Word: wallich
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...Miller-have caused the other governors to fade into public obscurity, but they still have influence. Next to Miller on the current board, J. (for John) Charles Partee, a former head of the Fed staff and wise student of the economy, has the most clout. Henry Wallich, a former Yale professor, is the board's contact man with foreign central banks. A refugee from Germany, he lived through insane inflation there in the 1920s; he likes to tell of the day that his mother handed him a billion-mark bill so that he could buy a ticket...
Economists differ on whether these signs add up yet to "full employment," an increasingly misleading term that is taken to mean the point at which further demand for workers sets off an inflationary wage explosion. Henry Wallich, a governor of the Federal Reserve, insists that the U.S. is already at full employment, even with a jobless rate of 6%. Liberal economists put the trigger point at 5½% or less, meaning that there is still some safety margin, but not much...
...stick proposal was conceived by Federal Reserve Board Governor Henry C. Wallich and University of Pennsylvania Economist Sidney Weintraub. In essence, they recommend that any employer granting wage increases of 1 % or more above certain federal guidelines be forced to pay the same amount in penalty taxes. The guidelines would be reckoned by taking the annual rate of productivity increase in the employer's industry and then adding one-half of the nation's prevailing inflation rate. By that formula, the guideline for overall industrial wages would be about 5% (that is, the rate of productivity increase added...
...increase had been decided on before the Schultze statement was posted on the pressroom wall; it was only half as large as Wall Street had expected, and it only brings the discount rate closer to other interest rates that the board had pushed up earlier. Federal Reserve Governor Henry Wallich told TIME, "Quite honestly, this talk of a dispute has been greatly overdone. Believe me, there just aren't any profound disagreements...
...water and occupational health and safety standards. But if one breaks that mammoth number down into year by year figures, with allowances for inflation and for economic growth between now and 1985, $4.5 trillion is not quite so scary. Even a Simon ally, Federal Reserve Board member Henry Wallich, admits that the likely investment demands will rise only one percentage point of total GNP (to 11.5 per cent each year from the "historic" 10.5). And the demands Simon and Wallich anticipate may never materialize. As Walter Wriston, chairman of New York's First National City Bank, told the Business Council...