The fed actually has more tools than the ones it currently uses, some of which have been used in the past.

Robert Hockett has written a lot about productive investments via the federal reserve banks, and how that could be used to transform the economy.

Here's one recent paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4023614

He wrote a short book about it as well: https://www.amazon.com/Financing-Green-New-Deal-Renewal/dp/3...