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The Bane Of The Federal Reserve Share Share Trending The Federal Reserve was evaluated through a study completed in 2010, which illustrates that the economy has not been stable under the Federal Reserve since the pre-Fed era (prior to 1915). Economists George Selgin, William Lastrapes, and Lawrence White explain: [A]lthough contractions were indeed somewhat more frequent before the Fed’s establishment than after World War II (though not, it bears noting, more frequent than in the full Federal Reserve sample period), they were also almost three months shorter on average, and no more severe. Recoveries were also faster, with an average time from trough to previous peak of 7.7 months, as compared to 10.6 months….[another study] for 1796 to 1915, finds no discernible difference at all between the frequency and average duration of recessions after World War II and their frequency and average duration throughout the full National Banking era. Besid ....