[hyperpape]

Not sure how you weight the great depression, but I believe* the period after the great depression through the 2008 financial crisis featured less severe business cycles than prior to the central bank. The repeated crashes of the late 19th century really were very severe.

See also: https://en.wikipedia.org/wiki/Great_Moderation (though that's a shorter period).

* I know a little about this, but not that much. Take what I say with a big grain of salt.