Allan H. Meltzer

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The folly of economic short-termism

Day traders and their acolytes tried to pressure the Federal Reserve to open the money spigots wider this week. Fortunately, the Fed said no to QE3, at least for now. But it did vote to continue its super-easy, zero-interest-rate policy until mid-2013, well after the next presidential election.

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Political Stimulus

The welfare of the citizens–poor, middle-class and wealthy–is best improved by using resources more productively. To realize the promise that the U.S economy has always offered, we must choose less social spending, less intrusive regulation, and more efficient use of resources in both the public and private sectors.

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The Fed Should Consider a 'Bad Bank'

When countries run huge budget deficits with rapid money growth and a depreciating exchange rate, inflation follows. There is no reason to believe we will escape the consequences.

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Government Testimony 80

Congress should require banks to increase capital relative to their assets as asset size increases.

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Ben Bernanke's '70s Show

Instead of the Fed focusing on short-term goals, their focus should be on long-term inflation reduction, encouraging businesses to be more certain with their investments.

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As the Federal Reserve continues to take steps to boost the economy and navigate through an uncertain economic future, Allan H. Meltzer’s acclaimed history of the Federal Reserve uses the past to provide lessons for today’s policymakers and scholars.

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To Change Policy, Change the Law

Nobel laureate Milton Friedman’s main message for central banks was to maintain a monetary rule that kept the growth of the money supply constant, and would certainly not favor the Federal Reserve’s current inflationary plan.

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