"The OPEC oil-price hike caused inflation to shoot up in the USA. The stock markets took a real hit, causing considerable nervousness, while there was some serious supply and demand confusion within American industry. However, there was no collapse of the stock markets or the currency or the banking system. Under the chairmanship of Arthur Burns from 1970 to 1978, the Federal Reserve, which followed aggressive deflationary policies, proved robust and, although demand remained lower for a while, manufacturing had improved by mid-1974."
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Academics from the United StatesEconomists from the United StatesBusiness theorists from the United StatesChairs of the Council of Economic AdvisorsChairs of the Federal Reserve
Original Language: English
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Jeremy Black, The Cold War: A Military History (2015)
https://en.wikiquote.org/wiki/Arthur_F._Burns
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Arthur F. Burns
Arthur Frank Burns (August 27, 1904 – June 26, 1987) was an American economist. His career alternated between academia and government. From 1927 to the 1970s, Burns taught and researched at , , and the .
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