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Discover Allan H. Meltzer famous and rare quotes. Share Allan H. Meltzer quotations about growth and libertarianism. "Governments harangue about deficits to get more revenue..."
Allan Meltzer. There's more consensus . . . within the economics profession about how the world works than there was in the 1950s, '60s and '70s. Don't believe ... the widely reported loss of millions of manufacturing jobs since the Bush administration took office, ...
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Allan Meltzer is a legend for his work in economic policy and in CMU’s community. When the history books are written, Allan Meltzer will be recognized for his role in ending the Great Inflation and influencing U.S. and foreign economic policy.
- Failures of The Fed
- The Theory/Policy Gap
- Time Consistency and Policy Rules
- The 1951 Treasury Accord
- Volume 2
- The Shadow Open Market Committee
- The Meltzer Commision
- Meltzer Commission Critics
- Moral Hazard
- Regulators and Stability
Region: You've modestly titled your book A History of the Federal Reserve. Meltzer: Yes. The publisher asked me whether I wanted to call it The History of the Federal Reserve. I said that was a bit too much for me, so A Historyis fine. Region:In it you clearly and painfully describe the Fed's early failures to do precisely what was intended: to sta...
Region:What then establishes worldviews for policymakers? This leads us back to the question of how theory influences policymaking, and whether that gap has diminished. Meltzer:An optimistic view is that we don't make the same mistakes, but we make new ones. It is a disappointment to me that some of the best policies have been made by people who do...
Region:Can you elaborate, then, on your views of the importance of policy rules as a means of diminishing the likelihood of time-inconsistent policies? Meltzer:I would say that there are two ways in which rules are important. First, let's take a particular rule that many economists advocate—inflation targeting. As far as the trade-off between infla...
Region: Could you talk a bit about the 1951 Treasury-Fed Accord? You've said it began the evolution toward the modern Fed. It seems a very significant event in Federal Reserve history—in U.S. political history in fact—but it's little known and poorly understood. Meltzer:Even at the time it was little known. The newspapers didn't play it up as a big...
Region:You've anticipated my next question, asking for a preview of the key issues in volume 2, and perhaps a progress report. In his very complimentary remarks on the publication of volume 1, Chairman Greenspan asked if you couldn't move the timeline up a bit for volume 2. So, if I might ask, how is it coming? Meltzer:It's coming. It's coming. [la...
Region:Speaking of presidents, is it true that we have President Nixon, Arthur Burns and the wage and price controls to thank for the Shadow Open Market Committee? Did they motivate you and Karl Brunner to create the SOMC? Meltzer:Yes, indirectly. The wage and price controls were an example of what we thought of as bad policymaking. When they were ...
Region:Let's turn to that. From 1999 to 2000, you chaired the International Financial Institution Advisory Commission, better known as the Meltzer Commission. And it issued very strong recommendations calling for the overhaul of lending policies and operations of the IMF, World Bank and other international agencies. Are you satisfied with the progr...
Region:As you’re well aware, when the commission’s recommendations were first issued, they were strongly criticized by officials at the IMF, the U.S. Treasury Department and elsewhere as being counterproductive. For example, some said that following your recommendations would actually exacerbate moral hazard rather than diminish it. How did you res...
Region:The problem of moral hazard is central to the issue of bailouts, of course, and you've mentioned the examples of Uruguay and Argentina. Some critics of the Meltzer Commission said that your recommendations would increase moral hazard. What was your response to that specific criticism? Meltzer:On the few occasions where it was made when I was...
Region:The United States has suffered fewer financial crises since the end of World War II. To what extent would you attribute that greater stability to the Fed's role in bank regulation and being lender of last resort, and to what extent does the credit go to FDIC deposit insurance as a means of preventing bank panics or bank runs? Meltzer:Let's s...
May 9, 2017 · Allan H. Meltzer, Monetary Policy Expert and Historian of Political Economy, Dies at 89. Internationally renowned economist and Carnegie Mellon University Professor Allan H. Meltzer, author of the seminal text "Why Capitalism?" and a magisterial two-volume history of the Federal Reserve, died on May 8. He was 89.
May 10, 2017 · Allan H. Meltzer (1928-2017) earned a great reputation as an outstanding academic. He was a scholar of Nobel Prize quality. He taught at some of the best universities in the world, including ...
May 4, 2009 · Allan H. Meltzer, a professor of political economy at Carnegie Mellon University, is the author of “A History of the Federal Reserve.”
