Monetary Cycles

The sources of economic fluctuations discussed in the existing literature are information asymmetry, incomplete contracts, and serially correlated exogenous shocks. We show that an economy may fluctuate cyclically without these assumptions if production of payment services (deposit money) necessitates physical capital.

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Year of publication:	2004-04
Authors:	Kobayashi, Keiichiro ; Inaba, Masaru
Institutions:	Research Institute of Economy, Trade and Industry (RIETI)

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Extent:	application/pdf
Series:	Discussion papers.
Type of publication:	Book / Working Paper
Notes:	6 pages
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005697906