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Begin New Search Journal The Cato Journal Author Allan H. Meltzer

1. What's Wrong with the Fed? What Would Restore Independence?

Author:
Allan H. Meltzer
Publication Date:
10-2013
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
On September 1, 1948, Allan Sproul, president of the Federal Reserve Bank of New York, commented on Fed independence: I don't suppose that anyone would still argue that the central banking system should be independent of the Government of the country. The control which such a system exercises, over the volume and value of money is a right of Government and is exercised on behalf of Government, with powers delegated by the Government. But there is a distinction between independence from Government and independence from political influence in a narrower sense. The powers of the central banking system should not be a pawn of any group or faction or party, or even any particular administration, subject to political pressures and its own passing fiscal necessities [Letter to Robert R. Bowie, in Meltzer 2003: 738].
Topic:
Government
Political Geography:
New York

2. Federal Reserve Policy in the Great Recession

Author:
Allan H. Meltzer
Publication Date:
06-2012
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Overresponse to short-run events and neglect of longer-term consequences of its actions is one of the main errors that the Federal Reserve makes repeatedly. The current recession offers many examples of actions that some characterize as bold and innovative. I regard many of these actions as inappropriate for an allegedly independent central bank because they involve credit allocation, fill the Fed's portfolio with an unprecedented volume of long-term assets, evade or neglect the dual mandate, distort the credit markets, and initiate other actions that are not the responsibility of a central bank.
Political Geography:
America

3. Learning about Policy from Federal Reserve History

Author:
Allan H. Meltzer
Publication Date:
06-2010
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
For much of the past 15 years, my assistants and I have been read- ing minutes and papers in the National Archives, the Board of Governors, and the New York Federal Reserve Bank. I owe a debt of appreciation to the Board's librarians, to the achivists at the New York bank, to my several assistants, and to many at the Fed who cooperated helpfully to make this project come to completion. The result has now been published in two volumes of more than 2,000 pages. Volume 1 covers the 1913–1951 period and has been in print several years (Meltzer 2003). Volume 2, published in February, is in two parts: part one (Meltzer 2010a) covers the 1951–69 period, and part two (Meltzer 2010b) chronicles the 1970–86 period.
Political Geography:
New York

4. Reflections on the Financial Crisis

Author:
Allan H. Meltzer
Publication Date:
01-2009
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
I am going to make several unrelated points, and then I am going to discuss how we got into this financial crisis and some needed changes to reduce the risk of future crises.
Topic:
Democratization, Economics, International Trade and Finance, Markets, Privatization, and Financial Crisis
Political Geography:
United States