Word: volckerism
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...School has scheduled Federal Reserve Chairman Paul Volcker, Secretary of Transportation Elizabeth Dole, and Norman Orenstein of the American Enterprise Institute to speak at the six-day conference...
...speculation that the Reaganites might wrest power from Chairman Paul Volcker, and perhaps even goad him into resigning, has proved to be off the * mark. Despite a brief, publicized dispute over a discount-rate cut in February, the Reagan appointees -- Johnson, Martha Seger, Wayne Angell and H. Robert Heller -- have generally worked well with Volcker and his allies Henry Wallich and Emmett Rice. Only Seger, a former Michigan bank regulator, has publicly sniped at Volcker. One of her complaints: the central bank's staff, which answers to the chairman, does not keep the other Fed governors fully informed...
...most part, the Volcker faction has gone along with the Reaganites' contention that the economy needs some juice. "There is a broad consensus on monetary policy on the board right now," says Johnson. For the past three months the governors have let the basic money supply grow at a 16% annual rate -- much faster than the 3%-to-8% target range that the Fed originally set for this year. That accommodating policy has allowed the growth rate in the gross national product to bounce up from .6% in the second quarter to 2.4% in the July-September period...
...Sider John Albertine, vice chairman of Chicago- based Farley Industries: "The Fed has missed the boat. Real interest rates are still much too high." Agrees Paul Craig Roberts, a scholar at Georgetown University's Center for Strategic and International Studies: "The Reagan appointees are powerless in view of the Volcker aura...
...White House will soon have a chance to add a new member to the ranks of the Reaganites. Rice plans to resign at the end of the year, leaving only Volcker and Wallich as holdovers from the pre-Reagan era. The chairman's term ends next August, and the betting is that he will not seek reappointment to head what is increasingly becoming the Reagan Federal Reserve...