Allan Meltzer, Renowned Carnegie Mellon University Economist, Dies At 89

PITTSBURGH, PA - Allan Meltzer, an internationally renowned economist and Carnegie Mellon University professor, died on May 8, the university announced. Meltzer, the author of more than 10 books and 400 papers, was 89.

Meltzer, the Allan. H. Meltzer University Professor of Political Economy at Carnegie Mellon’s Tepper School of Business, perhaps is best known for the book, “Why Capitalism?” He also authored what is considered to be a definitive two-volume history of the Federal Reserve.

"Allan Meltzer had an enormous influence on the political economy of the United States over a long and distinguished career," said Jim Rohr, chairman of the Carnegie Mellon Board of Trustees and former executive chairman and chief executive officer of The PNC Financial Services Group. "His deep understanding of monetary policy and close examination of the Federal Reserve contributed to policies that supported one of the nation's longest unbroken periods of prosperity."

A Boston native, Meltzer attended Duke University, where he earned an economics degree in 1948. After doing graduate work at UCLA and spent a year as a lecturer in The Wharton School’s department of economics, Meltzer’s 60-year tenure at Carnegie Mellon began in 1957 when he joined the university as an assistant professor.

Described by The Wall Street Journal as “the consummate insider who understood the value of staying outside the government,” Meltzer served on President’s Economic Policy Advisory Board for 1988-90. But he also was a consultant for several congressional committees, the President’s Council of Economic Advisers, the U.S. Treasury Department, the Board of Governors of the Federal Reserve System, foreign governments and a number of central banks.

From 1986 to 2002, Meltzer was an honorary adviser to the Institute for Monetary and Economic Studies of the Bank of Japan. From 1999 to 2000, he served as chairman of the International Financial Institution Advisory Commission, known as the Meltzer Commission, which proposed major reforms of the International Monetary Fund and the development banks. During the 2008 financial crisis, he testified four times at the Dodd-Frank hearings on Capitol Hill.

Meltzer “contributions to the field of economics…are significant and will be long-lasting,” said Robert Dammon, dean of the Tepper School. “Along with the global community, Carnegie Mellon was fortunate to have Allan's brilliant mind and talents. He will be deeply missed."

Meltzer is survived by his wife Marilyn Meltzer, sons Bruce Meltzer (Nancy Cooper) and Eric Meltzer (Ann King), daughter Beth MacIsaac, grandchildren Jamie O’Brien, Kate O’Brien, Avery Meltzer, Jonah Meltzer, Sophie Meltzer, Scott Meltzer, George Meltzer and Eleanor Meltzer.

Funeral arrangements were not immediately announced.

Photo via Carnegie Mellon University.