Walter Heller Oral History Interview II, 12/21/71, by David G

Copy Link

LYNDON BAINES JOHNSON LIBRARY ORAL HISTORY COLLECTION
LBJ Library
2313 Red River Street Austin, Texas 78705

http://www.lbjlib.utexas.edu/johnson/archives.hom/biopage.asp
WALTER HELLER ORAL HISTORY, INTERVIEW II
PREFERRED CITATION

For Internet Copy: Transcript, Walter Heller Oral History Interview II, 12/21/71, by David G. McComb, Internet Copy, LBJ Library.

For Electronic Copy on Compact Disc from the LBJ Library: Transcript, Walter Heller Oral History Interview II, 12/21/71, by David G. McComb, Electronic Copy, LBJ Library.

Recommended publications

Kermit Gordon and Walter W

Kermit Gordon and Walter W. Heller Oral History Interview –JFK #2, 9/14/1972 Administrative Information Creator: Kermit Gordon and Walter W. Heller Interviewer: Larry J. Hackman and Joseph A. Pechman Date of Interview: September 14, 1972 Place of Interview: Washington, D.C. Length: 50 pp. Biographical Note Gordon, Kermit; Economist, Member, Council of Economic Advisers (1961-1962). Heller, Walter W.; Economist, Chairman, Council of Economic Advisers (1961-1964). Gordon and Heller discuss wage-price guideposts, the steel crises in 1962 and 1963, John F. Kennedy’s [JFK] relationship with the business community, and their efforts regarding tax reform and a tax cut bill, among other issues. Access Restrictions No restrictions. Usage Restrictions Copyright of these materials have passed to the United States Government upon the death of the interviewees. Users of these materials are advised to determine the copyright status of any document from which they wish to publish. Copyright The copyright law of the United States (Title 17, United States Code) governs the making of photocopies or other reproductions of copyrighted material. Under certain conditions specified in the law, libraries and archives are authorized to furnish a photocopy or other reproduction. One of these specified conditions is that the photocopy or reproduction is not to be “used for any purpose other than private study, scholarship, or research.” If a user makes a request for, or later uses, a photocopy or reproduction for purposes in excesses of “fair use,” that user may be liable for copyright infringement. This institution reserves the right to refuse to accept a copying order if, in its judgment, fulfillment of the order would involve violation of copyright law.
What Have We Learned Since October 1979?

Panel Discussion I Moderation.” Recessions have become less fre- What Have We Learned Since quent and milder, and quarter-to-quarter volatility October 1979? in output and employment has declined signifi- cantly as well. The sources of the Great Moderation Ben S. Bernanke remain somewhat controversial, but, as I have argued elsewhere, there is evidence for the view he question asked of this panel is, that improved control of inflation has contributed “What have we learned since October in important measure to this welcome change in 1979?” The evidence suggests that we the economy (Bernanke, 2004). Paul Volcker and have learned quite a bit. Most notably, his colleagues on the Federal Open Market Com- Tmonetary policymakers, political leaders, and mittee deserve enormous credit both for recogniz- the public have been persuaded by two decades ing the crucial importance of achieving low and of experience that low and stable inflation has stable inflation and for the courage and persever- very substantial economic benefits. ance with which they tackled America’s critical This consensus marks a considerable change inflation problem. from the views held by many economists at the I could say much more about Volcker’s time that Paul Volcker became Fed Chairman. In achievement and its lasting benefits, but I am sure 1979, most economists would have agreed that, that many other speakers will cover that ground. in principle, low inflation promotes economic Instead, in my remaining time, I will focus on growth and efficiency in the long run. However, some lessons that economists have drawn from many also believed that, in the range of inflation the Volcker regime regarding the importance of rates typically experienced by industrial countries, credibility in central banking and how that credi- the benefits of low inflation are probably small— bility can be obtained.
Front Matter To" Modeling the Distribution and Intergenerational

This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Modeling the Distribution and Intergenerational Transmission of Wealth Volume Author/Editor: James D. Smith, ed. Volume Publisher: University of Chicago Press Volume ISBN: 0-226-76454-0 Volume URL: http://www.nber.org/books/smit80-1 Publication Date: 1980 Chapter Title: Front matter "Modeling the Distribution and Intergenerational Transmission of Wealth Chapter Author: James D. Smith Chapter URL: http://www.nber.org/chapters/c7441 Chapter pages in book: (p. -10 - 0) This Page Intentionally Left Blank Modeling the Distribution and Intergenerational Transmission of Wealth Studies in Income and Wealth [\FE Volume 46 i= -1 National Bureau of Economic Research Conference on Research in Income and Wealth Modeling the Distribution and Intergenerational Transmission of Wealth Editedby James D. Smith -423- The University of Chicago Press iww Chicago and London JAMES D. SMITHis Senior Project Director, Institute for Social Research, University of Michigan. The University of Chicago Press, Chicago 60637 The University of Chicago Press, Ltd., London 87 86 85 84 83 82 81 80 5 4 3 2 1 @ 1980 by the National Bureau of Economic Research All rights reserved. Published 1980 Printed in the United States of America Library of Congress Cataloging in Publication Data Main entry under title: Modeling the distribution and intergenerational trans- mission of wealth. (Studies in income and wealth ; v. 46) Includes indexes. 1. Wealth-United States-Addresses, essays, lec- tures. 2. Inheritance and succession-United States- Addresses, essays, lectures. I. Smith, James D. 11. Series: Conference on Research in Income and Wealth.
Report to the President on the Activities of the Council of Economic Advisers During 2009

APPENDIX A REPORT TO THE PRESIDENT ON THE ACTIVITIES OF THE COUNCIL OF ECONOMIC ADVISERS DURING 2009 letter of transmittal Council of Economic Advisers Washington, D.C., December 31, 2009 Mr. President: The Council of Economic Advisers submits this report on its activities during calendar year 2009 in accordance with the requirements of the Congress, as set forth in section 10(d) of the Employment Act of 1946 as amended by the Full Employment and Balanced Growth Act of 1978. Sincerely, Christina D. Romer, Chair Austan Goolsbee, Member Cecilia Elena Rouse, Member 307 Council Members and Their Dates of Service Name Position Oath of office date Separation date Edwin G. Nourse Chairman August 9, 1946 November 1, 1949 Leon H. Keyserling Vice Chairman August 9, 1946 Acting Chairman November 2, 1949 Chairman May 10, 1950 January 20, 1953 John D. Clark Member August 9, 1946 Vice Chairman May 10, 1950 February 11, 1953 Roy Blough Member June 29, 1950 August 20, 1952 Robert C. Turner Member September 8, 1952 January 20, 1953 Arthur F. Burns Chairman March 19, 1953 December 1, 1956 Neil H. Jacoby Member September 15, 1953 February 9, 1955 Walter W. Stewart Member December 2, 1953 April 29, 1955 Raymond J. Saulnier Member April 4, 1955 Chairman December 3, 1956 January 20, 1961 Joseph S. Davis Member May 2, 1955 October 31, 1958 Paul W. McCracken Member December 3, 1956 January 31, 1959 Karl Brandt Member November 1, 1958 January 20, 1961 Henry C. Wallich Member May 7, 1959 January 20, 1961 Walter W. Heller Chairman January 29, 1961 November 15, 1964 James Tobin Member January 29, 1961 July 31, 1962 Kermit Gordon Member January 29, 1961 December 27, 1962 Gardner Ackley Member August 3, 1962 Chairman November 16, 1964 February 15, 1968 John P.
The Transformation of Economic Analysis at the Federal Reserve During the 1960S

The Transformation of Economic Analysis at the Federal Reserve during the 1960s by Juan Acosta and Beatrice Cherrier CHOPE Working Paper No. 2019-04 January 2019 The transformation of economic analysis at the Federal Reserve during the 1960s Juan Acosta (Université de Lille) and Beatrice Cherrier (CNRS-THEMA, University of Cergy Pontoise) November 2018 Abstract: In this paper, we build on data on Fed officials, oral history repositories, and hitherto under-researched archival sources to unpack the torturous path toward crafting an institutional and intellectual space for postwar economic analysis within the Federal Reserve. We show that growing attention to new macroeconomic research was a reaction to both mounting external criticisms against the Fed’s decision- making process and a process internal to the discipline whereby institutionalism was displaced by neoclassical theory and econometrics. We argue that the rise of the number of PhD economists working at the Fed is a symptom rather than a cause of this transformation. Key to our story are a handful of economists from the Board of Governors’ Division of Research and Statistics (DRS) who paradoxically did not always held a PhD but envisioned their role as going beyond mere data accumulation and got involved in large-scale macroeconometric model building. We conclude that the divide between PhD and non-PhD economists may not be fully relevant to understand both the shift in the type of economics practiced at the Fed and the uses of this knowledge in the decision making-process. Equally important was the rift between different styles of economic analysis. 1 I.
What Have We Learned Since October 1979? by Alan S. Blinder Princeton

What Have We Learned since October 1979? by Alan S. Blinder Princeton University CEPS Working Paper No. 105 April 2005 “What Have We Learned since October 1979?” by Alan S. Blinder Princeton University∗ My good friend Ben Bernanke is always a hard act to follow. When I drafted these remarks, I was concerned that Ben would take all the best points and cover them extremely well, leaving only some crumbs for Ben McCallum and me to pick up. But his decision to concentrate on one issue—central bank credibility—leaves me plenty to talk about. Because Ben was so young in 1979, I’d like to begin by emphasizing that Paul Volcker re-taught the world something it seemed to have forgotten at the time: that tight monetary policy can bring inflation down at substantial, but not devastating, cost. It seems strange to harbor contrary thoughts today, but back then many people believed that 10% inflation was so deeply ingrained in the U.S. economy that we might to doomed to, say, 6-10% inflation for a very long time. For example, Otto Eckstein (1981, pp. 3-4) wrote in a well-known 1981 book that “To bring the core inflation rate down significantly through fiscal and monetary policies alone would require a prolonged deep recession bordering on depression, with the average unemployment rate held above 10%.” More concretely, he estimated that it would require 10 point-years of unemployment to bring the core inflation rate down a single percentage point,1 which is about five times more than called for by the “Brookings rule of thumb.”2 In the event, the Volcker disinflation followed the Brookings rule of thumb rather well.
2017 Economic Report of the President

APPENDIX A REPORT TO THE PRESIDENT ON THE ACTIVITIES OF THE COUNCIL OF ECONOMIC ADVISERS DURING 2016 letter of transmittal Council of Economic Advisers Washington, D.C., December 15, 2016 Mr. President: The Council of Economic Advisers submits this report on its activities during calendar year 2016 in accordance with the requirements of the Congress, as set forth in section 10(d) of the Employment Act of 1946 as amended by the Full Employment and Balanced Growth Act of 1978. Sincerely yours, Jason Furman, Chairman Sandra E. Black, Member Jay C. Shambaugh, Member Activities of the Council of Economic Advisers During 2016 | 547 Council Members and Their Dates of Service Name Position Oath of office date Separation date Edwin G. Nourse Chairman August 9, 1946 November 1, 1949 Leon H. Keyserling Vice Chairman August 9, 1946 Acting Chairman November 2, 1949 Chairman May 10, 1950 January 20, 1953 John D. Clark Member August 9, 1946 Vice Chairman May 10, 1950 February 11, 1953 Roy Blough Member June 29, 1950 August 20, 1952 Robert C. Turner Member September 8, 1952 January 20, 1953 Arthur F. Burns Chairman March 19, 1953 December 1, 1956 Neil H. Jacoby Member September 15, 1953 February 9, 1955 Walter W. Stewart Member December 2, 1953 April 29, 1955 Raymond J. Saulnier Member April 4, 1955 Chairman December 3, 1956 January 20, 1961 Joseph S. Davis Member May 2, 1955 October 31, 1958 Paul W. McCracken Member December 3, 1956 January 31, 1959 Karl Brandt Member November 1, 1958 January 20, 1961 Henry C. Wallich Member May 7, 1959 January 20, 1961 Walter W.
Report to the President on the Activities of the Council of Economic Advisers During 2011

APPENDIX A REPORT TO THE PRESIDENT ON THE ACTIVITIES OF THE COUNCIL OF ECONOMIC ADVISERS DURING 2011 letter of transmittal Council of Economic Advisers Washington, D.C., December 31, 2011 Mr. President: The Council of Economic Advisers submits this report on its activities during calendar year 2011 in accordance with the requirements of the Congress, as set forth in section 10(d) of the Employment Act of 1946 as amended by the Full Employment and Balanced Growth Act of 1978. Sincerely, Alan B. Krueger, Chairman Katharine G. Abraham, Member Carl Shapiro, Member Activities of the Council of Economic Advisers During 2011 | 295 Council Members and Their Dates of Service Name Position Oath of office date Separation date Edwin G. Nourse Chairman August 9, 1946 November 1, 1949 Leon H. Keyserling Vice Chairman August 9, 1946 Acting Chairman November 2, 1949 Chairman May 10, 1950 January 20, 1953 John D. Clark Member August 9, 1946 Vice Chairman May 10, 1950 February 11, 1953 Roy Blough Member June 29, 1950 August 20, 1952 Robert C. Turner Member September 8, 1952 January 20, 1953 Arthur F. Burns Chairman March 19, 1953 December 1, 1956 Neil H. Jacoby Member September 15, 1953 February 9, 1955 Walter W. Stewart Member December 2, 1953 April 29, 1955 Raymond J. Saulnier Member April 4, 1955 Chairman December 3, 1956 January 20, 1961 Joseph S. Davis Member May 2, 1955 October 31, 1958 Paul W. McCracken Member December 3, 1956 January 31, 1959 Karl Brandt Member November 1, 1958 January 20, 1961 Henry C. Wallich Member May 7, 1959 January 20, 1961 Walter W.
Download List for "Regulation of Financial Institutions Recent Hits"

MAX GILLMAN [email protected] Repec Address : http://ideas.repec.org/e/pgi22.html 1 EDUCATION Ph.D. "The Time Value of Money", Economics, l987; The University of Chicago; super- visors: Robert E. Lucas, Jr. (chair), Gary S. Becker, Yair Mundlak. M.A., Economics, l981; The University of Chicago. B.A., Economics (High Honors) and Mathematics, 1979, The University of Michigan; Honors thesis supervisors Larry Blume (chair), Wolfgang Stolper. 2 CURRENT AFFILIATIONS Professor, University of Missouri at St. Louis. • Professor, Cardiff Business School, Cardiff University, 2005 to 2013; on leave Sep- • tember 2012-August 2013. Senior Researcher, Economics Institute of the Czech Academy of Science. • Visiting Professor, Department of Economics, Central European University, Bu- • dapest, Hungary, 2005 to present. Research Associate, Institute of Economics, Hungarian Academy of the Sciences, • November 2003 to present. Visiting Professor, Loughborough University, July 2012 to 2015. • Editorial Board, Danube Law and Economics Review, Brno, Czech Republic; 2011 • to present. Advisory Board, Centre for Economic Growth and Policy (CEGAP), Durham Uni- • versity, 2009 to present. Fellow, Euro Area Business Cycle Network; 2004 to present. • 3 POSITIONS Visiting Scholar, New York University, September 1, 2012, to August 30, 2013. Visiting Researcher, Federal Reserve Bank of Minneapolis, 14-20 April 2013. Visiting Professor, University of Minnesota - Twin Cities, 8-12 April 2013. Visiting Professor, University of Chicago, October 2012. Visiting Professor, International Monetary Fund, Washington D.C. October 2012. 1 Director, Cardiff University 2+2 Phd Programme in Economics, with UK ESRC recogni- tion; Cardiff Business School, 2005 to 2012; Coordinator of the Masters in Research in Advanced Economics, 2011 to 2012.
This PDF Is a Selection from a Published Volume from the National Bureau of Economic Research

This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Supplement to NBER Report Six Volume Author/Editor: NBER Volume Publisher: NBER Volume ISBN: Volume URL: http://www.nber.org/books/unkn70-2 Conference Date: Publication Date: June 1970 Chapter Title: National Bureau of Economic Research Fiftieth Anniversary Dinner: Transcript of Proceedings Chapter Author(s): NBER Chapter URL: http://www.nber.org/chapters/c4232 Chapter pages in book: (p. 1 - 30) NATIONAL BUREAU OF ECONOMIC RESEARCH FIFTIETH ANNIVERSARY DINNER Transcript of Proceedings A Supplement to National Bureau Report 6 NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. 261 MADISON AVENUE, NEW YORK, N.Y. 10016 JUNE 1970 National Bureau Report and supplements thereto have been exetn pied from the rules governing submission of manuscripts to, and critical review by, the Board of Directors of the National Bureau. Each issue, however, is reviewed and accepted for publication by the Research Committee of the Bureau and a standing committee of the Board. Copyright ©1970by National Bureau of Economic Research, Inc. All Rights Reserved Printed in the United States of America NATIONAL BUREAU OF ECONOMIC RESEARCH FIFTIETH ANNIVERSARY DINNER Starlight Roof —Waldorf-AstoriaHotel New York, New York February 27, 1970 PRESIDING: MR. THEODORE 0. YNTEMA: Honored guests, ladies and gentlemen: We are here to celebrate the Fiftieth Anniversary of the National Bureau of Eco- nomic Research and to honor Arthur Burns for his distinguished leadership of the Bureau for so many years. This is also an occasion on which we are happy to greet new friends and to recognize and thank all of you, literally hundreds of you here, who have supported the Bureau and participated in its work.
Report to the President on the Activities of the Council of Economic Advisers During 2012

APPENDIX A REPORT TO THE PRESIDENT ON THE ACTIVITIES OF THE COUNCIL OF ECONOMIC ADVISERS DURING 2012 letter of transmittal Council of Economic Advisers Washington, D.C., December 31, 2012 Mr. President: The Council of Economic Advisers submits this report on its activities during calendar year 2012 in accordance with the requirements of the Congress, as set forth in section 10(d) of the Employment Act of 1946 as amended by the Full Employment and Balanced Growth Act of 1978. Sincerely yours, Alan B. Krueger, Chairman Katharine G. Abraham, Member James H. Stock, Member Activities of the Council of Economic Advisers During 2012 | 301 Council Members and Their Dates of Service Name Position Oath of office date Separation date Edwin G. Nourse Chairman August 9, 1946 November 1, 1949 Leon H. Keyserling Vice Chairman August 9, 1946 Acting Chairman November 2, 1949 Chairman May 10, 1950 January 20, 1953 John D. Clark Member August 9, 1946 Vice Chairman May 10, 1950 February 11, 1953 Roy Blough Member June 29, 1950 August 20, 1952 Robert C. Turner Member September 8, 1952 January 20, 1953 Arthur F. Burns Chairman March 19, 1953 December 1, 1956 Neil H. Jacoby Member September 15, 1953 February 9, 1955 Walter W. Stewart Member December 2, 1953 April 29, 1955 Raymond J. Saulnier Member April 4, 1955 Chairman December 3, 1956 January 20, 1961 Joseph S. Davis Member May 2, 1955 October 31, 1958 Paul W. McCracken Member December 3, 1956 January 31, 1959 Karl Brandt Member November 1, 1958 January 20, 1961 Henry C. Wallich Member May 7, 1959 January 20, 1961 Walter W.
Oral History Interview – JFK#6, 4/10/1966 Administrative Information

Myer Feldman Oral History Interview – JFK#6, 4/10/1966 Administrative Information Creator: Myer Feldman Interviewer: Charles T. Morrissey Date of Interview: April 10, 1966 Place of Interview: Washington, D.C. Length: 51 pages Biographical Note Feldman, (1914 - 2007); Legislative assistant to Senator John F. Kennedy (1958-1961); Deputy Special Counsel to the President (1961-1964); Counsel to the President (1964- 1965), discusses counting votes and meeting with delegates at the Democratic National Convention, the Texas delegation, and choosing Lyndon B. Johnson as vice president, among other issues. Access Open. Usage Restrictions According to the deed of gift signed January 8, 1991, copyright of these materials has been assigned to the United States Government. Users of these materials are advised to determine the copyright status of any document from which they wish to publish. Copyright The copyright law of the United States (Title 17, United States Code) governs the making of photocopies or other reproductions of copyrighted material. Under certain conditions specified in the law, libraries and archives are authorized to furnish a photocopy or other reproduction. One of these specified conditions is that the photocopy or reproduction is not to be “used for any purpose other than private study, scholarship, or research.” If a user makes a request for, or later uses, a photocopy or reproduction for purposes in excesses of “fair use,” that user may be liable for copyright infringement. This institution reserves the right to refuse to accept a copying order if, in its judgment, fulfillment of the order would involve violation of copyright law. The copyright law extends its protection to unpublished works from the moment of creation in a tangible form.