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.
關於作者：
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.
目錄：
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.
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