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.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Publisher Info
Paper 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 Date of revision: Handle: RePEc:eti:dpaper:04020
Contact details of provider: Postal: 11th floor, Annex, Ministry of Economy, Trade and Industry (METI) 1-3-1, Kasumigaseki Chiyoda-ku, Tokyo, 100-8901 Phone: +81-3-3501-1363 Fax: +81-3-3501-8577 Email: Web page: http://www.rieti.go.jp/ More information through EDIRC
For technical questions regarding this item, or to correct its listing, contact: (TAKIZAWA Itsuko).
Related research
Keywords:
This paper has been announced in the following NEP Reports:
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Robert J. Barro & Paul Romer, 1993.
"Economic Growth,"
NBER Books,
National Bureau of Economic Research, Inc, number barr93-1, September.
Other versions:
Robert J. Barro & Paul M. Romer, 1991.
"Economic Growth,"
NBER Books,
National Bureau of Economic Research, Inc, number barr91-1, September.