Alfred Marshall y el banco central: política monetaria

Based on his contributions to monetary theory, Alfred Marshall expounded on an important institutional innovation in the monetary system: he defended a central bank with more theoretical based arguments than his predecessors did —particularly Walter Bagehot— and he gave a leading role to the monetary authority in managing and controlling monetary policy (especially for countering the cycle). Marshall did not see the central bank system as a «minor evil» but a superior framework —even to any plan based on convertibility— to solve the problem of fluctuations in the value of money and credit cycles. His ideas in monetary policy were the seed for the Cambridge School and their relevance helped to prepare the way for spreading the proposals of John Maynard Keynes about monetary policy.