Initially, neither the income tax nor the Fed was associated with the explicit concepts of fiscal and monetary policy. Indeed, it wasn’t until after the experience of the 1930’s that they came to be viewed as potential instruments for macroeconomic management.
最初，所得税与美联储都与财政及货币政策的基本概念无关。事实上，直到经历了1930年代后它们才被看作是管理宏观经济的潜在工具。约翰·梅纳德·凯恩斯（John Maynard Keynes）指出在大萧条这类情况下财政刺激手段是有优势的。而米尔顿·弗里德曼（Milton Friedman）则把大萧条的责任推到美联储的头上，因为当时它允许货币供给下降。