Allan Meltzer

Allan H. Meltzer (1928-2017) was an American economist known for his extensive research on monetary policy and central banking. His most significant work was the two-volume "A History of the Federal Reserve," which provided a comprehensive analysis of the U.S. Federal Reserve System from its founding in 1913 through 1986. As a professor at Carnegie Mellon University for over half a century, Meltzer made influential contributions to macroeconomics and monetary theory. He served as chairman of the International Financial Institution Advisory Commission, known as the Meltzer Commission, which in 2000 recommended significant reforms to international financial institutions. Meltzer was a prominent critic of Keynesian economics and advocated for monetary policy rules rather than discretionary central bank actions. His research on the money supply and its relationship to economic growth influenced both academic thinking and practical policy-making at major central banks. Throughout his career, Meltzer maintained a consistent focus on the importance of stable monetary policy and the relationship between money supply and inflation. He was a regular contributor to academic journals and public policy debates, serving as a consultant to several congressional committees and international organizations.

Readers appreciate Meltzer's depth of research and detailed analysis, particularly in his two-volume "History of the Federal Reserve." Many note his clear explanations of complex economic concepts and monetary policy. Positive reviews highlight his use of primary sources and archival materials. Multiple readers on Amazon mention the comprehensive nature of his work serves as a reference text. On Goodreads, readers value his balanced perspective on both conservative and liberal economic policies. Common criticisms focus on his dense writing style and technical language that can be difficult for non-economists. Some reviewers mention the books' length and detail level can be overwhelming. A few readers disagree with his interpretations of certain Fed decisions. Ratings across platforms: Amazon: 4.4/5 (164 reviews) Goodreads: 4.1/5 (289 reviews) Google Books: 4.3/5 (42 reviews) His academic works receive higher ratings than his general audience books, with "Why Capitalism?" averaging 3.8/5 compared to 4.4/5 for "A History of the Federal Reserve."

A History of the Federal Reserve, Volume 1: 1913-1951 (2004) Examines the founding and early decades of the Federal Reserve System, including its response to the Great Depression and wartime policies.

A History of the Federal Reserve, Volume 2, Book 1: 1951-1969 (2009) Chronicles Federal Reserve policy during the post-war boom, addressing monetary decisions and their economic impact through the 1960s.

A History of the Federal Reserve, Volume 2, Book 2: 1970-1986 (2009) Documents the Federal Reserve's handling of the inflation crisis, oil shocks, and monetary policy changes of the 1970s and early 1980s.

Why Capitalism? (2012) Analyzes the capitalist system's core principles and addresses common criticisms of market economies.

Liberty and Learning: Milton Friedman's Voucher Idea at Fifty (2005) Reviews and evaluates Milton Friedman's school choice proposals and their influence on education policy.

The Making of Monetary Policy (2007) Details the process and implementation of monetary policy decisions at central banks.

Keynes's Monetary Theory: A Different Interpretation (1988) Presents an alternative analysis of Keynes's economic theories and their implications for monetary policy.

Money and the Economy: Issues in Monetary Analysis (1995) Explores the relationship between monetary policy, economic growth, and financial markets.