| Arthur F. Burns |
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The academic part of Burns's career focused on the measurement of Business Cycles , including questions such as the duration of Expansions , and 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 tenure. Negative economic events included multiple Oil Shock s and heavy government Deficit s arising in part from the Vietnam War and Great Society government programs. SOURCES
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