Word: sprinkel
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...Economists, who gathered in Manhattan to chart the probable course of the recovery over the next year or so. It was a spirited session marked by unusually sharp arguments between conservatives and liberals, and even some quarrels on specific points between ideological allies. Republicans Murray Weidenbaum and Beryl Sprinkel insisted that the recovery could keep going through 1976 and beyond with no more stimulus than the Ford Administration now plans, which will probably include acceptance of an extension of this year's temporary tax cuts. They believe any effort to force-feed greater growth could be severely inflationary...
...Though no one expects prices to keep rising at that clip, Otto Eckstein figures they will go up at a rate of 10% or more for the rest of this year. The 7%-to-8% price rise that most members foresee for the coming year pleases no one. Sprinkel considers that an argument for pursuing only moderately expansive monetary and fiscal policies. If that is done by the end of 1976, he thinks, price rises and unemployment rates could both be heading down sufficiently to leave the U.S. poised for further recovery. On the other hand, he argues...
Slow Ahead? How much higher will interest rates go? Some economists, among them Citibank's Leif Olsen, believe that short-term rates-now at 7¾% in the case of the prime rate-may rise another .25 to .5 percentage points. Chicago Banker Beryl Sprinkel, a member of TIME'S Board of Economists, foresees an increase "perhaps to 8½% by year's end." Meanwhile, Chase Econometrics, a subsidiary of the Chase Manhattan Bank, believes short-term rates could go another one to 1¼ percentage points higher. If the cost of money does indeed reach that...
Republicans Beryl Sprinkel and Murray Weidenbaum insist that more fiscal and monetary stimuli would pep up the recovery only at the price of re-igniting inflation. The rate of consumer price increases has dropped from 12% in 1974 to 3.7% in March; that may have been a fluke, but Eckstein expects it to average 4% to 6% for all of 1976. Sprinkel, however, is concerned that a stepped-up recovery would send inflation up again in 1977, forcing the Goveminent to crack down on demand; that would cause production to fall and unemployment to rise once more...
...stock and barrel, the net stimulus today would be zero." Adds Arthur Okun of the Brookings Institution: "The entire reason for that deficit is that the economy is in terrible shape, and is knocking hell out of revenues and increasing federal expenditures for unemployment and other things." Banker Beryl Sprinkel, one of the few Board members to disagree, argues that the budget figures are "realistic if we have high among our priorities keeping this inflation under significant control...