Reflections on Allan H. Meltzer's contributions to monetary economics and public policy / edited by David Beckworth.

Format:

Book

Contributor:

Beckworth, David M., editor.

Series:

Hoover Institution Press publication ; 704.

Hoover Institution Press publication ; 704

Language:

English

Subjects (All):

Economists--United States--Congresses.

Economists.

Physical Description:

1 online resource (197 pages).

Place of Publication:

Stanford, California : Hoover Institution Press, [2019]

Summary:

Allan H. Meltzer (1928-2017), a leading monetary economist of the twentieth century, is memorialized in eleven essays by prominent economists. Among his achievements, Meltzer transformed the field of central banking and dissected the economic disasters of the 1930s and late 2000s, as well as the avoidance of disaster in the 1970s. Focusing on his landmark A History of the Federal Reserve, 1913-1986, the first section argues that the Fed's biggest successes are tied to its adherence to classical monetary theory and also examines the monetarist counterrevolution. Next, the book turns to Meltzer's thinking on the monetary transmission mechanism and his close work with Karl Brunner on the Brunner-Meltzer Model; it argues that Meltzer's understanding of monetary economics could be used to measure the impact of the Fed's activities. Finally, Meltzer's contributions to public policy are examined, including his proposed reforms to the International Monetary Fund and his activities at the Carnegie Mellon Graduate School of Industrial Administration. The conference papers that compose this volume celebrate Meltzer's fifty-year career at Carnegie Mellon. The book ends with a transcribed interview, conducted just a few months before his death, in which he shares sharp-witted insights about economics and his legacy. Contributors: Michael Bordo, James Bullard, Joshua R. Hendrickson, Robert Hetzel, Peter N. Ireland, Robert Lucas, Edward Nelson, Gerald P. O'Driscoll Jr., Charles Plosser, George Selgin, and John Taylor.

Contents:

Front Cover

Praise

Title Page

Copyright

Contents

About Allan H. Meltzer

Introduction

Chapter 1: Making the Rules and Breaking the Mold: Allan Meltzer, 1928-2017

Chapter 2: Allan Meltzer and the History of the Federal Reserve

Chapter 3: Allan Meltzer: How He Underestimated His Own Contribution to the Modern Concept of a Central Bank

Chapter 4: "They Profess to Fear That for Which They Dare Not Hope": How the Fed Contributed to the Great Depression and the Great Recession by Boosting Banks' Demand for Reserves

Chapter 5: Allan Meltzer's Model of the Transmission Mechanism and Its Implications for Today

Chapter 6: The Monetary Base in Allan Meltzer's Analytical Framework

Chapter 7: Monetary Policy and the Interest Rate: Reflections on Allan Meltzer's Contributions to Monetary Economics

Chapter 8: Allan Meltzer and the Search for a Nominal Anchor

Chapter 9: The Meltzer Commission

Chapter 10: Memories of Allan Meltzer

Chapter 11: Allan Meltzer's Contributions to Public Policy Thought as Applied to the Federal Reserve

Chapter 12: Macro Musings: Allan Meltzer

Published Works of Allan H. Meltzer

About the Contributors

Index.

Notes:

Description based on print version record.

ISBN:

9780817923068

0817923063