Economic Report of the President

Report to the President on the Activities of theCouncil of Economic Advisers during 1982The Employment Act of 1946 (P.L. 304-79th Congress), as amended,provides the statutory base for the activities of the Council ofEconomic Advisers. The Council, through the Chairman, providesadvice to the President on a wide range of domestic and internationaleconomic policy issues.Martin Feldstein became Chairman on October 14, 1982, succeedingMurray L. Weidenbaum, who returned to Washington University(St. Louis). The Chairman is on leave from Harvard University,where he is a Professor of Economics. On July 31, 1982, Jerry L.Jordan resigned to return to the University of New Mexico, where heis a Professor of Economics at the Anderson Schools of Management.On December 10, 1982, William Poole became a Member of theCouncil. Mr. Poole is on leave from Brown University where he is aProfessor of Economics. William A. Niskanen continued to serve as aMember.MACROECONOMIC POLICIESAs is its tradition, during 1982 the Council devoted much of itstime to assisting the President in the formulation of broad economicpolicy objectives and the programs to carry them out. The developmentof economic assumptions and monitoring of current developments,under Council Member Jordan and subsequently CouncilMember Poole, were an area of major interest. Monetary policy developmentsreceived especially close attention.Council Member Jordan and later Council Member Poole chairedthe interagency subcabinet "Troika" forecasting group, consisting ofrepresentatives from the Department of the Treasury and the Officeof Management and Budget, with participation by the Department ofCommerce. The Chairman of the Council continued his responsibilityfor presenting to the President the economic assumptions developedwith the Office of Management and Budget and the Departmentof the Treasury.Council Members chaired or participated in numerous CabinetCouncil working groups dealing with such issues as economic statistics,Federal credit programs, alternatives to Federal regulation, andFederal housing programs.151