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question had to do with the impact of these developments
on the domestic U.S. economy. It was generally conceded
that any adverse effect would be apt to come through the
psychological impact of any decline in the stockmarket
together with any tightening of monetary policy and interest
rates. Mr. Volcker indicated that estimates about the
impact on the stockmarket ranged to a decline of 300 points
in the Dow-Jones (though this was not put forward as
Mr. Volcker's own personal view). The President indicated
his concern that the tail might wag the dog through a
tightening of monetary policy for external reasons even
though it would be adverse to our domestic economic
interests.
Paul W. McCracken
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"ocrText": "2\nquestion had to do with the impact of these developments\non the domestic U.S. economy. It was generally conceded\nthat any adverse effect would be apt to come through the\npsychological impact of any decline in the stockmarket\ntogether with any tightening of monetary policy and interest\nrates. Mr. Volcker indicated that estimates about the\nimpact on the stockmarket ranged to a decline of 300 points\nin the Dow-Jones (though this was not put forward as\nMr. Volcker's own personal view). The President indicated\nhis concern that the tail might wag the dog through a\ntightening of monetary policy for external reasons even\nthough it would be adverse to our domestic economic\ninterests.\nPaul W. McCracken"
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