In this 2003 interview, Burton Malkiel discussed the 1970s recession, some of the similarities and differences between Federal Reserve chairmen Alan Greenspan and Arthur Burns, and the importance of the psychology of the businessman. Malkiel is perhaps best known for his book A Random Walk Down Wall Street, and he also served on the Council of Economic Advisers from July 1975 to January 1977.
A transcript of the interview is also available.
This interview is part of series of oral histories conducted between 1994 and 2003 by Bob Hetzel, an economist at the Federal Reserve Bank of Richmond. In these interviews, economists who were in research and policymaking roles dating back to U.S. President Harry Truman’s administration talk about monetary policy as it was during their tenures. The full collection is available on FRASER, the St. Louis Fed’s digital library of economic, financial and banking materials.