Business Cycles and Equilibrium

Overview

Throughout his career, Fischer Black described a view of businessfluctuations based on the idea that a well-developed economy willbe continually in equilibrium. In the essays that constitute thisbook, which is one of only two books Black ever wrote, he exploresthis idea thoroughly and reaches some surprising conclusions.

With the newfound popularity of quantitative finance and riskmanagement, the work of Fischer Black has garnered much attention.Even today, Black's Business ...

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Overview

Throughout his career, Fischer Black described a view of businessfluctuations based on the idea that a well-developed economy willbe continually in equilibrium. In the essays that constitute thisbook, which is one of only two books Black ever wrote, he exploresthis idea thoroughly and reaches some surprising conclusions.

With the newfound popularity of quantitative finance and riskmanagement, the work of Fischer Black has garnered much attention.Even today, Black's Business Cycles andEquilibrium—which lays out his theory that economic andfinancial markets are in a continual equilibrium—stillchallenges our thinking, especially during our current economiccrisis.

This Updated Edition clearly presents Black's classictheory on business cycles and the concept of equilibrium, andcontains a new Foreword by the person who knows Black best: PerryMehrling, author of Fischer Black and the Revolutionary Idea ofFinance. Mehrling places Black's book in the context of his ownintellectual trajectory, shows how to read it as a challenge to themacroeconomic orthodoxy of his day, and suggests how Black mighthave used his theory to make sense of today's financial andeconomic meltdown.

Filled with the practical perspectives of one of the mostinnovative minds in finance, the Updated Edition of BusinessCycles and Equilibrium:

  • Contains Fischer's original essays, which reach some interestingconclusions concerning the role of equilibrium in a developedeconomy
  • Warns about the use and abuse of modeling
  • Explains the risky business of risk in a straightforward andaccessible style
  • Includes discussions dedicated to "the effects of uncontrolledbanking," "the trouble with econometric models," and "the effectsof noise on investing"
  • Provides enlightening commentary on Black's life and work at thetime Business Cycles and Equilibrium was written

Engaging and informative, the Updated Edition of BusinessCycles and Equilibrium will give you a better understanding ofwhat's really going on during these uncertain and volatilefinancial times.

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Product Details

  • ISBN-13: 9780470499177
  • Publisher: Wiley
  • Publication date: 11/2/2009
  • Edition description: Updated Edition
  • Edition number: 1
  • Pages: 197
  • Product dimensions: 6.20 (w) x 9.10 (h) x 0.90 (d)

Meet the Author

Fischer Black is regarded as one of the great innovators of modern finance theory. He is most famous for cofounding the legendary Black-Scholes equation, although he contributed much more to finance in the areas of portfolio insurance, commodity futures pricing, bond swaps, interest rate futures, and global asset allocation models. Black worked at the University of Chicago and the MIT Sloan School of Management, as well as Goldman Sachs. He received his PhD in applied mathematics from Harvard University. Black died in 1995, two years before the Nobel Prize was awarded to Myron Scholes and Robert C. Merton for their work on option pricing. Since the Nobel Prize is not given posthumously, Black was given a prominent mention for the key role he played in developing the equation.

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Table of Contents

Foreword.

Introduction.

Chapter 1: Banking and Interest Rates in a World WithoutMoney: The Effects of Uncontrolled Banking.

Chapter 2: Active and Passive Monetary Policy in aNeoclassical Model.

Chapter 3: Rational Economic Behavior and the Balance ofPayments.

Chapter 4: Uniqueness of the Price Level in MonetaryGrowth Models with Rational Expectations.

Chapter 5: Purchasing Power Parity in an EquilibriumModel.

Chapter 6: Ups and Downs in Human Capital andBusiness.

Chapter 7: How Passive Monetary Policy Might Work.

Chapter 8: What a Non-Monetarist Thinks.

Chapter 9: Global Monetarism in a World of NationalCurrencies.

Chapter 10: The ABCs of Business Cycles.

Chapter 11: A Gold Standard with Double Feedback and NearZero Reserves.

Chapter 12: The Trouble with Econometric Models.

Chapter 13: General Equilibrium and Business Cycles.

Chapter 14: Noise.

Index.

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