A very enlightening video available on YouTube explains clearly how malfeasance arising from a centrally-planned monetary system leads to wider swings in business cycles.
In the limit, monetary mischief may lead to rising consumer prices. However, a more important impact is that it introduce distortions into the production structure that leads to wealth destruction after an initial period of euphoria arising from an artificial but unsustainable economic boom.
This consumption of capital is just as devastating as though factories were put to the torch.
Alas, most central bankers seldom contemplate the logic laid out in this simple video.