Word: volckerism
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Dates: during 1980-1989
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Much of the credit for the recovery, however, belongs to Federal Reserve Board Chairman Paul Volcker. After squeezing the money supply enough to reduce inflation from 12.4% in 1980 to 3.9% in 1982, the central bank eased up considerably in the last half of 1982 and early 1983. The change in policy helped push down the prime rate that banks charge for corporate loans, from 16.5% to 10.5%, and triggered an economic upturn last spring that was much brisker than expected. From April through September, the gross national product, adjusted for inflation, expanded at an 8.6% annual pace. The economy...
...recovery defused much of the public criticism aimed at Volcker, who had often been accused of bringing on the recession to tame inflation. He stopped receiving two-by-fours in the mail from homebuilders protesting his policies. In a congressional hearing, Republican Senator John Heinz of Pennsylvania told Volcker that "the only things I can think of that you haven't been blamed for are herpes and giving up the Panama Canal." But the Senator added, "We're lucky to have you as chairman...
...Times, the President if on the advice of the Secretary of the Treasury Donold F. Regan and the Secretary of State George P. Schuitz, who apparently misses his former calling as an economist. In the opposing cold are Feldstein and the Chairman of the Federal Reserve Board, Paul A. Volcker, who disagree with the President's current inclination to downplay the deficit...
Federal Reserve Chairman Paul Volcker calls the U.S. economic recovery, which reached its first birthday this month, "a lusty infant." Ronald Reagan proudly notes that output is "growing faster than even we expected." The rebound has rescued some 2 million Americans from unemployment and given millions more a new feeling of confidence. Families are buying more shirts and sofas, carpets and computers, autos and airline tickets now than they were in the bleak autumn of 1982. Factories are bustling again as companies hurriedly build up inventories to make sure they stay ahead of demand. The Federal Reserve Board reported last...
...robust dollar took seed precisely four years ago during the Carter Administration. At the 1979 annual meeting of the IMF in Belgrade, foreign moneymen told Federal Reserve Chairman Paul Volcker that he had to do something to bolster the then sulking American currency. Volcker returned to Washington and three days later unveiled a strategy for curbing U.S. inflation and stopping the dollar's skid. The plan called for the Federal Reserve to keep extraordinarily tight controls over the growth in money, even if that meant sharply higher interest rates...