Business Cycles and Equilibrium
An updated look at what Fischer Black's ideas on business cycles and equilibrium mean today
Throughout his career, Fischer Black described a view of business fluctuations based on the idea that a well-developed economy will be continually in equilibrium. In the essays that constitute this book, which is one of only two books Black ever wrote, he explores this idea thoroughly and reaches some surprising conclusions.
With the newfound popularity of quantitative finance and risk management, the work of Fischer Black has garnered much attention. Business Cycles and Equilibrium-with its theory that economic and financial markets are in a continual equilibrium-is one of his books that still rings true today, given the current economic crisis. This Updated Edition clearly presents Black's classic theory on business cycles and the concept of equilibrium, and contains a new introduction by the person who knows Black best: Perry Mehrling, author of Fischer Black and the Revolutionary Idea of Finance (Wiley). Mehrling goes inside Black's life to uncover what was occurring during the time Black wrote Business Cycles and Equilibrium, while also shedding light on what Black would make of today's financial and economic meltdown and how he would best advise to move forward.
The essays within this book reach some interesting conclusions concerning the role of equilibrium in a developed economy
Engaging and informative, the Updated Edition of Business Cycles and Equilibrium will give you a better understanding of what is really going on during these uncertain and volatile financial times.
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LibraryThing ReviewUser Review - PointedPundit - LibraryThing
In these essays, Fischer Black reaches provocative conclusions concerning the role of equilibrium in a developed economy. Black, who published this volume while a Goldman Sachs partner, was attracted ... Read full review
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Ups and Downs in Human Capital and Business
How Passive Monetary Policy Might Work
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