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Index
Cover
Advance Praise for Reflections on Allan H. Meltzer’s Contributions to Monetary Economics and Public Policy
Frontispiece
Title Page
Copyright
Contents
About Allan H. Meltzer
Introduction
Chapter 1: Making the Rules and Breaking the Mold: Allan Meltzer, 1928–2017
Criticism was Never Personal
The Fed’s Mistakes in the 1930s and 1970s
Volcker Recaptures Lost Fed Independence
Congressional Hearings
The Meltzer Commission
Encouraging Economists
Chapter 2: Allan Meltzer and the History of the Federal Reserve
Narrative: 1913 to 2010
Evaluation: The Bottom Line
Chapter 3: Allan Meltzer: How He Underestimated His Own Contribution to the Modern Concept of a Central Bank
“Monetary Policy” During the Depression
A Monetarist Explanation of the Behavior of the Money Stock
“Money Policy” During the Depression
Conclusion
Chapter 4: “They Profess to Fear That for Which They Dare Not Hope”: How the Fed Contributed to the Great Depression and the Great Recession by Boosting Banks’ Demand for Reserves
1937–1938
2008–2009
Chapter 5: Allan Meltzer’s Model of the Transmission Mechanism and Its Implications for Today
The Brunner-Meltzer Model
Implications for Today
The Enduring Case for Monetary Policy Rules
Chapter 6: The Monetary Base in Allan Meltzer’s Analytical Framework
Scope and Methodology of this Analysis
Resolution of Paradox 1
Resolution of Paradox 2
Resolution of Paradox 3
Resolution of Paradox 4
Resolution of Paradox 5
Conclusion
Appendix: A Further Possible Reason for Meltzer's Change Regarding Interest-Rate Rules
Chapter 7: Monetary Policy and the Interest Rate: Reflections on Allan Meltzer’s Contributions to Monetary Economics
Interest Rates, Asset Prices, and Monetary Transmission
The Importance for Contemporary Models and Policy
Concluding Thoughts
Chapter 8: Allan Meltzer and the Search for a Nominal Anchor
Inflation Targeting
Two Indications of Monetary Policy Quality
The Case of the Disappearing Phillips Curve
Price Level Targeting
Summary and Conclusion
Appendix
Chapter 9: The Meltzer Commission
Chapter 10: Memories of Allan Meltzer
Appendix: Regulatory Reform and the Federal Reserve
An Alternative Proposal
Chapter 11: Allan Meltzer’s Contributions to Public Policy Thought as Applied to the Federal Reserve
A Brief History of Rules
Meltzer and Rules
Summary
Chapter 12: Macro Musings: Allan Meltzer
Published Works of Allan H. Meltzer
About the Contributors
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