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Allan Meltzer and the Search for a Nominal Anchor: a speech at the \"Meltzer's Contributions to Monetary Economics and Public Policy, Philadelphia, Pa

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Abstract

In a speech in Philadelphia, St. Louis Fed President James Bullard paid tribute to the late Allan Meltzer, a monetary economist, economic historian and ?a great friend of the St. Louis Fed.? Bullard cited Meltzer?s research on the run-up to the Great Inflation of the 1970s and early 1980s and contrasted that period with the inflation targeting era of the past two decades, when inflation was brought under control. ?Inflation targeting has worked well because it deals more directly with the coordination of macroeconomic expectations than other approaches. By committing to an inflation target, inflation has generally been kept lower and less variable, and inflation expectations have also been less variable,? Bullard said. ?This has been a major achievement of U.S. monetary policy, and one to which Allan Meltzer made an outsized contribution.?

Suggested Citation

  • James B. Bullard, 2018. "Allan Meltzer and the Search for a Nominal Anchor: a speech at the \"Meltzer's Contributions to Monetary Economics and Public Policy, Philadelphia, Pa," Speech 296, Federal Reserve Bank of St. Louis.
  • Handle: RePEc:fip:fedlps:296
    Note: Related article in Federal Reserve Bank of St. Louis Review, Second Quarter 2018, Vol. 100, No. 2, Allan Meltzer and the Search for a Nominal Anchor
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    1. repec:ucp:bkecon:9780226519999 is not listed on IDEAS
    2. Olivier Blanchard, 2018. "Should We Reject the Natural Rate Hypothesis?," Journal of Economic Perspectives, American Economic Association, vol. 32(1), pages 97-120, Winter.
    3. Christian Gillitzer & John Simon, 2015. "Inflation Targeting: A Victim of Its Own Success," International Journal of Central Banking, International Journal of Central Banking, vol. 11(4), pages 259-287, September.
    4. James B. Bullard, 2017. "The Policy Rule Debate: A Simpler Solution," The Regional Economist, Federal Reserve Bank of St. Louis, vol. 25(1).
    5. Olivier Blanchard, 2016. "The Phillips Curve: Back to the '60s?," American Economic Review, American Economic Association, vol. 106(5), pages 31-34, May.
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    Cited by:

    1. David Andolfatto & Andrew Spewak, 2019. "Understanding Lowflation," Review, Federal Reserve Bank of St. Louis, vol. 101(1), pages 1-26.

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