Aug 17, 2013

Time magazine's economists advice easing monetary brakes heading into 1970s

Arthur Okun, the former head of the Council of Economic Advisers, calls the chance of either a recession or a continued boom "a long shot." By his handicapping, the Government stands a 50% chance of bringing the inflation rate down to about 4% without causing a politically unacceptable rise in unemployment. Still, Okun insists—as do the other members of TIME's Board of Economists—that it is high time the Federal Reserve eased its monetary brakes.

~ Time, December 19, 1969

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