Economist (1904–1987) who served as chairman of the Federal Reserve from 1970 to 1978. TLS, two pages, 8 x 10.5, Federal Reserve letterhead, July 28, 1977. Detailed letter to an economics enthusiast. In part: “‘Cost-push’ forces are an important element in the inflationary process. Monopolistic power exercised by various parties in labor and product markets creates an inflationary bias in the Nation’s cost structure…For many years, loose fiscal policies not only accommodated cost-push forces, but often provided fresh impetus to inflation by encouraging rapid expansion of aggregate demand even at times of high employment of labor…The control of inflation today and in the future must involve both the elimination of impediments to the operation of competitive forces in the economy and the pursuit of prudent macro-economic policies.” In fine condition. RR Auction COA.
