Word: greenspan
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Dates: during 1970-1979
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Though advocates of continued price controls often dispute the point, evidence proves that rising gasoline prices reduce consumption. Studies by Economist Alan Greenspan and others show that when prices go up 10%, gas sales from 1.5% to 2% per licensed driver. Argues Greenspan, "It is clear that a very large part of the driving public consciously or unconsciously is quite sensitive to price...
...extent of knocking the props out from under profits." Still, the chaos in the markets deflected attention from the more fundamental significance of the Federal Reserve's moves, particularly its shift toward management of the money supply through direct controls instead of manipulation of interest rates. Conservative Economist Alan Greenspan describes this development as "by far the most important and significant change in U.S. monetary policy in a generation," and others concur. Says Carter's chief economic adviser, Charles Schultze: "Whether you like it or lump it, this is one of the most interesting things that's happened to monetary...
...ALAN GREENSPAN: "The Fed had no alternative," says the former chief economic adviser to President Ford. "The new reserve requirements are significant because they will increase the cost of Eurodollars, which have been one of the major sources of funds flowing into the United States," pumping up credit availability and increasing inflation. "But the key and by far the most important change is to switch to a policy of constraining money supply as distinct from manipulating interest rates." Greenspan grants that "for an interim period, interest rates could be highly unstable; the prime rate could easily...
Republican Alan Greenspan, perhaps the most optimistic member of TIME's board, sees a roller-coaster recession: the economy, after its slight rise, will plunge steeply during the coming winter and spring. Unemployment, which has hovered at about 5.7% for the past year, inched up to 6.0% in August, and a majority of TIME'S board predict that it will reach 8% by next summer, meaning some 8 million Americans will be out of work. That is severe, of course, but not as bad as during the 1974-75 recession, when the jobless rate...
...Greenspan, who as chief economist in the Ford Administration devised the measures that helped pull inflation down from 12.2% in 1974 to 4.8% when Jimmy Carter took office, is the most confident of the board members that stringent fiscal and monetary policies alone can work again. He predicts that if a firm hand is kept on the economy and the political leaders avoid the temptation to stimulate growth just to get elected, inflation will decline to perhaps 6% in 1981. No matter how high the cost of curbing the price plague, concludes Greenspan, some unpleasant medicine taken now will...