HENRY C. WALLICH: A THIRD GENERATION BANKER

Saul Engelbourg

Abstract


Born in Germany and descendant of a wealthy banking family, Henry C. Wallich emigrated to the United States like others of Jewish ancestry who fled during the 1930s. A professor of money and banking at Yale for two decades, Wallich capped his career as a Governor of the Federal Reserve. During the stagflation of the late 1960s, Wallich, a dissenter, tirelessly advocated tighter monetary policy to stem inflation. Always a scholar, Wallich published extensively; he also served as the Fed’s public spokesman. Owing to his Harvard doctorate and his eminence as an economist, Wallich knew everyone worth knowing in the economics profession.

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