Clement Juglar

Clément Juglar was a French physician and economist who made detailed studies of cycles in business and trade. He was one of the first to develop an economic theory of business cycles, based on the analysis of time series data and the observation of regular patterns in the alternation of expansion and contraction phases. He also paid attention to the role of bank balances, credit, and money supply in the dynamics of economic fluctuations. He published several works on the topic, such as Des Crises commerciales et leur retour périodique en France, en Angleterre et aux États-Unis (1862), Du Change et de la liberté d'émission (1868), and Les Banques de dépôt, d'escompte et d'émission (1884). He was a member of the Institut international de statistique and the Académie des sciences morales et politiques. He received the Chevalier de la Légion d'honneur in 1893. He died in Paris in 1905 at the age of 85. His work influenced later economists such as Joseph Schumpeter, Wesley Mitchell, and Alvin Hansen. He is considered as one of the founders of modern business cycle theory and econometrics.