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An updated look at what Fischer Black's ideas on business cycles

and equilibrium mean todayThroughout 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 Warns about the use and abuse of

modeling Explains the risky business of risk in a straightforward

and accessible style Contains chapters dedicated to "the effects of

uncontrolled banking," "the trouble with econometric models," and

"the effects of noise on investing" Includes commentary on Black's

life and work at the time "Business Cycles and Equilibrium" was

written as well as insight as to what Black would make of the

current financial meltdownEngaging 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.

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.

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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书籍介绍

An updated look at what Fischer Black's ideas on business cycles and equilibrium mean todayThroughout 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 Warns about the use and abuse of modeling Explains the risky business of risk in a straightforward and accessible style Contains chapters dedicated to "the effects of uncontrolled banking," "the trouble with econometric models," and "the effects of noise on investing" Includes commentary on Black's life and work at the time "Business Cycles and Equilibrium" was written as well as insight as to what Black would make of the current financial meltdownEngaging 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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