A History of the Federal Reserve, Vol. 2, Book 1: 1951-1969
by Allan H. Meltzer
A History of the Federal Reserve (2.1)
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Allan H. Meltzer's critically acclaimed history of the Federal Reserve is the most ambitious, most intensive, and most revealing investigation of the subject ever conducted. Its first volume, published to widespread critical acclaim in 2003, spanned the period from the institution's founding in 1913 to the restoration of its independence in 1951. This two-part second volume of the history chronicles the evolution and development of this institution from the Treasury-Federal Reserve accord in show more 1951 to the mid-1980s, when the great inflation ended. It reveals the inner workings of the Fed during a period of rapid and extensive change. An epilogue discusses the role of the Fed in resolving our current economic crisis and the needed reforms of the financial system. In rich detail, drawing on the Federal Reserve's own documents, Meltzer traces the relation between its decisions and economic and monetary theory, its experience as an institution independent of politics, and its role in tempering inflation. He explains, for example, how the Federal Reserve's independence was often compromised by the active policy-making roles of Congress, the Treasury Department, different presidents, and even White House staff, who often pressured the bank to take a short-term view of its responsibilities. With an eye on the present, Meltzer also offers solutions for improving the Federal Reserve, arguing that as a regulator of financial firms and lender of last resort, it should focus more attention on incentives for reform, medium-term consequences, and rule-like behavior for mitigating financial crises. Less attention should be paid, he contends, to command and control of the markets and the noise of quarterly data. At a time when the United States finds itself in an unprecedented financial crisis, Meltzer's fascinating history will be the source of record for scholars and policy makers navigating an uncertain economic future. show lessTags
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Allan Harold Meltzer was born in Boston, Massachusetts on February 6, 1928. He received a bachelor's degree in economics from Duke University in 1948 and master's and doctoral degrees in economics from the University of California, Los Angeles. In 1957, he became an assistant professor at the Carnegie Mellon Graduate School of Industrial show more Administration, later named the Tepper School of Business. At his death, he held a professorship there in political economy that was named for him. He was a conservative economist who strongly opposed government bailouts. He was a consultant to congressional committees, the Federal Reserve System, the Treasury Department, foreign governments, and central banks. Under President Ronald Reagan, he was an acting member of the President's Council of Economic Advisers. He wrote more than 10 books including A History of the Federal Reserve and Why Capitalism? He received many awards including the Harry Truman Medal for Public Policy and the Truman Medal for Economic Policy. He died on May 8, 2017 at the age of 89. (Bowker Author Biography) show less
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- Canonical title
- A History of the Federal Reserve, Vol. 2, Book 1: 1951-1969
- Disambiguation notice
- This "work" has zero-editions with title/ISBN mismatches (0226519945 is for Vol. 2 Book 2, not Vol. 2 Book 1), so it's probably best not to combine this "work" with correct copies. Thanks.
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- English
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- Paper
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