AbstractThe 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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Bibliographic InfoPaper provided by Research Institute of Economy, Trade and Industry (RIETI) in its series Discussion papers with number 04020.
Length: 6 pages
Date of creation: Apr 2004
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-04-25 (All new papers)
- NEP-DGE-2004-04-25 (Dynamic General Equilibrium)
- NEP-MON-2004-04-25 (Monetary Economics)
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