Thursday, February 9, 2012

Burton A. Abrams - How Richard Nixon Pressured Arthur Burns: Evidence from the Nixon Tapes

Journal of Economic Perspectives—Volume 20, Number 4—Fall 2006—Pages 177–188

How Richard Nixon Pressured Arthur Burns: Evidence from the Nixon Tapes
Burton A. Abrams

"...This episode of Richard Nixon and Arthur Burns in the run-up to the 1972 election illustrates the danger of permitting too much discretion in the implementation of monetary policy. It is time to consider an explicit rule for monetary policy, whether that rule targets only inflation or some mixture of inflation and output or unemployment. Monetary policy is too important to be left to the discretion of central bankers, who may be subject to errors in economic judgment or to manipulation by politicians..."



  1. Mortymer it would be good if you could open a discussion post that people could use to discuss the content of the site.

    It's hard to follow or initiate any discussions with so many posts.

    Just an idea :)

  2. I am not so sure if I understand, you mean a page -new post - which would be like a forum?
    Yes, that is easy. Is it what do you mean?

  3. Yes mortymer, a page that everyone can go to knowing that there is ongoing discussion

  4. mortymer have you given this more thought?

    I was thinking an open forum" post in each month. this would provide an avenue to discuss relevent information without having to "chase" each blog post.