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Moeda, crédito e ciclos econômicos em Marshall

Author

Listed:
  • Sérgio Fornazier Meyrelles Filho

    (FACE-UFG, Ciências Econômicas)

  • Rogério Arthmar

    (UFES)

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.

Suggested Citation

  • Sérgio Fornazier Meyrelles Filho & Rogério Arthmar, 2012. "Moeda, crédito e ciclos econômicos em Marshall," Working papers - Textos para Discussao do Curso de Ciencias Economicas da UFG 038, Curso de Ciencias Economicas da Universidade Federal de Goias - FACE.
    • Handle: RePEc:ufb:wpaper:038
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    File URL: https://files.cercomp.ufg.br/weby/up/118/o/TD_038.pdf
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    More about this item

    Keywords

    money; credit; speculation; commercial cycles.;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B26 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Financial Economics
    • B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General

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