Moeda, crédito e ciclos econômicos em Marshall

Sérgio Fornazier Meyrelles Filho () and Rogério Arthmar ()
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Sérgio Fornazier Meyrelles Filho: FACE-UFG, Ciências Econômicas

No 38, Working papers - Textos para Discussao do Curso de Ciencias Economicas da UFG from Curso de Ciencias Economicas da Universidade Federal de Goias - FACE

Abstract: This paper retrieves Alfred Marshall’s analysis of commercial cycles and the role of both speculation and credit in the different phases of this process. After a brief introduction to the subject, Marshall’s contributions to two distinct areas of his theory of economic fluctuations are presented, the first being the Marshallian concept of interest rates and the second his restatement of the Quantity Theory of Money as the basis for the price level determination. Next, comes Marshall explanation of the business cycles as such, followed by its formal dynamic version through a system of differential equations which shows that when inexperienced speculators dominate the demand for credit money, the commercial cycles will likely be quite intense within the framework of the Marshallian macroeconomic approach.

Keywords: money; credit; speculation; commercial cycles. (search for similar items in EconPapers)
JEL-codes: B22 B26 B30 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2012-06
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https://files.cercomp.ufg.br/weby/up/118/o/TD_038.pdf First version, 2013 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:ufb:wpaper:038

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