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You Know the Fed Chairman, And That's the Problem
If you were around before 1990, you might never have heard of the chairman of the Federal Reserve Board, much less have watched the spectacle of his selection. American schoolchildren do not learn...
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We Were Right: QE Can't Cure Our Economy
Some in the press have inquired about the November 2010 letter urging the Federal Reserve not to undertake a second round of quantitative easing. The letter, directed to Federal Reserve Chairman Ben...
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QE is a Mistake—a Big One
Allan H. Meltzer, Carnegie Mellon University and Hoover InstitutionWith $2.5 trillion sitting idle on bank balance sheets and more than $2 trillion additional sitting on corporate balance sheets, we...
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Making Central Banks More Resistant to Political Pressures and Fads
Over the first 100 years of Federal Reserve System history, the United States enjoyed both price stability and the absence of banking crises in only about a quarter of those years. Two main influences...
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This paper was presented April 13, 2014 at the International Monetary Fund’s Spring 2014 Meetings, in the session entitled “Can or Should Central Banks Remain Fully Independent Despite a Wider Mandate...
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How the Fed Fuels the Coming Inflation
Allan H. Meltzer, Carnegie Mellon University and Hoover InstitutionThis article originally appeard in the Wall Street Journal on May 7. The U.S. Department of Agriculture forecasts that food prices...
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America Is Being Damaged By Low Rates, Weak Dollar
Five years after the beginning of the economic recovery, after rock-bottom interest rates and trillions of dollars of quantitative easing by the Federal Reserve, the economy is growing about 2%.No...
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Yellen Should Really Say This to College Graduates
The following is an alternative address that Janet Yellen, chairwoman of the Federal Reserve, could give to graduating students of New York University today. She is free to borrow from it or use it...
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Fed Takes One Step Forward, Two Steps Back
Teaser: Monetary policy has been out of alignment for some time now -- intentionally so, as FOMC Chair Yellen confirmed during her recent testimony.Monetary policy has been out of alignment for some...
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No Reason to Fear Fed Rate Hikes
Teaser: The current five-year old expansion would fare just fine and even be enhanced if the Fed began hiking rates. Normalizing interest rates should be welcomed, not feared by the Fed.How often have...
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The Challenge for the European Central Bank
Teaser: The European Central Bank may disappoint once again at Thursday’s meeting. Given deteriorating conditions in the euro area, the failure to embark on a quantitative easing program, as other...
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Exiting from Low Interest Rates to Normality: An Historical Perspective
Teaser: The recent financial recession ended in 2009. It has been followed by close to six years of abnormally sluggish growth. To allay the crisis and contraction, the Federal Reserve drove short-term...
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Markets Trump the Fed's Forecast
Teaser: For an institution that prides itself on clear communication - an institution that elevated "forward guidance" to a policy tool - the Federal Reserve seems to be having trouble getting its...
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Better Times are Ahead for the Eurozone
Teaser: The Eurozone’s own previous experience suggests strongly that policies directed at increasing the rate of money growth have had exactly those effects predicted by theory.Faced with very low or...
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The QE Trap
Teaser: QE cannot solve the main problems of the eurozone.This article originally appeared in IntereconomicsQuantitative easing (QE) is the latest central bank fad. After years of QE by the US Federal...
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