There are both similarities and differences between monetary policies employed during the Great Recession of 2007–2009 and those employed during the Covid–19 pandemic in 2020.

a. How has the Fed attempted to stimulate the economy during a typical recession?

b. Briefly discuss ways in which the Fed’s approach during the Great Recession and its approach during the recession caused by the Covid–19 pandemic were similar.

c. Briefly discuss ways in which the Fed’s approach during the Great Recession and its approach during the recession caused by the Covid–19 pandemic differed.