Publication: Alfred Marshall y el banco central: Política monetaria
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1996
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Alianza Editorial : Centro de Estudios Constitucionales
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Como resultado de sus contribuciones a la teoría monetaria, Alfred Marshall propuso una renovación institucional decisiva dentro del sistema monetario: defendió un sistema de banca central con argumentos más racionales que los de sus predecesores —especialmente Walter Bagehot— y concedió un papel mucho más importante a la autoridad monetaria en el control de la política monetaria (especialmente en la lucha anticíclica). Marshall no contempló el sistema de banco central como «mal menor», sino como uno superior a cualquier plan basado en la convertibilidad para luchar contra los males de la moneda: fluctuaciones de su valor y ciclos del crédito. Sus ideas en política monetaria fueron semilla para las de John Maynard Keynes, y su relevancia sirvió para que las de éste encontrasen el terreno abonado.
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.
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.
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Revista de Historia Económica Año XIV Otoño-Invierno 1996 n. 3 pp. 641--669