Some economists argue that they may have become an inevitable part of the financial cycle that fluctuates between periods of expansion and contraction.
“History teaches us that recessions are inevitable,” said David Wessel, a senior fellow in economic studies at The Brookings Institution. “I think there are things we can do with a policy that makes recessions less likely or when they occur, less severe. We’ve learned a lot, but we haven’t learned enough to say that we’re never going to have another recession.”
As the nation’s authority on monetary policies, the Federal Reserve plays a critical…