The article looks at how the Federal Reserve set interest rates in the 1970s and 1980s. By analyzing economic data, the researchers found that the Fed didn't respond quickly enough to changes in the economy during the 1970s. They also discovered that the Fed adjusts interest rates faster in the 1980s. This shows that the Fed was too cautious and slow in the 1970s. The researchers also found that the Fed does smooth out interest rates, but not as much as previously thought. Overall, the findings suggest that the Fed could have done a better job of managing interest rates during these two decades.