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Review of Allan H. Meltzer's A history of the Federal Reserve, Volume 2, University of Chicago Press, 2009

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  • Taylor, John B.

Abstract

This is a review of Allan Meltzer's "A History of the Federal Reserve, Volume 2." By carefully reviewing thousands of transcripts and records, Meltzer's history lets policy makers explain their decisions in their own words, and creatively weaves historical events into a single exceptionally clear story as he did in Volume 1. In this review I first examine the book's main theme--that discretionary monetary policy failed in the Great Depression (1929-1933), in the Great Inflation (1965-1980), and in the recent Great Recession (2007-2009)--and then consider its main conclusion--that monetary policy should be based on less discretion and more rule-like behavior.

Suggested Citation

  • Taylor, John B., 2011. "Review of Allan H. Meltzer's A history of the Federal Reserve, Volume 2, University of Chicago Press, 2009," Journal of Monetary Economics, Elsevier, vol. 58(2), pages 183-189, March.
    • Handle: RePEc:eee:moneco:v:58:y:2011:i:2:p:183-189
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    1. Wieland, Volker & Cwik, Tobias & Müller, Gernot J. & Schmidt, Sebastian & Wolters, Maik, 2012. "A new comparative approach to macroeconomic modeling and policy analysis," Journal of Economic Behavior & Organization, Elsevier, vol. 83(3), pages 523-541.
    2. Bordo, Michael D., 2006. "Review of A History of the Federal Reserve. Volume I (2003) by Allan H. Meltzer," Journal of Monetary Economics, Elsevier, vol. 53(3), pages 633-657, April.
    3. John B. Taylor, 2005. "The international implications of October 1979: toward a long boom on a global scale," Review, Federal Reserve Bank of St. Louis, vol. 87(Mar), pages 269-276.
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    1. Francesco Bianchi & Cosmin Ilut, 2017. "Monetary/Fiscal Policy Mix and Agent's Beliefs," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 26, pages 113-139, October.
    2. Francesco Bianchi & Leonardo Melosi, 2022. "Inflation as a Fiscal Limit," Working Paper Series WP 2022-37, Federal Reserve Bank of Chicago.
    3. Martin Kliem & Alexander Kriwoluzky & Samad Sarferaz, 2016. "On the Low‐Frequency Relationship Between Public Deficits and Inflation," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 31(3), pages 566-583, April.

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