Allan Meltzer dismisses calls for Fed action

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The following article by Allan H. Meltzer, university professor of political economy at Carnegie Mellon, and a member of Central Banking's editorial board, was published in The Wall Street Journal on September 15. It provides an incisive analysis of the actions of the Federal Reserve in recent inflationary periods, a refutation of what some economists are now urging on the Fed and his own recipe for dealing with the current crisis.

Less than 25 years ago, the Federal Reserve ended the Great

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