This economic policy history describes the policy views and counsel
provided by Alan Greenspan when he served as the Chairman of the
Council of Economic Advisers during the Ford Administration. The
author, Dr. Sidney L. Jones, who served as the Assistant Secretary
of the Treasury for Economic Policy, eloquently presents his
experiences while working with Greenspan. In addition, Dr. Jones
performed extensive research through a complete review of the files
at the Gerald R. Ford Library at the University of Michigan in Ann
Arbor to produce a valuable historical record for scholars, policy
makers, and students of contemporary American politics. The study
begins with a review of Greenspan's philosophy and methodology. It
describes the unexpected formation of the Ford Administration
following the resignation of President Nixon. The anti-inflation
package of economic policies proposed by the new officials was
immediately overwhelmed by a collapse of economic activity caused
by cyclical factors and unusual external stress. Greenspan created
a unique "weekly GNP" to track the volatile conditions. He
recognized that the sharp downturn was caused by the extreme
liquidation of inventories rather than a failure of final demand.
His policy recommendations focused on stable long-term recovery and
reduction of the disruptive double-digit rate of inflation. The
study then describes the business cycle recovery marked from March
1975. Greenspan's strong leadership helped to sustain monetary and
fiscal policies and the deregulation of economic activities coupled
with the avoidance of an increase in government planning and
control of the domestic and global economic system. The last
chapter summarizes the policy lessons that now support stable
monetary and fiscal policies.
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