DOCSLIB.ORG

Full Employment and Balanced Growth Act of 1978: Hearings

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Full Employment and Balanced Growth Act of 1978: Hearings FULL EMPLOYMENT AND BALANCED GROWTH ACT OF 1978 HEARINGS BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS UNITED STATES SENATE NINETY-FIFTH CONGRESS SECOND SESSION ON Amendment No. 1703 TO S. 50 TO ESTABLISH AND TRANSLATE INTO PRACTICAL REALITY THE RIGHT OF ALL ADULT AMERICANS ABLE, WILLING, AND SEEKING TO WORK TO FULL OPPORTUNITY FOR USEFUL PAID EMPLOYMENT AT FAIR RATES OF COMPENSATION; TO COMBINE FULL EMPLOYMENT, PRODUCTION, AND PURCHAS­ ING POWER GOALS WITH PROPER ATTENTION TO BALANCED GROWTH AND NATIONAL PRIORITIES; TO MANDATE SUCH NATIONAL ECONOMIC POLICIES AND PROGRAMS AS ARE NEC­ ESSARY TO ACHIEVE FULL EMPLOYMENT, PRODUCTION, AND PURCHASING POWER, TO RESTRAIN INFLATION; AND TO PROVIDE EXPLICIT MACHINERY FOR THE DEVELOPMENT AND IMPLEMENTATION OF SUCH ECONOMIC POLICIES AND PROGRAMS, AND FOR OTHER PURPOSES MAY 8, 9, AND 10, 1978 Printed for the use of the Committee on Banking, Housing, and Urban Affairs U.S. GOVERNMENT PRINTING OFFICE 30-464 O WASHINGTON : 1978 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS WILLIAM PROXMIREi, Wisconsin, Chairman JOHN SPARKMAN, Alabama EDWARD W. BROOKE, Massachusetts HARRISON A. WILLIAMS, J r ., New Jersey JOHN TOWER, Texas THOMAS J. McINTYRE, New Hampshire JAKE GARN, Utah ALAN CRANSTON, California H. JOHN HEINZ III, Pennsylvania ADLAI E. STEVENSON, Illinois RICHARD G. LUGAR, Indiana ROBERT MORGAN, North Carolina HARRISON SCHMITT, New Mexico DONALD W. RIEGLE, J r ., Michigan PAUL S. SARBANES, Maryland K e n n e t h A. M c L e a n , Staff Director J e r e m i a h S. B u c k l e y , Minority Staff Director S t e v e n M . R o b e r t s , Chief Economist P a u l F r e e d e n b e r g , Minority Professional Staff Member (II) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis CONTENTS Page Amendment No. 1703 to S.50_____________________________________________ 277 L ist of W itnesses MONDAY, MAY 8 Joseph L. Fisher, Representative in Congress from the State of Virginia. _ 4 Andrew F. Brimmer, president, Brimmer & Co., Inc______________________ 13 Jack Carlson, chief economist, Chamber of Commerce of the United States___________________________________________________________________ 41 Leon H. Keyserling________________________________________________________ 66 Robert Nathan, president, Robert R. Nathan Associates, Inc____________ 97 TUESDAY, MAY 9 Mike Gravel, United States Senator from the State of Alaska 169 F. Ray Marshall, Secretary, Department of Labor 180 Charles L. Schultze, Chairman, President’s Council of Economic Advisors- 184 Jake Garn, United States Senator from the State of Utah 197 J. Charles Partee, Member, Board of Governors, Federal Reserve System. 211 WEDNESDAY MAY 10 Lewis W. Foy, chairman, National Planning and Employment Task Force, the Business Roundtable, accompanied by Richard Schubert, vice presi­ dent, public affairs, Bethlehem Steel Corp.; and Malcolm Lovell, president, Rubber Manufacturers Association__________________________ 229 Hugh P. Donaghue, vice president and assistant to the chief executive officer, Control Data Corp.; accompanied by Sherman R. Abrahamson, special assistant to the chief executive officer___________________________ 237 George Hagedorn, vice president and chief economist, National Associa­ tion of Manufacturers___________________________________________________ 241 Arnold A. Saltzman, chairman of the board, Seagrave Corp______________ 253 A dditional Statements and D ata American Paper Institute, Inc.: Letter from Norma Pace, senior vice president and chief economist. __ 318 Statement prepared for the record____________________________________ 322 Associated Builders and Contractors, Inc., statement prepared for the record____________________________________________________________________ 330 Brimmer, Andrew F., president, Brimmer and Company, Inc., economic and financial consultants: Excerpt from testimdny before Senate Banking Committee, hearing on M ay 4, 1976_____________________________________________________ 36 Remarks before the General Session on Structural Unemployment, White House Conference on Balanced National Growth and Economic Development, January 30, 1978_________________________ 107 Federal Reserve System, letter from Governor Partee with suggestions for possible means to stimulate investment in productive plant and equipment_______________________________________________________________ 220 Humphrey, Muriel, U.S. Senator from the State of Minnesota, letter and statement received for the record_______________________________________ 8 Kendrick, Dr. John W., reprint of paper titled “ Definitional and Method­ ological Problems With Key Concepts Incorporated in the Full Employ­ ment and Balanced Growth Act of 1978” _______________________________ 233 (in) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis IV Labor Department, supplemental statement on fiscal substitution in PSE Page programs________________________________________________________________ 200 Machinery and Allied Products Institute: Comments on the new administration-endorsed Humphrey-Hawkins compromise_________________________________________________________ 340 Letter from Charles W. Stewart, president____________________________ 335 List of studies dealing with capital formation, “real profits/’ and the impact of inflation and related accounting and tax issues___________ 361 Reprints of papers by George Terborgh, economic consultant: Changing Theories of fiscal Policy------------------------------------------------ 375 Corporate Earning Power in the Seventies: A Disaster_____ ____ 363 Inflation and Profits______________________________________________ 352 Mohay, Kurt, research analyst, National Association of Manufacturers, paper titled “ The Conflict Between the Humphrey-Hawkins Full Em­ ployment Goal and the Noninflationary Rate of Unemployment’’_____ 248 CHARTS AND TABLES Administration proposal, personal tax cuts in 1979 excluding social secuity (FICA) tax changes_____________________________________________________ 90 Administration proposal, personal tax cuts in 1979 including social security (FICA) tax increases____________________________________________________ 91 Adjusted and unadjusted after-tax profits from the domestic operations of nonfinancial corporations, 1947-76______________________________________ 366 Adjusted domestic after-tax profits of nonfinancial corporations as a per­ centage of their adjusted domestic net worth____________________________ 368 Adjusted domestic after-tax profits of nonfinancial corporations as a per­ centage of their domestic gross products________________________________ 368 Adjusted profits and retained earnings of nonfinancial corporations in 1972 dollars___________________________________________________________________ 358 Adjusted retained earnings of nonfinancial corporations___________________ 357 Adjustment of reported profits of nonfinancial corporations_______________ 356 Allocation of tax cuts, 1962-65: Investment and consumption purposes____ 92 Black and working age population in selected central cities, 1960 and 1970- _ 147 Changes in black and working age population as percentage of total pop­ ulation in selected central cities, 1960-70_______________________________ 149 Changes in central city’s share of population, manufacturing employment, and money income in selected metropolitan areas, 1960-73_____________ 146 Changes in inflation because of the Carter administration’s proposals and congressional enactment of legislation during 1977_______________________ 56 Changes in the civilian labor force, employment and unemployment by color, sex, and age, March 1975 to December 1977______________________ 136 Changing work hours of married men and women_________________________ 48 Comparative growth rates, 1961-77________________________________________ 85 Comparison of the current double-declining balance depreciation of non­ financial corporations with the depreciation allowed them for income tax purposes_____________________________________________________________ 355 Cost of departures from full economy, 1953-77_____________________________ 80 Earnings coverage of net interest payments, nonfinancial corporations_____ 372 Economic impact of the Carter administration’s proposals and congressional enactment of legislation during 1977____________________________________ 53 Economic impact of Carter administration’s tax proposals, fourth quarter, 1977 through fourth quarter, 1980_______________________________________ 135 Economic impact of Humphrey-Hawkins employment objectives by 1983__ 51 Effective tax rates on the pre-tax profits of nonfinancial corporations as reported and as adjusted________________________________________________ 359 Employed and unemployed as a proportion of total population____________ 46 Employment during economic recoveries__________________________________ 45 Employment of United States and other industrial countries during economic recoveries______________________________________________________ 45 Estimated division— Proposed tax cut between cuts for investment pur­ poses and cuts for consumption purposes_______________________________ 93 Estimates of fiscal substitution in PSE programs________________________ _ 204 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis V Excess interest costs in the Federal budget, 1965-77 contrasted with Page other costs for selected budget
Load more

Recommended publications
  • 28001 Hon. Doug Ose Hon. Jeff Miller Hon. Eleanor Holmes
    December 20, 2001 EXTENSIONS OF REMARKS 28001 his business was inspiring. His family’s con- HONORING COPELAND AND WI- This year, the Authority completed six years tributions to the religious community in time NONA GRISWOLD ON THEIR 50TH that have brought the District of Columbia out and money are in the record books. WEDDING ANNIVERSARY of the worst financial crisis in a century. To Members of the community called on him cope with this crisis, Congress passed the when something was needed for those who HON. JEFF MILLER District of Columbia Financial Responsibility and Management Assistance Authority Act in were less fortunate. He was always there. He OF FLORIDA 1995. The city had followed several others— was generous to a fault and has set a stand- IN THE HOUSE OF REPRESENTATIVES Philadelphia, New York, and Cleveland among ard for all of us to follow. Thursday, December 20, 2001 them—to junk bond status indicating an inabil- In a Yom Kippur Sermon several years ago, Mr. MILLER of Florida. Mr. Speaker, it is ity to borrow, or insolvency. As with the cities Rabbi Joseph Weinberg, said: my distinct pleasure to announce to you and that preceded them, the District required a ‘‘Always we are commanded to seize the the other members of this distinguished body, ‘‘control board’’ or Authority in order to con- day, to create a life which will be remembered that on December 21, 2001, my in-laws, tinue to borrow the necessary money to func- as a blessing. Not how long, but how well did Copeland and Winona Griswold of Chumuckla, tion.
    [Show full text]
  • Black Studies: a Political Perspective
    BLACK STUDIES: A POLITICAL PERSPECTIVE Michael Thelwell The two things that we black folk need most is a lot of patience and a sense of irony. --Junebug Jabbo Jones, Pool Hall Address "Don't Let White Folks Run You Crazy," Jackson, Mississippi, October 2, 1964. Any attempt to discuss the question of what has come to be called "Black Studies," or "ethnic studies" as they say in California, that incubator of meaningless pop jargon, outside of a political perspective is futile. The demands on the part of black students and their activist mentors is a response to political realities in the black community. The considerations out of which these pressures come are clear, so clear in fact, that there should be no need for an essay of this kind were it not for the apparently limitless capacity for the debasement of language and the obscuring of issues demonstrated by the mass media of the society. It is true that in this enterprise, the media has enjoyed the cooperation, witting or otherwise, of any number of hastily discovered "spokesmen" for black studies whose "revolutionary" fervor and extravagant rhetoric is equalled only by their mysticism and anti-intellectualism. As if this outpouring of definition from the left which serves, more often than not, to obscure more than it illuminates were not enough, there is an attendant motion on the right flank of the black community which is equally uninformed, short-sighted and dogmatic. This faction, which includes such established Negro intellectuals as Andrew Brimmer of the Federal Reserve Board, Sir Arthur Lewis, the West Indian economist presently at Princeton, Kenneth Clarke who recently resigned from the Board of Trustees of Antioch College after they had yielded to student demands for a black residence hall, Prof.
    [Show full text]
  • 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.
    [Show full text]
  • A Profile of the Congressional Budget Office
    Congressional September 1990 Budget A Profile of Office the Congressional Budget Office CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE BUDeer OFFICE CONGRESSIONAL BUDGET OFFICE _ BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE SSKJNAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE SESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE \IONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE :I::AL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET BUDGET7 CONGRESSIONAL BUDGET BUDGET OFFICE CONGRESSIONAL BUDGET CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL BUDGET OFFICE CONGRESSIONAL CONGRESSIONAL BUDGET OFFICE " ~ "I Til I "1~_ riT 1_ OFFICE
    [Show full text]
  • Federal Reserve Structure, Economic Ideas, and Monetary and Financial Policy
    NBER WORKING PAPER SERIES FEDERAL RESERVE STRUCTURE, ECONOMIC IDEAS, AND MONETARY AND FINANCIAL POLICY Michael D. Bordo Edward S. Prescott Working Paper 26098 http://www.nber.org/papers/w26098 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 July 2019 We would like to thank Al Broaddus, Doug Evanoff, Owen Humpage, Tom Humphrey, Loretta Mester, Ed Prescott, Ellis Tallman, and David Wheelock for helpful comments. The views expressed in this essay are those of the authors and not necessarily those of the Federal Reserve Bank of Cleveland, the Federal Reserve System, or the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2019 by Michael D. Bordo and Edward S. Prescott. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Federal Reserve Structure, Economic Ideas, and Monetary and Financial Policy Michael D. Bordo and Edward S. Prescott NBER Working Paper No. 26098 July 2019 JEL No. B0,E58,G28,H1 ABSTRACT The decentralized structure of the Federal Reserve System is evaluated as a mechanism for generating and processing new ideas on monetary and financial policy. The role of the Reserve Banks starting in the 1960s is emphasized. The introduction of monetarism in the 1960s, rational expectations in the 1970s, credibility in the 1980s, transparency, and other monetary policy ideas by Reserve Banks into the Federal Reserve System is documented.
    [Show full text]
  • The Minority Report
    THE MINORITY REPORT The annual news of the AEA’s Committee on the Status of Minority Groups in the Economics Profession, the National Economic Association, and the American Society of Hispanic Economists Issue 6, Winter 2014 Recent Trends in Wealth of Minority Groups in the United States: Evidence from the Survey of Consumer Finances By Jeffrey Thompson, Board of Governors of the Federal Reserve System, and Gustavo Suarez, Board of Governors of the Federal Reserve System1 Income is the most frequently used measure for Federal Reserve System every third year starting in 1989, provides valuable information to understand recent trends achieving economic equality. Income is commonly used toevaluating calculate household poverty indicators, well-being is andthe foundationprogress toward of United States.2 The SCF is unique because it offers detailed most household consumption, and is the primary basis informationin the evolution on of household finances and wealth in the household assets and debts and representingfor eligibility resourcesfor social programs. that can be However, used, for wealth example, is to also because it is startalso an a business, important provide measure income of household during retirement, well-being, or representative of serve as a bequest for offspring, all of which are highly Thehouseholds SCF provides with measurerelated with of the opportunities economic progress for economic made advancement.by minority reliablehigh net information worth. Researchers are increasingly looking at wealth as a both on attributes that are broadly distributed in the groups (Pew, 2011; Shapiro, Meschede, and Osoro, 2013; are concentrated in a relatively small segment of the and Masterson, Zacharias, and Wolff, 2009).
    [Show full text]
  • Notable Husky Alumni Husky Notable 2007 Women’S College World Series 2007 Men’S Crew Semi-Finalists National Champions
    THE WASHINGTON WAY Notable Husky Alumni GENERAL INFO. OUTLOOK PLAYERS COACHES REVIEW Top Row: Bruce Lee, Richard Karn, Gregory “Pappy” Boyington, Rainn Wilson, Dawn Wells (far right) Middle Row: Joel McHale, Bob Sapp, Bonnie Dunbar & Michael Anderson, Ann Rule Bottom Row: Kyle MacLachlan, Anna Faris, Kenny “G” Gorelick, Andrew Brimmer, Richard Gordon, Karsten Solheim Fran Bigelow ‘65, Founder, Fran’s Chocolates Anna Faris, Actress “Scary Movie”, Kyle MacLachlan ’82, Actor “Twin Peaks”, 77 “Lost in Translation” “Sex & The City” Gregory “Pappy” Boyington ‘34, WWII Fighter Ace, Medal of Honor Thomas Foley ’51 & ‘57, Former Speaker Hugh McElhenny ’52, NFL Hall of Famer OPPONENTS of the House Andrew Brimmer ’50, ‘51, First African- Joel McHale, ‘95, Actor and TV host of American member of Federal Reserve Board of Booth Gardner ’58, Former Governor E!’s “The Soup” Governors of Washington Warren Moon ’78, NFL Hall of Famer Dyan Cannon ’72, Actress Richard Gordon, Astronaut, Apollo 12 Pamela Reed ’75, Actress, “Kindergarten Cop”, NCAA TOURNAMENT Edward E. Carlson ’32, CEO, Kenny “G” Gorelick ’78, Jazz Musician “The Right Stuff” United Airlines David Guterson ‘78 & ’82, Author Bob Sapp ‘97, Actor and Martial Arts Dale Chihuly ’65, Artist “Snow Falling on Cedars” Superstar Beverly Cleary ’39, Author Don Heinrich ’63, NFL Quarterback Detlef Schrempf ’88, Former NBA All-Star Charles Cross ‘81, Rock Critic, Author William B. Hutchinson ’32, Surgeon Sonny Sixkiller ’74, TV Commentator and Founder of Fred Hutchinson Cancer Norm Dicks ’63, U.S. House of Research Center Karsten Solheim, Inventor of “rabbit ears” HISTORY Representatives antenna for TV, owner Ping Golf Clubs Richard Karn ’79, Actor, Patrick Duffy ’71, Actor, “Dallas”, “Home Improvement” Julia Sweeney, Actress, “Saturday “Step by Step” Night Live” Kitty Kelly, ‘64, Author Bonnie Dunbar ’71, Astronaut Kim Thayil ’85, Lead Guitarist, WASHINGTON WAY Hank Ketcham, Cartoonist, “Dennis Soundgarden James Edwards ’70, Longtime NBA Center the Menace” Robb Weller ’72, Actor, TV Host Dan Evans ’48, Washington Gov.
    [Show full text]
  • Papers of the Naacp
    A Guide to the Microfilm Edition of BLACK STUDIES RESEARCH SOURCES Microfilms from Major Archival and Manuscript Collections General Editors: John H. Bracey, Jr., and Sharon Harley PAPERS OF THE NAACP Part Special Subject Files, 28 1966-1970 Series A: "Africa" through "Poor People's Campaign" UNIVERSITY PUBLICATIONS OF AMERICA A Guide to the Microfilm Edition of BLACK STUDIES RESEARCH SOURCES Microfilms from Major Archival and Manuscript Collections General Editors: John H. Bracey, Jr., and Sharon Harley PAPERS OF THE NAACP Part 28: Special Subject Files, 1966-1970 Series A: "Africa" through "Poor People's Campaign" Edited by John H. Bracey, Jr., and Sharon Harley Project Coordinator Randolph Boehm Guide compiled by Daniel Lewis A microfilm project of UNIVERSITY PUBLICATIONS OF AMERICA An Imprint of LexisNexis Academic & Library Solutions 4520 East-West Highway * Bethesda, MD 20814-3389 Library of Congress Cataloging-in-Publication Data National Association for the Advancement of Colored People. Papers of the NAACP. [microform] Accompanied by printed reel guides. Contents: pt. 1. Meetings of the Board of Directors, records of annual conferences, major speeches, and special reports, 1909-1950 / editorial adviser, August Meier; edited by Mark Fox--pt. 2. Personal correspondence of selected NAACP officials, 1919-1939 --[etc.]--pt. 28. Special Subject Files, 1966-1970. 1. National Association for the Advancement of Colored People--Archives. 2. Afro-Americans--Civil Rights--History--20th century--Sources. 3. Afro- Americans--History--1877-1964--Sources. 4. United States--Race relations--Sources. I. Meier, August, 1923-. II. Boehm, Randolph. III. Title. E185.61 [Microfilm] 973'.0496073 86-892185 ISBN 1-55655-851-1 (microfilm: pt.
    [Show full text]
  • CONGRESSIONAL RECORD— Extensions of Remarks E2384 HON
    E2384 CONGRESSIONAL RECORD — Extensions of Remarks December 20, 2001 our civil servants taught us anything on Sep- accomplished residents of the District of Co- rowing and clean audits has been achieved. tember 11, 2001, it is that this badge is a sym- lumbia. The huge task of restructuring and reforming bol of heroism and honor. I know that he will This year, the Authority completed six years each city agency is proceeding with many no- wear it with pride. that have brought the District of Columbia out table improvements. The Authority, working f of the worst financial crisis in a century. To with elected officials has improved the most cope with this crisis, Congress passed the critical agencies, including public safety and HONORING COPELAND AND WI- District of Columbia Financial Responsibility education, where resident concern was pro- NONA GRISWOLD ON THEIR 50TH and Management Assistance Authority Act in nounced. These financial and management WEDDING ANNIVERSARY 1995. The city had followed several others— improvements are among the many rich fea- Philadelphia, New York, and Cleveland among tures of the Authority’s legacy, HON. JEFF MILLER them—to junk bond status indicating an inabil- However, the Authority also left an important OF FLORIDA ity to borrow, or insolvency. As with the cities warning not only for the city but for Congress IN THE HOUSE OF REPRESENTATIVES that preceded them, the District required a about the future of the city. Despite remark- ‘‘control board’’ or Authority in order to con- able city improvements and the Revitalization Thursday, December 20, 2001 tinue to borrow the necessary money to func- Act’s assumption of $5 billion in pension liabil- Mr.
    [Show full text]
  • Canadian-United States Financial Relationships
    Conference Series No. 6 REUBER HUTCHISON CAVES NEUFELD MUNDELL MACINTOSH JONES DUNN BRIMMER EASTMAN MCKINNON FIELEKE HELLIWELL CAMPBELL CHITTENDEN PROCEEDINGS OF A CONFERENCE HELD IN SEPTEMBER 1971 FEDERAL RESERVE BANK OF BOSTON CANADIAN-UNITED STATES FINANCIAL RELATIONSHIPS Proceedings of a Conference Held at Melvin Village, New Hampshire September, 1971 Sponsored by THE FEDERAL RESERVE BANK OF BOSTON THE FEDERAL RESERVE BANK OF BOSTON CONFERENCE SERIES NO. 1 CONTROLI.ING MONETARY AGGREGATES JUNE, 1969 NO. 2 TIRE INTERNATIONAL ADJUSTMENT MECttANISM OCTOBER, 1969 NO. 3 FINANCING STATE and I.OCAL GOVERNMENTS in the SEVENTIES JUNE, 1970 NO. 4 HOUSING and MONETARY POLICY OCTOBER, 1970 NO. 5 CONSUMER SPEND1NG and MONETARY POLICY: THE I.INKAGES JUNE, 1971 NO. 6 CANADIAN-UNITED STATES FINANCIAL REI.ATIONSH1PS SEPTEMBER, 1971 FOREWORD International monetary developments of the past year have given a new importance to the financial relationships between the United States and Canada. An examination of that relationship and of Canadian experience with a floating exchange rate was undertaken at a conference sponsored by the Federal Reserve Bank of Boston in September of 1971. This volume, made up of papers and comments of a distinguished group of conference participants, is the sixth in a series. Earlier conference volumes are listed on the preceding page. We hope this collection of papers and comments will be useful to the wide range of persons interested in the financial issues confronting the United States and Canada. Frank E. Morris President Boston, Massachusetts September, 1971 CONTENTS CANADIAN-UNITED STATES FINANCIAL RELATIONSHIPS FOREWORD FRANK E. MORRIS International Capital Markets and Economic Policy Under Flexible and Fixed Exchange Rates, 1951-70 RICHARD E.
    [Show full text]
  • Complete Bibliography for Allan Meltzer's
    Complete Bibliography for Allan Meltzer’s A History of the Federal Reserve, Volume 1: 1913-1951, and Volume 2: 1951-1986 Revised, October 2018 Abel, Andrew B. “Comment on Feldstein.” In Reducing Inflation: Motivation and Strategy, edited by Christina D. Romer and David H. Romer, 156–66. Chicago, IL: University of Chicago Press, 1997. http://www.nber.org/chapters/c8883.pdf. Abrams, Burton A. “How Richard Nixon Pressured Arthur Burns: Evidence from the Nixon Tapes.” Journal of Economic Perspectives 20, no. 4 (2006): 177–88. https://fraser.stlouisfed.org/title/1167/item/2388. Ackley, Gardner. Macroeconomic Theory. New York, NY: Macmillan, 1961. http://www.worldcat.org/oclc/489924405. Aftalion, Albert. Selected Documents on the Distribution of Gold. Geneva, Switzerland: League of Nations, 1931. http://www.worldcat.org/oclc/845345. Aliber, Robert Z. “Comment [on Obstfeld].” In Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, edited by Michael Bordo and Barry Eichengreen, 257–64. Chicago, IL: University of Chicago Press, 1993. http://www.nber.org/chapters/c6871. Andersen, Leonall C., and Jerry L. Jordan. “Monetary and Fiscal Actions: A Test of Their Relative Importance in Economic Stabilization.” Review (Federal Reserve Bank of St. Louis) 50 (November 1968): 11–24. https://fraser.stlouisfed.org/title/820/item/24594/toc/500189. Anderson, Clay J. Evolution of the Role and Functioning of the Discount Mechanism. Washington, DC: Board of Governors of the Federal Reserve System, 1966. https://fraser.stlouisfed.org/title/706/item/23549. Anderson, Clay J. Half Century of Federal Reserve Policymaking. Philadelphia, PA: Federal Reserve Bank of Philadelphia, 1965.
    [Show full text]
  • Theminorityreport
    theMINORITYREPORT The annual news of the AEA’s Committee on the Status of Minority Groups in the Economics Profession, the National Economic Association, and the American Society of Hispanic Economists Issue 13 | Winter 2021 CORONA, THE GREAT EXPOSER: HOW THE PANDEMIC HAS EXACERBATED INEQUALITIES IN AMERICAN SOCIETY By Carycruz M. Bueno, Brown University, and Cruz Caridad Bueno, SUNY–New Paltz Communities of color in the United States and Council 2020, Berman 2020, New York State Attorney throughout the world are suffering because of the General 2020). The heightened risk of physical and COVID-19 pandemic. This health crisis has not just verbal attacks creates an untenable situation for Asian eroded the well-being of people of color (POC); it has Americans, who must both protect themselves from the exacerbated and brought to the forefront the racial, virus and attempt to stay safe amid the violence directed health, economic, gender, and education inequalities at at them. the foundation of American society. The visible eruption of a multiethnic, multiracial, multigenerational, and As coronavirus-related hate crimes against Asian international movement led by Black activists within Americans were beginning to be documented in early the context of the pandemic is not a coincidence but a March, Essence magazine was among the first media deliberate, organized effort to demand social justice for outlets to document the health impacts of the virus the very communities where this health crisis is felt most on Black communities and POC (Christian 2020). On deeply. Coronavirus is not the “great equalizer” but the April 2, 2020, Essence, citing economic and healthcare great exposer of how race in this country overdetermines discrimination, reported that Black people constituted social, health, and economic outcomes for POC.
    [Show full text]