Takayuki Tsuruga Kyoto University   Yoshida Honmachi, Sakyo-ku Kyoto, 606-8501 Japan   tsuruga@econ.kyoto-u.ac.jp   http://www.econ.kyoto-u.ac.jp/~tsuruga/           JEL Areas: E5 : Monetary Policy, Central Banking, and the Supply of Money and Credit: General E0 : Macroeconomics and Monetary Economics: General