The Fed's quick response to the threat to the economy after September 11, 2001, makes a strong case for

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The Fed's quick response to the threat to the economy after September 11, 2001, was due to its discretionary-based monetary policy regime, which allowed it to make quick and necessary adjustments to interest rates and the money supply. A rules-based monetary policy regime would have constrained the Fed's ability to respond effectively in such a crisis. Fiscal policy also played a role in responding to the crisis, but it was the Fed's monetary policy actions that were particularly effective in stabilizing the economy. This does not suggest Congress's dominant role in activist policy.

The Fed's Quick Response to the Threat to the Economy