Ok, give it two thoughts on this one.

"The Hayek-Mises explanation of the business cycle is contradicted by the evidence. It is, I believe, false."
Milton Friedman

Friedman analised economic data from the US refering to cyclical activity starting in 1879 untill 1988*. He concludes that there is no solid correlation between the length and intensity of an expansion and the recession held afterwards.

*war cycles and 1945-49 were excluded.

Milton Friedman, "The Monetary Studies of the National Bureau," 44th Annual Report, National Bureau of Economic Research (1964), reprinted in The Optimal Quantity of Money and Other Essays (Chicago: Aldine, 1969), pp. 261-84.

Milton Friedman, "The 'Plucking Model' of Business Fluctuations Revisited," Economic Inquiry (April, 1993), pp. 171-77.