Review of A History of the Federal Reserve, Volume 1: 1913–51, by Allan H. Meltzer

Volume 8, No. 1 (Spring 2005)

Austrians have demonstrated that recessions—and depressions—are the inevitable result of central bank intervention in the economy. The book’s greatest weakness is its inference that all economists critical of the 1920’s credit structure were somehow real-bills ideologues.