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Many economists take for granted that the Federal Reserve has contributed positively to economic stabilization in the U.S., but its track record warrants a critical appraisal. Since the creation of the Federal Reserve in 1913 the U.S. has experienced the Great Depression in the 1930s, severe inflation and unemployment during the 1970s, a major banking crisis in the 1980s, and a severe financial crisis and recession in 2008. Recessions have not become less frequent or shorter in duration, and output has not become less volatile since the Fed was created.

United statesJohn taylorScott garrettScott sumnerBennett mccallumKevin bradyJohn cornynCongress should doMonetary policyCentennial monetary commissionMembers of congressFederal reserveGreat depressionNew classicalFederal reserve accountabilityTransparency act