Allan H. Meltzer

Distinguished Visiting Fellow
Biography: 

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

Taylor Jones cartoon

Congress vs. Cronyism

by Allan H. Meltzervia Hoover Digest
Wednesday, January 28, 2015

Unelected agencies engage entirely too often in sheer influence peddling. Congress can fix that.

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Three Strikes Against the Fed

by Allan H. Meltzervia Defining Ideas
Thursday, January 15, 2015

If you want to know why the economic recovery has been so sluggish, look no further than the Obama administration and Federal Reserve policies.

The United States of Envy

by Allan H. Meltzervia Hoover Digest
Tuesday, October 21, 2014

What closes income gaps? Education and innovation—not confiscatory taxes such as those Thomas Piketty proposes.

Featured Commentary

Letter to the Editor: Avoid Ethnocentrism on Hong Kong

by Allan H. Meltzervia Wall Street Journal
Monday, October 13, 2014

Bret Stephens’s “Hong Kong Pops the China Bubble” (Global View, Oct. 7) celebrating Hong Kong’s democracy movement badly misses the point. The question to ask about China is whether its current mix of authoritarianism and freedom is the best practicable way for it to progress toward the ideal of the good, civilized, rational, modern, free and democratic society.

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Cronyism vs. the Constitution

by Allan H. Meltzervia Wall Street Journal
Monday, August 25, 2014

Most of us learned in grade school that the Constitution parcels legislative, executive and judicial power into separate branches of the government. This separation of powers—the system of checks and balances—is to prevent tyranny and ensure that all citizens enjoy equal protection under the law.

“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
Featured Commentary

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.

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