Word: volckerism
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Dates: during 1980-1989
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...from 11% to 12%, and tacked on an additional 2% surcharge for especially big bank borrowers. A number of Fed watchers believe that the central bank plans to work hard at least through Jan. 20 to rein in the money supply, whose growth is still exceeding Fed Chairman Paul Volcker's targets. Says Investment Analyst Julian Snyder: "For Volcker, the next three months provide a great opportunity to clamp on the monetary brakes with minimum political interference. He can try to wring out in December what could not be wrung...
...also begun drawing up a list of suitable candidates. Clausen was on the list of ten names presented to Carter because he had both an international-finance background and an interest in the problems of the developing world. Some other names on the list were said to be Paul Volcker, chairman of the Federal Reserve Board, Anthony Solomon, former Under Secretary for Monetary Affairs at the Treasury Department and now president of the New York Federal Reserve Bank and Peter Peterson, an investment banker and onetime Secretary of Commerce...
...tighter Federal Reserve policy and higher interest rates provoked President Carter to lash out at the man he nominated 14 months ago to be Fed Chairman-Paul Volcker. For the past year the White House has steadfastly supported Volcker's policy of fighting inflation even at the price of high interest rates. Carter, now concerned about the impact of those interest rates on his re-election bid, last week labeled such a policy "ill advised." Volcker, in turn, said that banks had "jumped and anticipated too much" by raising rates so quickly...
When President Carter last week admonished Federal Reserve Board Chairman Paul Volcker for pushing up the cost of borrowed money, he was not alone in the attack. Both at home and abroad, critics are taking a hard and skeptical look at the U.S. monetary policy that Volcker introduced Oct. 6, 1979. As part of a program to defend the dollar and fight inflation, he signaled a significant shift in strategy. Previously the Fed had attempted to keep interest rates steady and certain, but that led to an overexpansion of the money supply. Under the new monetary strategy, which was immediately...
...year after its introduction, Volcker's new monetary machinery is still full of bugs. Both money growth and interest rates have been on a twelve-month-long roller-coaster ride. At first, the cost of money soared; the prime rate for leading corporations rose from 15¼% to 20% by last April. The money supply then dropped precipitously, actually declining at an annual rate of 2.4% during the spring. At the same time, economic output dropped at a 9.6% annual rate, its steepest quarterly slump on record. Then in the summer, the Fed reversed course and began frantically pumping...