Business Cycles

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.

Autorentext
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.

Inhalt

Foreword. Introduction. Chapter 1: Banking and Interest Rates in a World Without Money: The Effects of Uncontrolled Banking. Chapter 2: Active and Passive Monetary Policy in a Neoclassical Model. Chapter 3: Rational Economic Behavior and the Balance of Payments. Chapter 4: Uniqueness of the Price Level in Monetary Growth Models with Rational Expectations. Chapter 5: Purchasing Power Parity in an Equilibrium Model. Chapter 6: Ups and Downs in Human Capital and Business. Chapter 7: How Passive Monetary Policy Might Work. Chapter 8: What a Non-Monetarist Thinks. Chapter 9: Global Monetarism in a World of National Currencies. Chapter 10: The ABCs of Business Cycles. Chapter 11: A Gold Standard with Double Feedback and Near Zero Reserves. Chapter 12: The Trouble with Econometric Models. Chapter 13: General Equilibrium and Business Cycles. Chapter 14: Noise. Index.