Central Banks
Eight Crises That Provided Key Lessons for the Fed
The Fed’s crisis policies haven’t always been a slam-dunk.
Unemployed men queuing outside a Salvation Army hostel in 1935.
Photographer: Hulton Archive/Getty Images
How the Federal Reserve handled past crises offer clues for how it will get out of the present one. Read Tom Orlik and David Wilcox's analysis in the accompanying The Big Take.
From the Federal Reserve’s creation in 1913 to its response to the Covid pandemic in 2020, lessons from crises have shaped the evolution of the world’s most important central bank.