Otto Eckstein, all members of TIME'S Board of Economists, believe a faster money expansion is needed to hold interest rates steady, speed up production and bring joblessness down more swiftly. If interest rates continue rising, Burns and the Reserve Board will be faced with a wrenching choice...