Clement Juglar
Encyclopedia
Clément Juglar was a French doctor and statistician.
s. He identified the 7-11 year fixed investment cycle that is now associated with his name. Within the Juglar cycle one can observe oscillations of investments into fixed capital and not just changes in the level of employment of the fixed capital (and respective changes in inventories), as is observed with respect to Kitchin cycle
s. The recent research employing spectral analysis
has confirmed the presence of Juglar cycles in the world GDP dynamics up to the present time.
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Juglar Cycles
He was one of the first to develop an economic theory of business cycleBusiness cycle
The term business cycle refers to economy-wide fluctuations in production or economic activity over several months or years...
s. He identified the 7-11 year fixed investment cycle that is now associated with his name. Within the Juglar cycle one can observe oscillations of investments into fixed capital and not just changes in the level of employment of the fixed capital (and respective changes in inventories), as is observed with respect to Kitchin cycle
Kitchin cycle
Kitchin cycle is a short business cycle of about 40 months discovered in the 1920s by Joseph Kitchin.This cycle is believed to be accounted for by time lags in information movements affecting the decision making of commercial firms. Firms react to the improvement of commercial situation through the...
s. The recent research employing spectral analysis
Time series
In statistics, signal processing, econometrics and mathematical finance, a time series is a sequence of data points, measured typically at successive times spaced at uniform time intervals. Examples of time series are the daily closing value of the Dow Jones index or the annual flow volume of the...
has confirmed the presence of Juglar cycles in the world GDP dynamics up to the present time.
Juglar's Impact
Juglar's publications led to other business cycle theories by later economists such as Joseph SchumpeterJoseph Schumpeter
Joseph Alois Schumpeter was an Austrian-Hungarian-American economist and political scientist. He popularized the term "creative destruction" in economics.-Life:...
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Publications of Clément Juglar
- "Des crises commerciales", 1856, in Annuaire de l'economie politique.
- Des Crises commerciales et leur retour periodique en France, en Angleterre, et aux Etats-Unis. Paris: Guillaumin, 1862.
- Du Change et de la liberte d'émission, 1868.
- Les Banques de depôt, d'escompte et d'émission, 1884.