Word: otto
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...unlikely to continue dropping indefinitely, the March decline was not simply some statistical aberration. It came after nearly half a year of steadily sliding inflation. Instead of the vicious cycle of ever higher costs, the economy has now entered a virtuous cycle of declining inflation. Says Data Resources Chairman Otto Eckstein: "We still have not seen the full impact of declining mortgage rates turn up in the CPI figures. Consequently, I expect to see at least one or two more months of deflation this year...
...Otto Friedrich
...Otto Friedrich...
...1970s may really have been broken-although it took an exceptionally severe recession to finish it off. The drop in inflation, says Walter Heller, chairman of the Council of Economic Advisers under Presidents Kennedy and Johnson, "is in good part a fundamental change, a structural change." Adds Otto Eckstein, a member of TIME's Board of Economists: "Sure, if the economy picks up, there might be some acceleration in inflation, but it should not be anywhere near double-digit levels. Barring any new disaster in the world, I think we have eliminated double-digit inflation...
...phantasmagorical spirit of E.T.A. Hoffmann lurks everywhere in the Metropolitan Opera's brilliant new production of Jacques Offenbach's Les Contes d'Hoffmann (The Tales of Hoffmann), which opened last week. Vividly directed by Otto Schenk and imaginatively designed by Günther Schneider-Siemssen, Hoffmann is the Met's most successful, satisfying effort in months. It is all the more welcome because the season, still somewhat colored by 1980's labor disputes, began in a lackluster fashion. Soprano Renata Scotto was booed in her opening-night performance of Norma, and a Ring semicycle...