The study looked at how US monetary policy affects the economy during financial crises. They used data from 1973 to 2008 and found that monetary policy has a bigger impact when financial stress is high. This means that during crises, lowering interest rates and credit spreads can help the economy. The study also showed that when interest rates are already low, expansionary monetary policy can still be effective in reducing financial stress. Overall, the research suggests that during tough economic times, monetary policy plays a crucial role in stabilizing the economy.