Gonzalo Macera es premiado por su breve ensayo a esta importante pregunta en Sound Money Defense League
-How has the Federal Reserve System helped or hurt the American economy?
Even though between the Federal Reserve System listed responsibilities one reads: “Maintaining the
stability of the financial system and containing systemic risk that may arise in financial markets.” It would
appear to be that unsound monetary policy from behalf of the FED has actually had the opposite effect in
more than one occasion. Between the various examples, a recent one was the 2008 crisis.
The explanation of what went wrong in the 2008 Financial Crisis by some authors was that the problem
could be traced back to a monetary policy that kept interest rates too low for too long (Diamond and Rajan
2009a; Dowd 2009; McKinnon 2010; Meltzer 2009; O’Driscoll 2011; Schwartz 2009; Taylor 2009), that it
could be argued that excess liquidity fueled by major central banks, among them the FED, generated an
accumulation of imbalances that led to the crisis.