Conduct of Monetary Policy: Hearings Before the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-fifth Congress, First Session, July 28 and 29, 1977
U.S. Government Printing Office, 1977 - 324 lappuses
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accounts action aggregates annual audit average banks basis billion booklet budget Burns capital cause cent Chairman changes Committee concerned confidence Congress consumer continued cost decisions decline demand dollar economic effect error expansion expect fact factors Fed's M1 Federal funds rate Federal Reserve Board figures force forecast funds gain going growth higher hope House important increase inflation interest interest rates January July June labor LIBRARY look major March mirage monetary policy money supply months move nation's originally reported past percent period Pleasure Of Statistical present President problem productivity quarter question raise range recent recession record recovery reduce reported Reserve Bank result revisions rise seasonally adjusted Sindlinger snake spending Statistical Narcissism System Thank things trends unemployment wage week wrong
202. lappuse - We used to think that you could just spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists...
114. lappuse - For a description of the method used to compute these factors, see Bureau of the Census Technical Paper No. 15, The X-ll Variant of the Census Method II Seasonal Adjustment Program.
70. lappuse - Statement by Arthur F. Burns Chairman, Board of Governors of the Federal Reserve System before the Committee on Banking, Finance, and Urban Affairs...
149. lappuse - Federal Reserve as a means of bringing outside influence to bear upon the System's monetary policy judgments. Congress has carefully constructed the Federal Reserve System in such a way as to be free from day.to.day political pressures. As the House Banking Committee stated emphatically in its 1913 report on the original Federal Reserve Act. the Board was created "as a distinctly nonpartisan organization whose functions are to be wholly divorced from politics.
124. lappuse - DC *The views and opinions expressed herein are solely those of the author and do not necessarily represent those of the Federal Reserve Bank of Kansas City or of the Federal Reserve System. I appreciate the opportunity to appear before the Subcommittee on Economic Stabilization of the House (^'Representatives' Committee on Banking, Finance, and Urban Affairs.
202. lappuse - We used to think you could just spend your way out of a recession and increase employment by cutting taxes and boosting Government spending. I tell you, in all candour, that that option no longer exists, and insofar as it ever did exist it only worked by injecting a bigger dose of inflation followed by a higher level of unemployment.
13. lappuse - M2 growth-target range had been set at 10 percent; for the 12-month period extending from the first quarter of 1977 to the first quarter of 1978...
235. lappuse - Concluding Observations The present inflation is the most serious economic problem facing our country, and it poses great difficulties for economic stabilization policies. We must recognize, I believe, that it will take some time for the forces of inflation, which now engulf our economy and others around the world, to burn themselves out.
255. lappuse - for the first time since the Great Depression, the availability of liquidity from the central bank has become ... an essential ingredient in maintaining confidence in the commercial banking system. . . . Faith in our banks . . . now rests unduly on the fact that troubled banks can turn to a governmental lender of last resort.