Keiichiro Kobayashi and
Discussion papers from Research Institute of Economy, Trade and Industry (RIETI)
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.
Pages: 6 pages
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Persistent link: https://EconPapers.repec.org/RePEc:eti:dpaper:04020
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