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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- V.V. Chari & Lawrence J. Christiano & Martin Eichenbaum, 1995.
"Inside money, outside money and short term interest rates,"
Working Paper Series, Macroeconomic Issues
95-13, Federal Reserve Bank of Chicago.
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- V. V. Chari & Lawrence J. Christiano & Martin Eichenbaum, 1995. "Inside Money, Outside Money and Short Term Interest Rates," NBER Working Papers 5269, National Bureau of Economic Research, Inc.
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National Bureau of Economic Research, Inc, number barr93-1.
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