Allan Meltzer's career in economics has featured outstanding
contributions in an astonishingly wide range of activities. As the
basis of all of these, of course, lies his work in economic research.
Perhaps most well known is Allan's long line of papers in monetary
economics, many written together with Karl Brunner, which helped to
establish the broad and widely accepted approach once known as
monetarism. But several other areas have, at different times,
attracted his main research efforts; among these are business-cycle
analysis, financial intermediation, analytical political economy, and
the history of economic thought. Recently, he has become deeply
immersed in a major historical project — the writing of an extensive
history of the Federal Reserve System and its monetary policymaking. A second type of outstanding accomplishment has been Allan Meltzer's
work as a conference-series creator and organizer. In the 1970's, he
and Karl Brunner founded the Carnegie-Rochester Conference Series on
Public Policy, which has been unusually fruitful as an incubator of
new ideas and talent. Together, Brunner and Meltzer also founded the
Interlaken Seminar on Analysis and Ideology, which for many years
brought together economists, political philosophers, and other social
scientists. Allan was a major contributor to Brunner's organization
of the Konstanz Seminar on Monetary Theory and Policy — still a
creative force in European economics — and with colleagues he created
and ran the Carnegie Mellon Conference on Political Economy from 1979
to 1990.As if all this were not enough for three or four normal beings, Allan
and Karl created the Shadow Open Market Committee. At its inception
this was a unique institution, but it has since served as a model for
other groups designed to provide policy analysis for a wider public
audience. In terms of that latter objective, Allan has been and
continues to be one of the economists most frequently sought out and
quoted in the national and international press. He maintains an
amazingly fresh and extensive store of knowledge about economic and
social affairs the world over, one that he shares generously with
other scholars.Allan Meltzer has not spent much time in full-time governmental
positions, but has served extensively as a consultant or advisor to the
U.S. Treasury and the
Council of Economic Advisors, as well as
official agencies in several other nations, including most notably
the Bank of Japan. Also he has for several years spent a good bit of
time at the American Enterprise Institute. For over 40 years,
however, his principal professional home has been the Graduate School
of Industrial Administration at Carnegie Mellon University.From the foregoing account, it will be obvious that Allan Meltzer is
equipped with an enormous supply of energy and enthusiasm, as well as
analytical ability. A closely related characteristic, familiar to
all those who are lucky enough to spend time with him, is an
unfailing attitude of optimism and cheerfulness.My interview with Allan took place on May 14, 1997, in his office,
with its pleasant corner location in the new wing of GSIA's building.
We talked in the afternoon and continued somewhat longer than
intended because there was so much of interest to discuss. Even
after 16 years of having nearby offices and
multiple conversations — on days
when we both are in Pittsburgh — I found it instructive and enjoyable
to learn more about Allan Meltzer's remarkable career. The interview
was taped, transcribed, and edited lightly.
The sweet-and-sour soup of Michał Kalecki's political economy
