Review of Allan H. Meltzer's A history of the Federal Reserve, Volume 2, University of Chicago Press, 2009

► This is a review of Meltzer's monumental contribution: A History of the Federal Reserve, Volume 2. ► The theme is monetary policy failures and successes. ► The failures are the Great Depression, the Great Inflation and the Great Recession. ► The successes are the Disinflation and the Great Moderation. ► The failures are associated with too much discretion. ► The successes are associated with more rule-like monetary policy.