Finally, there is the question of whether monetary policy is the right instrument to use in response to the risks arising from financial instability and, if so, how aggressively to use it. Inevitably, the answers are colored by the United States’ experience in 1929, when the Fed tightened policy in response to what it perceived as excesses on Wall Street, only to plunge the economy into the Great Depression.
最后一个问题是是货币政策是否是应对源自金融动荡的风险的正确工具，若是，又应该在什么程度上使用。答案不可避免地受到美国在1929年的经验的影响。当时，美联储认为华尔街存在过度问题，因此收紧了货币政策，结果导致经济陷入大萧条。