Word: volckerism
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Dates: during 1970-1979
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...Paul A. Volcker, 50, president of the New York Federal Reserve Bank and vice chairman of the Fed's powerful Open Market Committee. A Democrat who was Treasury Under Secretary for Monetary Affairs during the Nixon Administration, Volcker is considered a bit too much of a monetarist by some of the Keynesian economists around Carter...
...stand does nothing to increase the chances that Carter will reappoint him when his term as board chairman expires Jan. 31. Washington speculation on his possible successor is already narrowing to Robert V. Roosa, a partner in the investment banking house of Brown Bros. Harriman, and Paul Volcker, head of the New York Federal Reserve Bank. (Arthur Okun, a Brookings Institution economist and member of TIME'S Board of Economists, whose name also has been mentioned, says Carter would make a mistake in appointing him because the chairman should be someone with closer ties to the financial community...
...seemed to expect much from the summit, but most thought it a good idea. Everyone seemed to have the same thing on his mind: Inflation is the long-run danger. "You can't escape the reality of an interdependent world through floating exchange rates," said Paul Volcker, president of the New York Federal Reserve Bank. Reasonable monetary stability is possible only with basic stability in domestic economic policies, he said, "and control of inflation is the sine...
...gold-that is, the bullion not held in monetary reserves but used for industrial purposes and speculation-has shot to historic highs. It is now $67.10 an ounce, v. the "official" price of $38 for the gold held by nations in their reserves. Last week Treasury Under Secretary Paul Volcker reiterated U.S. determination to keep the official rate steady, despite the desire of France and South Africa to raise it once again...
Such aims are easier to state than achieve. Burns warned that unless a start is soon made, the non-Communist world may break up into restrictive and competing trade blocs. His initiative moved Treasury Under Secretary Paul Volcker to set a tentative timetable for monetary reform. Volcker specified the International Monetary Fund meeting in the fall of 1973 as "a useful target date for getting a general agreement...