When I cool my lagers at the "completion" of fermentation and hold at 33 °F:
1. Gas continues to be evolved (not much mind you, but enough to maintain pressure is a slightly leaky fermentor for quite a while)
2. VDK's get absorbed
3. Gravity continues to drop (again, not spectacularly sometimes only 0.1 °P, sometimes as much as 0.5°P)
all of which I attribute to continue activity of the yeast.
Other things happen too and these, the melding of flavors, the passage of volatiles, formation of protein/phenol complexes..., may not be yeast mediated but those three items I listed I believe to be.
This is not the way a modern brewery makes lager. They use diacetyl rests to speed the process. It makes good beer. Almost as good as the traditional way. That last crack was a bit tongue in cheek. I doubt I could tell the difference in a blind tasting. If you include a proper diacetyl rest as part of a "good fermentation" then I think you are probably right but that is a replacement for the traditional lagering. If you read up on this you will frequently find references to lagering with the keg on the side. This is to give the yeast a larger area to spread out over so that contact with the lagering beer is maximized. If the yeast weren't doing anything that wouldn't be necessary.



