The Y2K problem is primarily an issue affecting the aggregate supply side of the economy, whereas the Federal Reserve’s monetary policy works mainly on aggregate demand.
We all understand how creating more money, and lowering the level of short-term interest rates, gives a boost to interest-sensitive sectors, such as homebuilding, but these tools are unlikely to be very effective in generating more Y2K remediation efforts or accelerating the recovery process if someone experiences some type of disruption.