In a 2003 analysis of the Federal Reserve's role in the stock market collapse in October of 1929, Allan Meltzer concluded that the federal government and the Federal Reserve effectively coordinated their response to the events in October of 1929. federal government's action to intervene in the financial system in October of 1929 delayed the onset of the Great Depression. Federal Reserve acted appropriately and quickly in reaction to the events in October of 1929. Federal Reserve followed the wrong policy doctrine and thus contributed to the onset of the Great Depression