How Fed Policy Proposals Would Have Helped in Difficult Times

In this chapter I discuss what the Fed has done in difficult times and explain why its policies were often inadequate or misguided, although the problems the Fed encountered when it tried to make corrections were not always its fault. I say what I think the Fed should have done in various difficult periods. But I do more than that: I lay out a set of specific recommendations that, if adopted, could prevent at least some difficult situations from even arising.