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| Affiliation | Republican |
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| Name | Arthur F. Burns |
| Address |
, , United States |
| Email | None |
| Website | None |
| Born |
April 27, 1904
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| Died | June 26, 1987
(83 years)
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| Contributor | Thomas Walker |
| Last Modifed | Juan Croniqueur
Mar 09, 2024 11:38pm |
| Tags |
Jewish -
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| Info | Arthur Frank Burns (1904–1987) was an American economist.
He was born in the city of Stanislau, Galicia (now Ukraine), on April 27, 1904. Burns emigrated to the United States in 1914, and earned his PhD from Columbia University in 1934. His career alternated between academia and government. He taught at Columbia and studied business cycles while president of the National Bureau of Economic Research. He also was the chairman of the U.S. Council of Economic Advisors from 1953 to 1956 under Dwight D. Eisenhower's presidency. He served as the U.S. Chairman of the Federal Reserve from 1970–1978 and as ambassador to West Germany from 1981–1985.
The academic part of Burns's career focused on the measurement of business cycles. How long do expansions last? What economic variables rise during expansions and fall during recessions? He often collaborated with Wesley Clair Mitchell and set the academic tradition continued by the NBER's business cycle dating committee, which is generally considered authoritative in dating recessions. Burns's detailed macroeconomic analysis influenced Milton Friedman and Anna Schwartz's classic work A Monetary History of the United States, 1867–1960.
As chairman of the Fed, Burns presided over a turbulent economy, including a sustained increase in the inflation rate. The consumer price index rose over 72% during his term. Negative economic events included multiple oil shocks and heavy government deficits arising in part from the Vietnam War and Great Society government programs.
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