A monetary economy consisting of independent capitalist firms, in which workers spend wages instantly and labor is not scarce, is studied The firms create demand for each other's output through their capital outlays, and create the backing for money through borrowing. When all firms are identical in behavior and initial conditions, and the rate of growth of money is constant, the economy may be unstable around the equilibrium steady state growth path due to strong accelerator effects, and follow a limit cycle trajectory.