THURSDAY,OCT.25,2001
NEWS
THE UNIVERSITY DAILY KANSAN = 5A
Fed must be cautious, lecture warns
By Eve Lamborn
Kansan staff writer
EN-KAE CHANG/KANSAN
Economic policy should be aimed to provide stability, and mistakes by the Federal Reserve Board could aggravate the economic slowdown, former board member Wayne D. Angell told students last night.
Wayne D. Angell (right), former member of the Federal Reserve Board, gave a lecture last night about the board's role in the United States economy.
Angell discussed the power of monetary policy before 1,000 people in Budig Hall during his lecture, "The Reappearance of Monetary Deflation: Risks and Safeguards to the Great Plains States and Beyond." Angell's lecture was sponsored by the School of Business as part of the annual Anderson Chandler lecture series.
Angell, a member of the board from 1986 to 1994, said actions taken by the board had a powerful effect on history. He explained that the Federal Reserve used monetary policy to alter the scarcity or abundance of money, and its value, to
the United States economy.
"Monetary policy decisions were not just theoretical ones, but the activity of government to set the course of economic growth," he said.
Angell, who is also chief economist for the New York City brokerage firm Bear Stearns & Co., Inc., said the Federal Reserve Board should limit its actions to preserving price stability and keep the dollar from deflating or inflating.
He said the United States had been in a recession since March. He predicted that the recession would last about a year.
Krissy Hadl, Lawrence senior, said she was surprised that Angell said the country had been in a recession last spring.
"That's the first time I've heard someone say it started that soon," she said.
Angell added that the United States was still in the midst of a very productive period of time,
despite the current economic troubles. If the recession lasts until 2002, 9 percent of the last 20 years will have been spent in recession. That would be the smallest percentage of a 20-year period in U.S. history, he said.
Though he warned of the
effects of the Fed's missteps, Angell praised the leadership of Federal Reserve Board Chairman Alan Greenspan.
"Without Alan Greenspan, we would not know the prosperity we know," he said.
Contact Lamborn 864-4810
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