Monetary Cycles

執筆者 KOBAYASHI Keiichiro  (Fellow)
発行日/NO. 2004年4月  04-E-020


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.