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willingness to raise interest rates in 1978 when the Carter
Administration unveiled a series of anti-inflation packages. In April, following the president's announcement of an anti-inflation package, the staff economist Stephen Axilrod argued (and Miller concurred) that a reduction in the target range for M1 would add credibility to the administration's inflation targets, while an increase in ranges "would not appear supportive" of the program (Transcript 4/18/1978, 27). Robert P. Black, president of the Federal Reserve Bank of Richmond, urged the Committee to keep its focus on inflation to take advantage of the fact that "everybody thinks that the administration, Congress, and the Federal Reserve are all committed to fighting inflation as a primary target" (Transcript 5/16/1978, 19). The Fed did indeed begin to tighten in the summer of 1978. Romer and Romer (1989) identify August 1978 as the beginning of a contractionary period in monetary policy. While the transcripts around that time do not indicate that the Fed saw itself as making a dramatic policy change, the federal funds rate began to rise at a rate faster than the increase in inflation for the first time since the 1974 disinflation attempt.9
28:
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Nelson interprets the Fed's advocacy of action from the administration as evidence that he held a "non-monetary" view of inflation. But it may also have been a response to the Fed's belief that it lacked political support for moving against inflation on its own. This would explain the Fed's increased
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to become a
Richmond FRB president. As president of the Federal Reserve Bank of Richmond his opinion as an inflation hawk was highly respected, and he was often interviewed about the direction of the U.S. economy. He served on the board of directors of the Richmond Eye and Ear Hospital, Retreat
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Health
Systems, the Virginia Inter-Government Institute, the Governor's Commission on Defense Conversion and Economic Adjustment, and the Virginia Economic Recovery Commission. He was a member of the advisory boards of the Health Corporation of Virginia, the Center for Advanced Studies of the
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to focus on inflation to take advantage of the fact that "everybody thinks that the administration, Congress, and the
Federal Reserve are all committed to fighting inflation as a primary target." The Fed did indeed begin to tighten in the summer of 1978. By August the
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Educational
Foundation. He served on the board of governors and executive committee of the Capital Area Assembly and was a board trustee of the Academy for Economic Education and board chairman of Virginia United Methodist Homes.
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would add credibility to the administration's inflation targets, while an increase in ranges "would not appear supportive" of the program. Robert P. Black, then president of the
Federal Reserve Bank of Richmond, urged the
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Resolution 409, sponsored by Congressman Stephen Neal, a Democrat from North Carolina, which would have required the Federal Reserve Bank to achieve
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At the Fed, Black became an assistant vice president, vice president, and first-vice president before becoming the president of the
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the changes that occurred in economic trends, the banking community, and the city of
Richmond during their tenures at the bank.
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742:"The Fed's Anti-Inflationary Strategy: Is it Adequate? – Economic Review, Sep/Oct, 1987 – Federal Reserve Bank of Richmond"
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699:"Reflections on the Strategy of Monetary Policy – Economic Review, Jul/Aug, 1990 – Federal Reserve Bank of Richmond"
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724:"In Support of Price Stability – Economic Review, Jan/Feb, 1990 – Federal Reserve Bank of Richmond"
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Monetary Policy – The
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In 1990, Black, who was considered an "inflation hawk" testified in support of
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Robert P. Black's contributions to the
Federal Reserve Bank of Richmond's
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624:"Political Pressures on Monetary Policy During the US Great Inflation†"
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Richmond branch. Black and his two successors as president of the
501:"Robert P. Black (1973–1992) – Federal Reserve Bank of Richmond"
553:"Jeffrey M. Lacker, J. Alfred Broaddus Jr. and Robert P. Black"
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792:"Robert P. Black – Author – Federal Reserve Bank of Richmond"
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According to Charles L. Weise, in April 1978, following
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The Fed's Anti-Inflationary Strategy: Is it Adequate?
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260:Learn how and when to remove this message
580:"Political Pressures on Monetary Policy"
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425:The Fed's Mandate: Help or Hindrance?
370:J. Sargeant Reynolds Community College
350:United States House of Representatives
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308:, discussed in an interview for the
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155:(August 1, 2004 – April 4, 2017).
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830:Federal Reserve Bank of Richmond
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893:University of Tennessee faculty
288:Career and community activities
650:. 22 June 1992. Archived from
409:In Support of Price Stability
356:within five years of passage.
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898:University of Virginia alumni
480:www.federalreservehistory.org
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178:biography of a living person
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159:Education and teaching
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654:on 16 November 2018
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385:include:
361:economist
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250:June 2020
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