This is precisely what they should do of course! In times of recession, they should invest newly created, fiat money, which has the outward appearance of being created out of debt, to build infrastructure that will produce future increases in productivity. To the extent that they do this, so long as future demand remains in line with future productivity, the new money will not result in either excessive inflation or deflation.
Actually we have been in the anti-Minsky Moment for the last ten years. The Minsky Moment occurred in 2007. What occurred subsequently was the neo-Keynesian response to the Minsky Moment to create the next Minsky Moment.