Carlson, Mark A.; Wheelock, David C. - Federal Reserve Bank of St. Louis - 2012
We review the responses of the Federal Reserve to financial crises over the past 100 years. The authors of the Federal … framework did not prevent the banking panics of the 1930s, Congress amended the Act and gave the Federal Reserve considerably … greater powers to respond to financial crises. Over the subsequent decades, the Federal Reserve responded more aggressively …