By Pascal Bridel
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Extra resources for Cambridge Monetary Thought: Development of Saving-Investment Analysis from Marshall to Keynes
The result would be an obvious increase of the discount rate as long as this speculative mood dominates the market. Bearing in mind the crucial part it was to play in later development in monetary theory, the fourth and most interesting case is the one in which Marshall analyses the influence of 'bulls' and 'bears' on the market for loans, and hence, on the rate of discount (1923, pp. 258-9). As a matter of fact this piece of analysis is nothing else but a hint at a central element of Keynes's liquidity-preference theory; more precisely this problem was to be thoroughly reworked in the Treatise (JMK, v, pp.
However, it should be clear, as Patin kin puts it, that 'if properly interpreted, the Cambridge function does not imply uniform unitary elasticity' (1965, p. 170). Put in other words, the addition of a stability analysis to the Marshallian comparative-static analysis does not alter in any way its ultimate conclusion. In terms of the Cambridge equation, if kPT is the demand for money and M its supply, the excess-demand for money (kPT - M) reflects the property that an equiproportionate change in prices and initial money holdings causes a proportionate change in the money demanded.
Especially in connection with the so-called law of hoarding (1926. p. 6). According to that early statement of what Keynes later dubbed 'real balances' (JMK, x. p. 192 n. 2) - and which was taken over by Pigou and Robertson and subsequently systematically developed in a general equilibrium framework by Patinkin under the name of realbalance effect - expectations of a rise or a fall in prices (and not only actual changes) lead people to reduce or increase their cash balances. Marshall's own statement of this law undoubtedly anticipates some fundamental ideas behind the two-view (bull v.
Cambridge Monetary Thought: Development of Saving-Investment Analysis from Marshall to Keynes by Pascal Bridel