Allan H. Meltzer

Distinguished Visiting Fellow

Allan Meltzer is a distinguished visiting fellow at the Hoover Institution and the Allan H. Meltzer University Professor of Political Economy at the Tepper School of Business at Carnegie Mellon University. He has been a visiting professor at Harvard, the University of Chicago, the University of Rochester, the Yugoslav Institute for Economic Research, the Austrian Institute for Advanced Study, the Getulio Vargas Foundation in Rio de Janeiro, and the City University, London. He has served as a consultant for several congressional committees, the President's Council of Economic Advisers, the US Treasury Department, the Board of Governors of the Federal Reserve System, the World Bank, foreign governments, and central banks. He has been a member of the President's Economic Policy Advisory Board. In 1988–89, he was an acting member of the President's Council of Economic Advisers. From 1986 to 2002, he was an honorary adviser to the Institute for Monetary and Economic Studies of the Bank of Japan.

In 1999–2000, he served as chairman of the International Financial Institution Advisory Commission, known as the Meltzer Commission, which proposed major reforms of the International Monetary Fund and the development banks.

Professor Meltzer's writings have appeared in numerous journals; his most recent publication is Why Capitalism? (Oxford University Press, 2012). He has authored several other books, including A History of the Federal Reserve (University of Chicago Press, 2 volumes, 2003 and 2009) and numerous papers on economic theory and policy. His career includes experience as a self-employed businessman, management adviser, and consultant to banks and financial institutions.

In 1983, Professor Meltzer received a medal for distinguished professional achievement from the University of California, Los Angeles. He was named the distinguished fellow for 2011 by the American Council for Capital Formation and is a distinguished fellow of the American Economic Association. In 2003 he received the Irving Kristol Award from the American Enterprise Institute and the Adam Smith Award from the National Association for Business Economics. In 2009, he received the Distinguished Teacher Award from the International Mensa Foundation. In 2011 Professor Meltzer received the Bradley Award, the Harry Truman Medal for Public Policy, and the Truman Medal for Economic Policy.

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Recent Commentary

“Too Big to Fail”? The Problem Is Still With Us

by Charles Calomiris, Allan H. Meltzervia Hoover Digest
Wednesday, July 9, 2014

Dodd-Frank was supposed to ensure that individual institutions could no longer threaten our entire financial system. Yet Dodd-Frank itself has failed. We don’t need more regulations; we need deeper bank equity.

Narendra Modi
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Ronald Reagan Is Alive in India

by Allan H. Meltzervia Defining Ideas
Thursday, May 29, 2014

Republicans could learn a lot from the election of Narendra Modi.

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Meltzer on Santelli Exchange: “our crystal ball is not very good”

by Allan H. Meltzervia CNBC
Friday, May 9, 2014

Hoover distinguished visiting fellow Allan Meltzer discusses the economy on Santelli Exchange. Topics include the impact of inflation on food prices and the Fed’s interventions.

The Federal Reserve
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How the Fed Fuels the Coming Inflation

by Allan H. Meltzervia Wall Street Journal
Tuesday, May 6, 2014

The U.S. Department of Agriculture forecasts that food prices will rise as much as 3.5% this year, the biggest annual increase in three years. Over the past 12 months from March, the consumer-price index increased 1.5% before seasonal adjustment. These are warnings.

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The United States of Envy

by Allan H. Meltzervia Defining Ideas
Thursday, April 17, 2014

Income redistribution will lead to high unemployment, crushing tax rates, and the end of innovation.

Bank of America
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How Dodd-Frank Doubles Down on 'Too Big to Fail'

by Charles Calomiris, Allan H. Meltzervia Wall Street Journal
Thursday, February 13, 2014

The Dodd-Frank Act, passed in 2010, mandated hundreds of major regulations to control bank risk-taking, with the aim of preventing a repeat of the taxpayer bailouts of "too big to fail" financial institutions.

Featured Commentary

When Inflation Doves Cry

by Allan H. Meltzervia Project Syndicate
Tuesday, August 13, 2013
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Quantitative Quicksand

by Allan H. Meltzervia Project Syndicate
Thursday, June 6, 2013

Almost all recoveries from recession have included rapid employment growth — until now.

Featured Commentary

What’s Stopping Europe?

by Allan H. Meltzervia Project Syndicate
Wednesday, April 17, 2013