Price Trends and Economic Crises in Marshall's Monetary Theory

W. B. Gaynor

Journal of the History of Economic Thought, 1991, vol. 13, issue 1, 37-53

Abstract: Alfred Marshalls monetary theory presents itself as fragmentary and without internal coherence. Coherence can be given to it by developing the implied theoretical linkages between the money market, the securities market, and their respective interest rates, while noting the importance in interest- rate determination of the real forces of productivity and thrift.Marshalls development of a theory of money and securities markets arises from his dissatisfaction with the quantity theory of price-level determination as an explanation of the monetary transmission mechanism

Date: 1991
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