Do some changes in the character of business cycles include severity of fluctuations?

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Since business cycles involve an interaction among several economic and likely several noneconomic variables, some changes in the character of business cycles, including average duration, severity of fluctuations, or impact upon different sectors of the economy, should occur as an economy develops. Some have argued for the existence of a "new economy," in which the application of information technology would lessen the severity of cycles, yet most economists have been skeptical.