Allan H. Meltzer
A towering scholar of monetary policy who authored the definitive history of the Federal Reserve and championed rules over discretion in central banking.
1928–2017 (age 89)·American economist·Birthday: February 6·The Silent Generation
Biography
Allan Meltzer spent a lifetime studying money, and his work fundamentally shaped how economists and policymakers understand central banks. For decades at Carnegie Mellon University, he argued with relentless logic for a monetary policy governed by clear, predictable rules, viewing the discretion of central bankers as a source of economic instability. His magnum opus, the multi-volume 'A History of the Federal Reserve,' is the most comprehensive account of the institution's triumphs and failures, dissecting its actions from 1913 onward. Meltzer's influence extended beyond academia; he advised Congress and served on presidential councils, always the steadfast voice for price stability and institutional accountability. His intellectual legacy is a framework that continues to challenge the Fed's every move.
The Silent Generation
1928–1945
Born between the Depression and the end of WWII. Too young to fight, old enough to remember. They became the conformist middle managers of the 1950s — and the civil rights leaders who quietly dismantled Jim Crow.
Allan was born in 1928, placing them squarely in The Silent Generation. The events that shaped this generation — world wars, depression, and rapid industrialization — shaped the world they entered and the choices available to them.
#1 When Allan Was Born
The biggest hits of 1928
#1 Movie
The Singing Fool
Best Picture
Wings
Allan's Life & Times
The world at every milestone
1928Born
Alexander Fleming discovers penicillin; Mickey Mouse debuts
President: Calvin Coolidge"Ol' Man River" — Paul WhitemanBest Picture: Wings
1933Started school
FDR's New Deal launches; Prohibition ends
Gas: $0.18/galPresident: Franklin D. Roosevelt"Stormy Weather" — Ethel WatersBest Picture: Cavalcade
1941Became a teenager
Pearl Harbor attack brings the US into WWII
Gas: $0.19/galHome: $3,060Min wage: $0.30/hrPresident: Franklin D. Roosevelt"Chattanooga Choo Choo" — Glenn MillerBest Picture: How Green Was My Valley
1944Could drive
D-Day: Allied forces land at Normandy
Gas: $0.21/galHome: $3,400Min wage: $0.30/hrPresident: Franklin D. Roosevelt"Swinging on a Star" — Bing CrosbyBest Picture: Going My Way
1946Could vote
United Nations holds its first General Assembly
Gas: $0.21/galHome: $5,150Min wage: $0.40/hrPresident: Harry S. Truman"Prisoner of Love" — Perry ComoBest Picture: The Best Years of Our Lives
1949Turned 21
NATO founded; Mao proclaims the People's Republic of China
Gas: $0.27/galHome: $7,450Min wage: $0.40/hrPresident: Harry S. Truman"Riders in the Sky" — Vaughn MonroeBest Picture: All the King's Men
1958Turned 30
NASA founded
Gas: $0.31/galHome: $11,050Min wage: $1.00/hrPresident: Dwight D. Eisenhower"Volare" — Domenico ModugnoBest Picture: Gigi
1968Turned 40
Martin Luther King Jr. and Robert Kennedy assassinated
Gas: $0.34/galHome: $14,950Min wage: $1.60/hrPresident: Lyndon B. Johnson"Hey Jude" — The BeatlesBest Picture: Oliver!
1978Turned 50
First test-tube baby born
Gas: $0.63/galHome: $35,300Min wage: $2.65/hrPresident: Jimmy Carter"Shadow Dancing" — Andy GibbBest Picture: The Deer Hunter
1988Turned 60
Pan Am Flight 103 bombed over Lockerbie
Gas: $0.90/galHome: $74,800Min wage: $3.35/hrPresident: Ronald Reagan"Faith" — George MichaelBest Picture: Rain Man
1998Turned 70
Google founded; Clinton impeachment
Gas: $1.06/galHome: $107,300Min wage: $5.15/hrPresident: Bill Clinton"Too Close" — NextBest Picture: Shakespeare in Love
2008Turned 80
Barack Obama elected first Black US president; financial crisis
Gas: $3.27/galHome: $153,100Min wage: $6.55/hrPresident: George W. Bush"Low" — Flo RidaBest Picture: Slumdog Millionaire
2017Died at 89
#MeToo movement; solar eclipse crosses the US
Gas: $2.42/galHome: $195,000Min wage: $7.25/hrPresident: Donald Trump"Shape of You" — Ed SheeranBest Picture: The Shape of Water
Key Achievements
- Authored the seminal multi-volume work 'A History of the Federal Reserve,' published in 2003 and 2009.
- Co-developed the influential 'Meltzer Rule,' a monetary policy guideline targeting nominal GDP.
- Co-founded the Shadow Open Market Committee, an independent group that critiques Federal Reserve policy.
- Served as a consultant to both the U.S. Treasury Department and the Congressional Budget Office.
Did You Know?
He taught at Carnegie Mellon University for over 50 years, where a professorship is named in his honor.
He was a founding member of the Council of Academic Advisors at the American Enterprise Institute.
His doctoral dissertation advisor at UCLA was the future Nobel laureate Karl Brunner.
“Inflation is always and everywhere a monetary phenomenon.”
