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that extrapolation is unavoidable and thus business cycles will always be around regardless of whether we have a fed or not.

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have been cycles gotten larger or smaller since the creation of the fed?

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much smaller. at least since the introduction of the current day management system.

there was a brief period of increased amplitude due to massive global shocks to the system (bretton woods collapsing). but other than that, no matter what measure of cyclicality you use, the amplitude has decreased significantly.

Barron