Successes and Drawbacks of the Federal Reserve and the Impact on Financial Markets
The purpose of this paper is to provide an outline of the successes and draw-backs of the Federal Reserve and the consequent impact on financial markets. A review of the relevant literature from Hubbard (2008) and Dowd and Hutchinson (2010) will provide insights into the success and failures of the Federal Reserve and the impact on financial markets. Further insights will be drawn from; Gorton and Metrick (2013) and their interpretation of the Federal Reserve’s actions since its formation, Romer and Romer (2013) on the pessimism of monetary policy and Dyugen-Bump (et al. 2013) on their assessment of the effectiveness of emergency liquidity measures.
 Dowd, K. and Hutchinson, M. 2010. Alchemist of Loss. West Sussex, UK: John Wiley & Sons Ltd., ISBN-10: 0470689153, 432 pp.
 Gorton, G. and Metrick, A. 2013. The Federal Reserve and Panic Prevention: The Roles of Financial Regulation and Lender of Last Resort. The Journal of Economic Perspectives, 27 (4): 45-64. DOI: org/10.1257/jep.27.4.45
 Hubbard, R.G. 2008. Money, the Financial System, and the Economy 6th Edition. Boston, MA, Pearson Education, Inc. ISBN-10: 0321426703, 768 pp.
 Romer, C.D, Romer, D.H. 2013. The Most Dangerous Idea in Federal Reserve History: Monetary Policy Doesn't Matter. American Economic Review, 103 (3): 55-60. DOI.org/10.1257/aer.103.3.55
 Yellen, J. 2018. What the Fed Has Learned Since the Financial Crisis interviewed March. Available at: http://knowledge.wharton.upenn.edu/article/janet-yellen-fed-learned-since-financial-crisis
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