The time correlation functions of the thermal undulations of a lipid membrane have been studied by molecular dynamics simulations of a coarse-grained bilayer model. We observe a double-exponential decay, with relaxation rates in good agreement with the theory by Seifert and Langer, [Europhys. Lett. 23, 71 (1993)]. Intermonolayer friction resulting from local velocity differences between the two monolayers is shown to be the dominant dissipative mechanism for fluctuations with wave lengths below ~0.1 µm.