Word: volckerism
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Dates: during 1980-1989
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Meanwhile, the Administration tried to shift blame for the deficit-driven interest rates to the Federal Reserve. Speaking to Washington editors, Treasury Secretary Donald Regan renewed longstanding assertions that Federal Reserve Chairman Paul Volcker was failing to hold the growth of money and credit to a slow and stable course. Shortly thereafter, Beryl Sprinkel, the Treasury's Under Secretary for Monetary Affairs, let it be known that his department was studying ways to make the Fed more responsive to Administration wishes...
...just not part of this discussion. It stands on the sidelines and says, 'We don't care what you say. We're just going to sit on the money supply.' " Heller, though, argued that recent statements of Federal Reserve Chairman Paul Volcker indicate that some loosening may be coming. Said Heller: "I'm reasonably optimistic. Volcker is sounding a good deal more accommodating...
Easier Money. Though no one is advocating that the Federal Reserve flood the U.S. with money, many economists believe that Chairman Paul Volcker should be some what less rigid. "The Fed will have to ease up," says Edward Yardeni of the E.F. Hutton brokerage house. "Otherwise, we'll face the risk that this recession will turn into something uglier, a depression...
Baker's political savvy is disguised by the disarming aura he creates with his self-deprecating wit. He tells of talking with Paul Volcker about towering interest rates and realizing that they might not seem so high to the 6-ft. 7-in. chairman of the Federal Reserve Board. The solution, puckishly suggested Baker (who stands all of 5 ft. 7 in.), is to have shorter men in important positions. His humor helps him to avoid the arrogance that tends to accompany power. He is genuinely well liked, by Democrats as well as Republicans. "When you see him coming...
Probably the biggest question hanging over the future course of prices is the policy of the Federal Reserve Board. During the 1970s, the Federal Reserve kept the money supply growing at a pace that aggravated inflationary trends. But after Paul Volcker became chairman in 1979, he slowed the growth of money so sharply that interest rates eventually shot to near record highs even as the economy tipped into recession. Strong doubts persist, however, that Volcker will continue that course if the economy drops much further. Says Alan Greenspan, a non-Government adviser to President Reagan: "The financial markets are saying...