On EconTalk this week is Allan Meltzer of Carnegie Mellon University. He talks with Russ Roberts about what the Fed really does and the political pressures facing the Chair of the Fed. He describes and analyzes some fascinating episodes in U.S. monetary history, discusses the advantages and disadvantages of the gold standard and ends the conversation with some insights into recent Fed moves to intervene with investment banks. It makes for an interesting introduction to the political economy of the money supply and central banks.
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