The Business Cycle and the Federal Reserve System
If the Federal Reserve was established to eliminate the business cycle in the United States as Herbert Hoover once touted then it was failed miserably at it's job. In fact it has failed miserably in all it's jobs save one. Paying a dividend to it's member banks.
Soon after the creation of the Federal Reserve the U.S. went through the worst financial collapse in it's history to date (Oct. 2008), the Great Depression.
In fact in recent years although the recessions have been shorter in duration they have been increasing in frequency.