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Price Trends and Economic Crises in Marshall's Monetary Theory

Published online by Cambridge University Press:  11 June 2009

W. B. Gaynor
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Extract

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

Type
Articles
Information
Journal of the History of Economic Thought , Volume 13 , Issue 1 , June 1991 , pp. 37 - 53
Copyright
Copyright © Cambridge University Press 1991

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