Allan Meltzer News
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Federal Reserve Chairman Ben S. Bernanke returned to his roots as a university professor today, seeking to explain and justify the existence of the central bank ahead of the 100th anniversary of its founding next year.
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Prime Minister Mario Monti’s government scrapped some of its special takeover defenses in former state-owned companies, seeking to end a dispute with the European Commission over Italy’s so-called golden share.
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The Federal Reserve is wrong to focus on low measures of consumer-price inflation because such indexes are distorted by the method used to calculate rents, said Allan Meltzer , a historian of the central bank.
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The Federal Reserve’s efforts to boost the economy by expanding its balance sheet probably won’t succeed while increasing the chances of higher long-term inflation, said Allan Meltzer , a historian of the central bank.
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Fed historian Allan Meltzer, a professor at Carnegie Mellon University, and James O’Sullivan, chief economist for MF Global Inc. in New York, said dissents by three Federal Reserve policy makers at today’s meeting in Washington highlight divisions among policy makers. They spoke after the majority on the Federal Open Market Committee voted to keep the benchmark interest rate at a record low at least through mid-2013.
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A pickup in inflation is a growing threat to the U.S. economy and poses new challenges to Federal Reserve policy makers, said economists Vincent Reinhart and Allan Meltzer .
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The Federal Reserve is too focused on short-term results and may be considering the pursuit of flawed policies, said Allan Meltzer , a historian of the U.S. central bank.
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As financial turmoil in Europe threatened to overwhelm the region’s banks last November, Bank of England Governor Mervyn King arranged conference calls with the world’s top central bankers to decide what steps to take.
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Federal Reserve Chairman Ben S. Bernanke invoked the inflation-fighting legacy of the late Nobel laureate economist Milton Friedman and, for the third time in as many days, defended the Fed’s expansion of record stimulus.
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The Federal Reserve Bank of New York employees who analyze American International Group Inc.’s finances report to work each day at the New York Fed even though their supervisors are at the Treasury Department in Washington.
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