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SCHOLARS &
FELLOWS
Allan H. Meltzer
Visiting Scholar
RESOURCES
RESEARCH AREAS
- Financial services
- International finance
- Monetary policy and history
- Tax and budget issues
Contact
E-mail: ameltzer@aei.org
Phone: 412-268-2282
Fax: 202-862-7177
Biography
Allan H. Meltzer is the Allan H. Meltzer University Professor of Political Economy at Carnegie Mellon University. He is the author of History of the Federal Reserve, Volume I: 1913-1951 (University of Chicago Press, 2002), a definitive research work on the Federal Reserve System. He has been a member of the President's Economic Policy Advisory Board, an acting member of the President's Council of Economic Advisers, and a consultant to the U.S. Treasury Department and the Board of Governors of the Federal Reserve System. In 1999 and 2000, he served as the chairman of the International Financial Institution Advisory Commission, which was appointed by Congress to review the role of the International Monetary Fund, the World Bank, and other institutions. The author of several books and numerous papers on economic theory and policy, Mr. Meltzer is also a founder of the Shadow Open Market Committee.
Experience
- Allan H. Meltzer Professor of Political Economy and Public Policy, 1997-present; Professor, 1957-present, Carnegie Mellon University
- Honorary Adviser, Institute for Monetary and Economic Studies, Bank of Japan, 1986-present
- Member, 1973-present; Chairman, 1989, Shadow Open Market Committee
- Acting Member, President's Council of Economic Advisers, 1988-89
- Faculty, Harvard University, University of Chicago, University of Pennsylvania, and abroad
Education
Ph.D., M.A., economics, University of California at Los Angeles A.B., Duke University
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If President Obama and the Federal Reserve continue down their current path, we could see a repeat of the inflationary years of the 1970s.
If President Obama asked for the most urgent financial reform, global or domestic, needed to rebuild the credibility of the financial system, what would be the answer?
Capitalism is the only system that increases both growth and freedom.
President Obama should rethink his approach to financial market reform.
Economists assess President-elect Barack Obama's fiscal stimulus proposals.
The Ascent of Money is yet another in Niall Ferguson's series of very readable and enjoyable books.
The best way to solve the housing market crisis is to increase demand for unsold houses.
Why have the government's efforts to right the economy not yet succeeded?
The Federal Reserve, the Treasury, and the Securities and Exchange Commission have taken actions recently that could have profound impact on the nation's financial system.
Clear capital requirements are all we need.
What are the implications of the Fed's actions on Bear Stearns? Four AEI scholars look closely at the evidence of what went wrong and what is ahead.
The housing mess is the result of earlier rule-making mistakes. Greater regulation is notthe answerin bringingstability, butrathercontributes to problems in financial markets.
Amid widespread financial turmoil and talk of recession, fivescholars atAEI graded and assessed the Federal Reserve’s recent policy decisions.
The Fed's job is to prevent inflation and promote economic growth. It should not sacrifice inflation in to manipulate short-term employment numbers.
The roots of the subprime meltdown can be found in the financial industry's compensation system and in the Basel Accords.
Aloose monetary policy is necessary to head off an economic downturn that is coming our way.
A no-bailout policy is the only regulation hedge funds need.
Central bankingneeds to announce and follow a policy rule in order to controlinflation over the long run.
AEI scholars debate the relevance of the International Monetary Fund.
AEI Online
November 30, 2006
Although Milton Friedman is no longer with us, his memory will live on through his work.
A remembrance of Milton Friedman, an extraordinary economist and individual.
Progress has been made in reforming the International Monetary Fund, specifically in adopting recommendations of the Meltzer Commission. However,greater reform is desirable.
AEI Online
March 23, 2005
Paul Wolfowitz can help to reduce poverty and spread democracy by replacing command and control at the World Bank with incentives to reach those goals.
Wall Street Journal
March 18, 2005
Paul Wolfowitz can help to reduce poverty and spread democracy by replacing command and control with incentives to reach those goals.
Cato Journal, Vol. 25, No. 1
January 1, 2005
New leadership at the IMF and the end of James Wolfensohn’s term at the World Bank in 2005 provide an opportunity for new approaches and much needed reform.
Senate Committee on Banking, Housing, and Urban Affairs
May 19, 2004
The IMF should establish a list of policies that countries must adopt to be assured ofcrisis assistance.The World Bank should be monitored by an independent group similar to the GAO.
Financial Times
April 5, 2004
If theUnited Statescontinues to report productivity growth rates, and profit rates remain high, there should be no shortage of buyers of U.S. assets and equities.
Cato Journal
January 1, 2004
The author discusses the economy and monetary theories of Anna Schwartz and Milton Friedman.
AEI Online
November 1, 2003
While analysts discuss the loss of manufacturing jobs since the George W. Bush administration took office, the Labor Department Household Survey shows such claims to be exaggerated.
Wall Street Journal
September 26, 2003
One of the enduring half-truths about the economy is that small firms create most new jobs.
National Association for Business Economists
September 15, 2003
Democratic capitalism and the Pax Americana have brought many more global benefits than is often realized.
The Region (Federal Reserve Bank)
September 1, 2003
Financial Times
August 17, 2003
To the surprise of most Japan-watchers, the Japanese economy continues to recover.
World Economics
August 1, 2003
International Economy
June 1, 2003
The Cato Journal
June 1, 2003
2003 Irving Kristol LectureAEI Annual Dinner
February 26, 2003
Meltzer's Irving Kristol Lecture at AEI's 2003 Annual Dinner.
Financial Times
January 13, 2003
Instead of negotiating assistance in exchange for promises, the International Monetary Fund should withdraw from Argentine domestic policy and accept once and for all that it cannot solve the country's problems.
Washington Times
January 13, 2003
Congress must act and demand reforms from International Development Association and the Asian and African Development Funds, instead of simply writing them a blank check.
Testimony by Allan H. Meltzer before the Senate Committee on Foreign Relations on September 12, 2002.
The Wall Street Journal
August 7, 2002
The International Monetary Fund and the U.S. Treasury have abandoned their short-lived policy of benign neglect and come galloping back into Latin America.
AEI Online
August 1, 2002
Approval of loans to Uruguay and Brazil signals that the Bush administration's position of refusing to bail out mismanaged economies has given way to the mistaken policies of the past.
Financial Times
April 16, 2002
As the world economy moves towards recovery, Japan, the second largest economy, lags behind.
Japan’s Ministry of Finance and the Bank of Japan should continue to purchase foreign exchange, stop by selling other assets, and expand money growth until yen deflation ends.
Testimony by Allan H. Meltzer before the House Financial Services Committee (March 5) and the Joint Economic Committee (March 6).
Financial Times
January 24, 2002
To prevent a run from weak to strong banks in Argentina, the government should underwrite a guarantee of deposits until the sector is recapitalised.
Carnegie Mellon's Gailliot Center for Public Policy
January 1, 2002
The Independent
September 21, 2001
The mission of the development banks should be four-fold: promoting economic and social development, improving the quality of life, reducing poverty, and providing global and regional public goods.
AEI Online
August 1, 2001
The World Bank should provide the poorest countries with performance-based grants rather than loans, which are seldom repaid.
The Wall Street Journal
July 26, 2001
Needy countries carry official debt, and theyhave nothing but a 25% decline in their standard of living; a major change in the way aid is delivered and administered is needed.
Federal Reserve Bank of St. Louis Review
July 1, 2001
Financial Times
May 10, 2001
International lenders of last resort should instead implement a constructive default framework that encourages prudent policies and secure financial systems in borrowing countries.
Statement before the Joint Economic Committee of the U.S. Congress, by Allan H. Meltzer, March 8, 2001.
The Washington Times
October 11, 2000
Financial Times
October 10, 2000
AEI Online
October 1, 2000
The September World Bank and IMF meeting in Prague produced important reforms of IMF financial practices, continuing confusion at the World Bank, and a flawed proposal for debt relief.
Financial Times
April 28, 2000
AEI Online
April 28, 2000
A bipartisan congressional commission has proposed changes to increase the effectiveness of the International Monetary Fund, the World Bank, and other international financial institutions.
Washington Post
April 11, 2000
Current World Bank expenditures are too much for ineffective programs but too little for effective programs.
Cato Journal
April 1, 2000
Wall Street Journal
March 8, 2000
In order for the United States to provide effective foreign assistance to other countries, both the International Monetary Fund and the World Bank must undergo substantial reform.
International Economy
November 1, 1999
National Interest
June 1, 1999
The future role of the International Monetary Fund is today in doubt.
Federal Reserve Bank of Chicago
October 8, 1998
If a country adopts market-oriented policies of privatization and deregulation, foreign lenders and investors are willing to finance development.
Japan should take the opportunity provided by a new government to change economic policy, pursue monetary expansion, and devalue.
Cato Journal
January 1, 1998
AEI Online
January 1, 1998
The damaging impact ofthe international aid package extended to Mexico in 1995 illustrates apattern that maybe repeated in Asia.
National Review
November 24, 1997
National Review
April 21, 1997
The European Monetary Union is too small to realize benefits;a largely voluntary, decentralized arrangement covering more of the world's trade would be a much more desirable outcome.
Wall Street Journal
February 2, 1996
Journal of Economic Perspectives
September 1, 1995
Wall Street Journal
November 1, 1994
Wall Street Journal
June 30, 1994
Wall Street Journal
January 14, 1994
Los Angeles Times
October 31, 1993
Los Angeles Times
September 5, 1993
International Center for Economic Growth
September 1, 1993
Los Angeles Times
July 11, 1993
Los Angeles Times
May 30, 1993
Wall Street Journal
May 5, 1993
Los Angeles Times
April 18, 1993
Los Angeles Times
March 7, 1993
Federal Reserve Bank of St. Louis Bulletin
March 1, 1993
Wall Street Journal
February 22, 1993
Los Angeles Times
February 14, 1993
Wall Street Journal
December 18, 1992
Los Angeles Times
November 8, 1992
Los Angeles Times
September 13, 1992
The International Economy
September 1, 1992
Los Angeles Times
July 19, 1992
Los Angeles Times
May 24, 1992
Los Angeles Times
March 29, 1992
Wall Street Journal
March 17, 1992
Los Angeles Times
February 4, 1992
Journal of Monetary Economics
January 1, 1992
Los Angeles Times
December 8, 1991
Los Angeles Times
October 13, 1991
Los Angeles Times
August 18, 1991
Joint Economic Committee
July 9, 1991
Los Angeles Times
June 23, 1991
Los Angeles Times
April 28, 1991
Los Angeles Times
January 6, 1991
Los Angeles Times
November 11, 1990
Los Angeles Times
July 22, 1990
The American Economist
March 1, 1990
New York Times
December 11, 1989
Books [List all]
A History of the Federal Reserve, Vol. I
University of Chicago Press
January 1, 2002
Thismonumental history of the Federal Reserve System tells the story of one of America's most influential but least understood public institutions.
Money and the Economy
Cambridge University Press
June 1, 1997
This volume, by two eminent monetarist economists, offers a unique perspective on a key issue of monetary economics: the effect of money on output.
Money, Credit, and Policy
Edward Elgar Publishing, Incorporated
January 1, 1995
Chapters cover the demand for money, predicting velocity, economies of scale, monetary theory and history, the Great Depression, stagflation, unemployment, the permanence of economic shocks, and more.
Political Economy
Oxford University Press
April 1, 1991
This book explores the intricacies of political economy.
International Competitiveness in Financial Services
Kluwer Academic Publishers
March 1, 1991
This book discusses financial services, monetary policy, and tax and fiscal policy.
Monetary Economics
Blackwell Publishers
May 1, 1989
This book examines monetary policy and economic issues.
Keynes's Monetary Theory
Cambridge University Press
February 1, 1989
This book argues that despite the centrality of Keynes's views to macroeconomics and the active controversy about Keynesian policy, his central ideas have been ignored or misstated.
Federal Tax Treatment of State and Local Securities
Congressional Informational Service, Inc.
April 1, 1980
This study aims to narrow down the differences among experts in taxation and the municipal bond market on the facts and analyses with regard to this matter of public policy.
Institutional Policies and Economic Performance
Elsevier Science & Technology Books
December 1, 1976
The author explores how the economy's performance is guided by institutional regulations.
Events [List all]
Why Capitalism?
March 9, 2009
Is Deregulation a Cause of the Financial Crisis?
January 23, 2009
The End of the American Era: Looking Ahead
October 22, 2008
Is the Federal Reserve on the Right Track?
June 16, 2008
What Lies Beyond the Credit Crunch? Part II
April 28, 2008
Is the IMF Still Relevant?
September 25, 2007
The Future of Foreign Aid? The Millennium Challenge Corporation Two Years On
January 23, 2006
Does the Euro Have a Future?
September 16, 2005
The World Bank under Wolfowitz
June 7, 2005
In Praise of Empires
May 10, 2005
A New Approach to Personal Social Security Accounts
March 29, 2005
The World's Banker
December 13, 2004
Policy Challenges of Global Payment Imbalances
November 4, 2004
Does Federal Government Debt Affect Interest Rates?
July 8, 2004
Global Economic Challenges for the IMF's New Chief
June 9, 2004
Three Cheers for Globalization
March 10, 2004
Should China Float Its Currency?
October 15, 2003
The Fall of the Dollar and the Global Economy
July 22, 2003
Annual Dinner 2003
February 26, 2003
A Tribute to Allan H. Meltzer
February 26, 2003
A History of the Federal Reserve, Vol. I
November 18, 2002
The IMF and the Lessons from Argentina and Brazil
October 31, 2002
The IMF Proposal for Sovereign Debt Restructuring
October 7, 2002
Does a Stimulus Package Have Unintended Consequences?
April 4, 2002
Who Lost Argentina?
February 5, 2002
Is It Really Good Policy to Pay Off the Publicly Held Treasury Debt?
February 23, 2001
Anna Schwartz
April 14, 2000
Final Report of the International Financial Institution Advisory Commision
March 8, 2000
Should the United States Aid the Former Soviet Union?
April 13, 1992
Speeches and Testimony [List all]
Why Capitalism?
Capitalism is the only system that increases both growth and freedom.
Reforming Central Banks
Central bankingneeds to announce and follow a policy rule in order to controlinflation over the long run.
International Monetary Fund Reform
Progress has been made in reforming the International Monetary Fund, specifically in adopting recommendations of the Meltzer Commission. However,greater reform is desirable.
IMF and World Bank Reform 2004
Senate Committee on Banking, Housing, and Urban Affairs
May 19, 2004
The IMF should establish a list of policies that countries must adopt to be assured ofcrisis assistance.The World Bank should be monitored by an independent group similar to the GAO.
NABE Speech: Leadership and Progress
National Association for Business Economists
September 15, 2003
Democratic capitalism and the Pax Americana have brought many more global benefits than is often realized.
Leadership and Progress
2003 Irving Kristol LectureAEI Annual Dinner
February 26, 2003
Meltzer's Irving Kristol Lecture at AEI's 2003 Annual Dinner.
Replenishment of the Multilateral Banks
Testimony by Allan H. Meltzer before the Senate Committee on Foreign Relations on September 12, 2002.
The International Monetary Fund Two Years after the IFIAC (Meltzer) Commission
Testimony by Allan H. Meltzer before the House Financial Services Committee (March 5) and the Joint Economic Committee (March 6).
The World Bank One Year after the Commission's Report to Congress
Statement before the Joint Economic Committee of the U.S. Congress, by Allan H. Meltzer, March 8, 2001.
What's Wrong with the IMF? What Would Be Better?
Federal Reserve Bank of Chicago
October 8, 1998
If a country adopts market-oriented policies of privatization and deregulation, foreign lenders and investors are willing to finance development.
Monetary Reform in the U.S.S.R
Joint Economic Committee
July 9, 1991
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