Word: volckerism
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Dates: during 1980-1989
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...last week that he will leave office at the end of his term in July. Clausen, 62, had expressed an interest in staying longer, but the Administration apparently believes he lacks the dynamism for the job. The White House wants to nominate another official, possibly Federal Reserve Chairman Paul Volcker...
When seven top U.S. bankers received telephone calls from Treasury Secretary , James Baker last week, they dropped what they were doing and rushed to Washington. Huddling in his Treasury Building office with the moneymen and Federal Reserve Chairman Paul Volcker, Baker gave a 95-minute preview of a new Reagan Administration plan for defusing the Third World debt bomb. Meanwhile, in New York City, a group of bankers representing 600 international lenders agreed to grant Mexico an emergency six-month extension on nearly $1 billion of IOUs. While those events unfolded, the sharp impact of another new Washington strategy...
...dollar prices from Bonn to Bangkok. After conferring by phone with colleagues at the Federal Reserve Bank of New York, Springborn heads down two flights of stairs to brief his boss, Treasury Secretary James Baker, who normally arrives before 7:30. In consultation with Federal Reserve Chairman Paul Volcker and senior Treasury officials, Baker decides whether to sell dollars to lower the value of the U.S. currency around the world, which would help beleaguered U.S. exporters and slow the loss of manufacturing jobs...
...restore the 7% target in 1986. If the board is to meet those goals, it will soon have to rein in the money supply. Martin and Seger voted against the 7% target for 1986, arguing that faster money growth may be necessary for an economic rebound. The Volcker-led majority, however, was worried that too much money would lead to an acceleration of inflation...
...Partee could possibly weaken the Federal Reserve's inflation-fighting resolve. The board during the past year has been divided into hawks, doves and owls. Gramley and Wallich were the hawks. They have been especially concerned about inflation and have occasionally voted for a more restrictive monetary policy than Volcker wanted. Martin, Seger and Rice have been doves, sometimes voting for faster money growth. Volcker and Partee were the owls in the center, favoring a moderate course. The appointment of Johnson and another Reagan loyalist might give the doves a stronger hand...