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.
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
Ph.D., M.A., economics, University of California at Los Angeles
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.
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.
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.
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.