The Capitalism and Freedom in the Twenty-First Century Podcast George Tavlas on the History of Monetarism | Hoover Institution
9 snips
Nov 6, 2025 George Tavlas, an influential economist and a key figure at the Bank of Greece, dives into the evolution of monetarism and its lasting impact on monetary policy. He explores the historical context of Chicago monetarism, the significant contributions of Milton Friedman, and the lessons learned from the eurozone's fiscal challenges. Tavlas discusses the rise and fall of monetary aggregates, linking the 2020 inflation spike to rapid money growth, and debates the merits of rules versus discretion in monetary policy, making a case for the enduring relevance of monetarist principles.
AI Snips
Chapters
Books
Transcript
Episode notes
From Immigrant Roots To Monetary Economist
- George Tavlas describes his upbringing as the son of Greek immigrants and early academic struggles that ignited his drive.
- He credits a principles course and NYU professors for sparking his lifelong focus on monetary economics.
Career Path From Modelling To Central Banking
- Tavlas recounts work at the State Department, OECD, IMF, and his move to the Bank of Greece where policy and research overlapped.
- He explains how academic visits rekindled interest in monetarist debates and led to his book, The Monetarists.
Monetary Union Requires Fiscal And Banking Support
- Tavlas argues a monetary union without fiscal and banking unions is fragile and needs internal support mechanisms.
- He highlights that markets didn't discipline fiscal excesses and that a euro-area safety net and banking union remain essential.
