Economics Working Paper WP17107
Abstract: Allan Meltzer was one of the leading monetary economists of the twentieth century. Allan was a key player in the debates over Monetarist and Keynesian doctrines as well as the debates over how to conduct monetary policy. He was always a strong advocate for rules-based monetary and lender of last resort policy. A salient part of his contribution was his monumental two volume History of the Federal Reserve 1913 to 1986 (2003 and 2010). In this essay, I present the main arguments of the History and provide an evaluation his contribution.