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Arthur Burns: “The smartest guy in the room”

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Manage episode 433098201 series 3460193
Nội dung được cung cấp bởi New Books Network. Tất cả nội dung podcast bao gồm các tập, đồ họa và mô tả podcast đều được New Books Network hoặc đối tác nền tảng podcast của họ tải lên và cung cấp trực tiếp. Nếu bạn cho rằng ai đó đang sử dụng tác phẩm có bản quyền của bạn mà không có sự cho phép của bạn, bạn có thể làm theo quy trình được nêu ở đây https://vi.player.fm/legal.

More than any other global institution, the US Federal Reserve’s decisions and communications drive capital markets and alter financial conditions everywhere from Seattle to Seoul. While its interest rate are set by an expert committee, for almost a century, the Fed’s core philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors.

In this podcast series, Tim Gwynn Jones - a veteran central bank "watcher" - talks to authors of books about the Fed's most influential Chairs, starting with Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker.

In this third episode, he talks to Wyatt Wells – author of Economist in an Uncertain World – Arthur F. Burns and The Federal Reserve, 1970–1978 (Columbia University Press, 1994). Burns has had a bad press - so bad that Chris Hughes, one of Facebook's founders, was moved to rehabilitate him. Leading the Fed from 1970 to 1978 when inflation averaged 9%, Burns was an accomplished business-cycle economist but also a politically partisan Chair intensely loyal to Richard Nixon and Gerald Ford. Going far beyond his remit as a central banker, Burns oversaw government efforts to control prices and wages as an alternative to monetary policy.

“If you couple an incomes policy with a tight fiscal and monetary policy, it can work. The problem is that it often becomes an excuse for not doing that,” says Wells. “Burns found himself trapped in this position where he felt he couldn't raise interest rates without wrecking the controls programme and possibly his own career – his own position at the Fed. It's clear in ‘73, he knows interest rates need to go up. They're trying to raise them but he's got these political concessions and he's doing this sort of dance, trying to square the circle … And of course: ‘I'm the smartest guy in the room. Therefore, I should play a key role in this effort to balance everything’. I think there are very few Federal Reserve chairmen who have elbowed their way into other areas in the way that Burns did. Maybe none”.

An economic historian, Wyatt Wells has been Professor of History at Auburn University, Montgomery, since 1997.

  continue reading

408 tập

Artwork
iconChia sẻ
 
Manage episode 433098201 series 3460193
Nội dung được cung cấp bởi New Books Network. Tất cả nội dung podcast bao gồm các tập, đồ họa và mô tả podcast đều được New Books Network hoặc đối tác nền tảng podcast của họ tải lên và cung cấp trực tiếp. Nếu bạn cho rằng ai đó đang sử dụng tác phẩm có bản quyền của bạn mà không có sự cho phép của bạn, bạn có thể làm theo quy trình được nêu ở đây https://vi.player.fm/legal.

More than any other global institution, the US Federal Reserve’s decisions and communications drive capital markets and alter financial conditions everywhere from Seattle to Seoul. While its interest rate are set by an expert committee, for almost a century, the Fed’s core philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors.

In this podcast series, Tim Gwynn Jones - a veteran central bank "watcher" - talks to authors of books about the Fed's most influential Chairs, starting with Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker.

In this third episode, he talks to Wyatt Wells – author of Economist in an Uncertain World – Arthur F. Burns and The Federal Reserve, 1970–1978 (Columbia University Press, 1994). Burns has had a bad press - so bad that Chris Hughes, one of Facebook's founders, was moved to rehabilitate him. Leading the Fed from 1970 to 1978 when inflation averaged 9%, Burns was an accomplished business-cycle economist but also a politically partisan Chair intensely loyal to Richard Nixon and Gerald Ford. Going far beyond his remit as a central banker, Burns oversaw government efforts to control prices and wages as an alternative to monetary policy.

“If you couple an incomes policy with a tight fiscal and monetary policy, it can work. The problem is that it often becomes an excuse for not doing that,” says Wells. “Burns found himself trapped in this position where he felt he couldn't raise interest rates without wrecking the controls programme and possibly his own career – his own position at the Fed. It's clear in ‘73, he knows interest rates need to go up. They're trying to raise them but he's got these political concessions and he's doing this sort of dance, trying to square the circle … And of course: ‘I'm the smartest guy in the room. Therefore, I should play a key role in this effort to balance everything’. I think there are very few Federal Reserve chairmen who have elbowed their way into other areas in the way that Burns did. Maybe none”.

An economic historian, Wyatt Wells has been Professor of History at Auburn University, Montgomery, since 1997.

  continue reading

408 tập

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