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WITNESSES AND STATEMENTS
Prepared statement together with attached charts
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accelerating inflation Alberto Alesina annual rate budget deficit cause central bank Chairman Greenspan charts Consumer Price Index CPI was rising decline dollar double-digit economic growth economists economy's capacity effect expansionary policy exports Federal Reserve finetuning fiscal policy forecast foreign foreign exchange markets FRB Chairman going higher inflation higher interest rates income Interstate Bancorp Joel Popkin Jordan kind of inflation lags Larry Summers long term interest means higher interest measures mild recession monetary growth months numbers output and employment peak percentage points period political control prepared statement President problem Producer Price Index protectionism pushed quarter raise rate of inflation real wage recent relative price inflation Representative Hamilton Representative Upton reserve growth result risk sectors sharp increase slow slowdown substantial suggest Summers term interest rates tighten tion trade deficit Treasury securities U.S. dollar U.S. inflation rate unemployment rate unit labor costs wage-push wages and prices