Allan H Meltzer
Biographic Data
| ID | 1285407 |
|---|---|
| NAME | Allan H Meltzer |
| GIVEN NAMES | Allan H |
| FAMILY NAME | Meltzer |
| SIGNATURE | MELTZER A H |
| AFFILIATIONS | Carnegie Mellon University |
| VERIFIED | No |
| TOTAL WORKS | 31 |
| TOTAL CITATIONS | 1,492 |
| WORKS AS AUTHOR | 31 |
| WORKS AS EDITOR | 0 |
| FIRST PUBLICATION YEAR | 1958 |
| LATEST PUBLICATION YEAR | 2013 |
| H-INDEX | 7 |
End of the “American Century”
At the start of the post WWII era, the United States led the world to establish a political and economic order for freer trade, military cooperation, and economic development in low income countries. The program was far from perfect, but it gave the world decades of growth, expansion, and increased freedom and opportunity. More people in more countries raised their living standards more significantly than in any other period of human history. Fre…
The new Lombard Street
Revisiting Keynes
Book Review| November 01 2009 Revisiting Keynes: Economic Possibilities for Our Grandchildren Edited by L. Pecchi and G. Piga. Cambridge: MIT Press, 2008. 232 pp. $30.00. Allan Meltzer Allan Meltzer Carnegie Mellon University Search for other works by this author on: This Site Google History of Political Economy (2009) 41 (4): 760–762. https://doi.org/10.1215/00182702-2009-042 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn Email Permis…
Monetary, Credit and (Other) Transmission Processes
Monetarist analysis of the transmission process highlights the response of relative prices and real wealth to monetary (and other) impulses. Monetary impulses are neutral in the long run. Short-run nonneutrality reflects uncertainty, incomplete information about the persistence and nature of impulses, fixed contracts, and other institutional detail. Patterns of change in relative prices have some common features but they also differ from cycle to…
Keynes's Monetary Theory
Journal Article Keynes's Monetary Theory: A Different Interpretation Get access Keynes's Monetary Theory: A Different Interpretation. By ALLAN H. MELTZER. (Cambridge and New York: Cambridge University Press, 1989. Pp. xv + 336. £25.00 hardback. ISBN o 521 30615 9.) David C. Colander David C. Colander Middlebury College, Vermont Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 100, Issue 399, 1 …
A Theory of Ambiguity, Credibility, and Inflation under Discretion and Asymmetric Information
This paper develops a positive theory of credibility, ambiguity, and inflation under discretion and asymmetric information. The monetary policymaker maximizes his own (politically motivated) objective function that is positively related to economic stimulation through monetary surprises and negatively related to monetary growth. The relative importance he assigns to each target shifts stochastically through time. His current preference trade-off …
A positive theory of in-kind transfers and the negative income tax
Introduction to the series
Tests of a rational theory of the size of government
Rejoinder to Gordon Tullock
A Rational Theory of the Size of Government
In a general equilibrium model of a labor economy, the size of government, measured by the share of income redistributed, is determined by majority rule. Voters rationally anticipate the disincentive effects of taxation on the labor-leisure choices of their fellow citizens and take the effect into account when voting. The share of earned income redistributed depends on the voting rule and on the distribution of productivity in the economy. Under …
Three aspects of policy and policymaking
Stabilization of the Domestic and International Economy
Explaining inflation
Institutions, policies and economic performance
Aggregate Economic Variables and Votes for Congress
Our interest in the effect of aggregate economic variables on election results began in 1970 following a conversation with an administration official that we have reported elsewhere. We doubted both the implicit theory of voting behavior and the ability of the administration to achieve rates of inflation and unemployment even close to the ranges mentioned. We take this opportunity to note that the unemployment rate was higher and the inflation ra…
The Effect of Aggregate Economic Variables on Congressional Elections
This paper uses rational voting behavior as an organizing device to develop a framework within which to consider the effect of economic aggregates on voters. Unlike most previous studies, ours permits the voter to vote for candidates of either party or to abstain. A principal finding is that the effect of the main economic aggregates on the participation rate is much clearer than the effects on either party. Our results deny that an incumbent adm…
"Mr. Hicks and the "Monetarists
It is a great privilege to open a conference in honor of Sir John Hicks. Among his many contributions to economics, none has been more influential than his interpretation and restatement of Keynesian theory in "Mr. Keynes and the 'Classics." So many textbooks and articles have adopted the framework, first presented in that paper, it has become the standard statement of macro-economic theory. Few dispute its place. Restatements, amendments, and mo…
Money, Debt, and Economic Activity
The paper develops an alternative to the standard IS-LM framework. There are two asset markets and three prices—the prices of real assets, financial assets, and output. Costs of adjustment and information prevent output prices and output from adjusting instantaneously. Both the size of deficits and the method of financing affect output and prices. Some principal implications are derived. Several of these are also demonstrated, using a graph to sh…
Friedman's Monetary Theory
Liquidity Traps for Money, Bank Credit, and Interest Rates
Money Supply Revisited
THIRTY years have passed since anyone wrote a book exclusively—or even largely— devoted to an analysis of the supply of money. Phillip Cagan's Determinants and Effects of Changes in the Stock of Money, 1875-1960 (1965)1 would be welcome, therefore, if it did no more than intensify interest in a subject that lay dormant until recently. The book does much more, however. Cagan patiently examines the multitude of factors that influence the principal …
On Human Wealth and the Demand for Money
MR. SYRING (1967) suggests that I relied on assertion rather than evidence or proof to support my statement that "little bias results from the exclusion of human wealth from the measure of wealth used to test the [demand-for-money] hypothesis" (Meltzer, 1963, p. 234). Further, he finds nothing in the empirical evidence to support my assumption that the ratio (d) of income from human wealth ( y h ) to the stock of human wealth ( w h ) is constant …
Major Issues in the Regulation of Financial Institutions
Public and Private Financial Institutions
THEORIES of monetary and financial markets are generally concerned with the behavior of broad aggregates. As yet, economists have not successfully blended the rich variety of institutional details that make up the financial markets with the theory of relative prices. Perhaps as a result of our procedures and the state of knowledge, our policy recommendations are often suggestions for pervasive changes in institutional arrangements. Many of our pe…
A Rational Theory of the Size of Government
In a general equilibrium model of a labor economy, the size of government, measured by the share of income redistributed, is determined by majority rule. Voters rationally anticipate the disincentive effects of taxation on the labor-leisure choices of their fellow citizens and take the effect into account when voting. The share of earned income redistributed depends on the voting rule and on the distribution of productivity in the economy. Under …
The Effect of Aggregate Economic Variables on Congressional Elections
This paper uses rational voting behavior as an organizing device to develop a framework within which to consider the effect of economic aggregates on voters. Unlike most previous studies, ours permits the voter to vote for candidates of either party or to abstain. A principal finding is that the effect of the main economic aggregates on the participation rate is much clearer than the effects on either party. Our results deny that an incumbent adm…
Tests of a rational theory of the size of government
Aggregate Economic Variables and Votes for Congress
Our interest in the effect of aggregate economic variables on election results began in 1970 following a conversation with an administration official that we have reported elsewhere. We doubted both the implicit theory of voting behavior and the ability of the administration to achieve rates of inflation and unemployment even close to the ranges mentioned. We take this opportunity to note that the unemployment rate was higher and the inflation ra…
Liquidity Traps for Money, Bank Credit, and Interest Rates
The Demand for Money
Revisiting Keynes
Book Review| November 01 2009 Revisiting Keynes: Economic Possibilities for Our Grandchildren Edited by L. Pecchi and G. Piga. Cambridge: MIT Press, 2008. 232 pp. $30.00. Allan Meltzer Allan Meltzer Carnegie Mellon University Search for other works by this author on: This Site Google History of Political Economy (2009) 41 (4): 760–762. https://doi.org/10.1215/00182702-2009-042 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn Email Permis…
Monetary, Credit and (Other) Transmission Processes
Monetarist analysis of the transmission process highlights the response of relative prices and real wealth to monetary (and other) impulses. Monetary impulses are neutral in the long run. Short-run nonneutrality reflects uncertainty, incomplete information about the persistence and nature of impulses, fixed contracts, and other institutional detail. Patterns of change in relative prices have some common features but they also differ from cycle to…
Money, Debt, and Economic Activity
The paper develops an alternative to the standard IS-LM framework. There are two asset markets and three prices—the prices of real assets, financial assets, and output. Costs of adjustment and information prevent output prices and output from adjusting instantaneously. Both the size of deficits and the method of financing affect output and prices. Some principal implications are derived. Several of these are also demonstrated, using a graph to sh…
Friedman's Monetary Theory
"Mr. Hicks and the "Monetarists
It is a great privilege to open a conference in honor of Sir John Hicks. Among his many contributions to economics, none has been more influential than his interpretation and restatement of Keynesian theory in "Mr. Keynes and the 'Classics." So many textbooks and articles have adopted the framework, first presented in that paper, it has become the standard statement of macro-economic theory. Few dispute its place. Restatements, amendments, and mo…
Major Issues in the Regulation of Financial Institutions
Keynes's Monetary Theory
Journal Article Keynes's Monetary Theory: A Different Interpretation Get access Keynes's Monetary Theory: A Different Interpretation. By ALLAN H. MELTZER. (Cambridge and New York: Cambridge University Press, 1989. Pp. xv + 336. £25.00 hardback. ISBN o 521 30615 9.) David C. Colander David C. Colander Middlebury College, Vermont Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 100, Issue 399, 1 …
Rejoinder to Gordon Tullock
The Behavior of the French Money Supply
It is surely idle, and probably dangerous, to attempt to control anything as vast and powerful as the national supply of money without knowing a good deal about its character, about the things which make it vary in quantity and composition
A Comment on Market Structure and Stabilization Policy
Recently, in this REVIEW (J. K. Galbraith, "Market Structure and Stabilization Policy,this REVIEW, XXXIX (May 1957) I24-33) Professor Galbraith has asserted that in the case of monetary policy the "inflation can be controlled by denying credit to what are, in a general way, the least powerful firms" (page 132). Elsewhere, these least powerful firms are identified as the smaller firms (pages 131, 132, 133), and evidence concerning the distribution…
Monnaie, change, et système monétaire . Alde Sampaio
The Behavior of the French Money Supply
It is surely idle, and probably dangerous, to attempt to control anything as vast and powerful as the national supply of money without knowing a good deal about its character, about the things which make it vary in quantity and composition
Mercantile Credit, Monetary Policy, and Size of Firms
IN the continuing debate about the role of money, credit, and monetary policy in our society, one of the major issues centers around the specific incidence of "tight money" on individual business firms. On the one hand, leading proponents of monetary controls as a regulatory device have emphasized the general, impersonal nature of such controls. They have argued that the impact of monetary policy is determined by the reaction of individual borrow…
The Demand for Money
Public and Private Financial Institutions
THEORIES of monetary and financial markets are generally concerned with the behavior of broad aggregates. As yet, economists have not successfully blended the rich variety of institutional details that make up the financial markets with the theory of relative prices. Perhaps as a result of our procedures and the state of knowledge, our policy recommendations are often suggestions for pervasive changes in institutional arrangements. Many of our pe…
A Little More Evidence from the Time Series
Money Supply Revisited
THIRTY years have passed since anyone wrote a book exclusively—or even largely— devoted to an analysis of the supply of money. Phillip Cagan's Determinants and Effects of Changes in the Stock of Money, 1875-1960 (1965)1 would be welcome, therefore, if it did no more than intensify interest in a subject that lay dormant until recently. The book does much more, however. Cagan patiently examines the multitude of factors that influence the principal …
On Human Wealth and the Demand for Money
MR. SYRING (1967) suggests that I relied on assertion rather than evidence or proof to support my statement that "little bias results from the exclusion of human wealth from the measure of wealth used to test the [demand-for-money] hypothesis" (Meltzer, 1963, p. 234). Further, he finds nothing in the empirical evidence to support my assumption that the ratio (d) of income from human wealth ( y h ) to the stock of human wealth ( w h ) is constant …
Major Issues in the Regulation of Financial Institutions
Liquidity Traps for Money, Bank Credit, and Interest Rates
Money, Debt, and Economic Activity
The paper develops an alternative to the standard IS-LM framework. There are two asset markets and three prices—the prices of real assets, financial assets, and output. Costs of adjustment and information prevent output prices and output from adjusting instantaneously. Both the size of deficits and the method of financing affect output and prices. Some principal implications are derived. Several of these are also demonstrated, using a graph to sh…
Friedman's Monetary Theory
"Mr. Hicks and the "Monetarists
It is a great privilege to open a conference in honor of Sir John Hicks. Among his many contributions to economics, none has been more influential than his interpretation and restatement of Keynesian theory in "Mr. Keynes and the 'Classics." So many textbooks and articles have adopted the framework, first presented in that paper, it has become the standard statement of macro-economic theory. Few dispute its place. Restatements, amendments, and mo…
Aggregate Economic Variables and Votes for Congress
Our interest in the effect of aggregate economic variables on election results began in 1970 following a conversation with an administration official that we have reported elsewhere. We doubted both the implicit theory of voting behavior and the ability of the administration to achieve rates of inflation and unemployment even close to the ranges mentioned. We take this opportunity to note that the unemployment rate was higher and the inflation ra…
The Effect of Aggregate Economic Variables on Congressional Elections
This paper uses rational voting behavior as an organizing device to develop a framework within which to consider the effect of economic aggregates on voters. Unlike most previous studies, ours permits the voter to vote for candidates of either party or to abstain. A principal finding is that the effect of the main economic aggregates on the participation rate is much clearer than the effects on either party. Our results deny that an incumbent adm…
Institutions, policies and economic performance
Explaining inflation
Stabilization of the Domestic and International Economy
Three aspects of policy and policymaking
A Rational Theory of the Size of Government
In a general equilibrium model of a labor economy, the size of government, measured by the share of income redistributed, is determined by majority rule. Voters rationally anticipate the disincentive effects of taxation on the labor-leisure choices of their fellow citizens and take the effect into account when voting. The share of earned income redistributed depends on the voting rule and on the distribution of productivity in the economy. Under …
Tests of a rational theory of the size of government
Rejoinder to Gordon Tullock
Introduction to the series
A positive theory of in-kind transfers and the negative income tax
Economics (25 works) · Political science (16 works) · Law (12 works) · Economic Theory and Policy (11 works) · Politics (11 works) · Computer Science (10 works) · Monetary economics (10 works) · Macroeconomics (9 works) · Monetary policy (8 works) · Economic theories and models (7 works)