Recent Monetary Developments and Future Economics Performance: Hearings Before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-fifth Congress, First Session, September 27, 1977

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Page 6 - Statement by Arthur F. Burns Chairman, Board of Governors of the Federal Reserve System before the Committee on Banking, Finance, and Urban Affairs...
Page 1 - Chairman Subcommittee on Domestic Monetary Policy Committee on Banking, Finance and Urban Affairs House of Representatives Washington, DC 20515 Dear Mr. Chairman...
Page 50 - Thank you very much. We appreciate your taking the time to be with us this morning. Mr.
Page 3 - It is my pleasure to appear before this committee today to present the views of the Reserve Officers Association of the United States on Navy Seapower.
Page 66 - To begin with, you will be relieved to know that I am not going to be telling you what to do.
Page 3 - Board with respect to recent monetary developments. As I understand it, the purpose of this hearing is to provide an updating of the recent monetary oversight hearings of your parent committee, at which Chairman Burns appeared. My remarks therefore will supplement his, and I think it would be appropriate to include a copy of the Chairman's testimony on that occasion as an attachment to my much briefer statement.
Page 26 - ... President's original recommendation. Statutory changes in minimum wages affect not only the lower end of the wage spectrum. In practice, they tend to have a leveraging effect on the general wage structure as various tiers of workers seek to maintain the differential between their wage and that of lower-paid workers. Such a development would reinforce the upward pressure on wages that already derives from the continuing advance of consumer prices, from tight labor markets here and there, and from...
Page 4 - This rate of expansion, of course, is well above the FOMC's stated longer-run range of projections. Broader measures of the money supply, on the other hand, have grown at rates only a little above the upper end of the committee's projected ranges. During the past 6 months, M, and M3 have increased at annual rates of 9.9 percent and 11.3 percent, respectively.
Page 4 - ... per annum. As the recent expansion in the monetary aggregates tended to run above the FOMC's expectations, System operations have been directed toward holding down on the provision of bank reserves needed to support the larger monetary totals. Just as in any other market, the more limited availability...
Page 3 - FOMC at its July meeting adopted new longer-run growth ranges for the monetary aggregates that it expected to be appropriate to the needs of the economy over the coming year. These growth rate ranges were 4 to...

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