Black Business Cycles and Equilibrium, Updated Edition

1. Auflage 2009
ISBN: 978-0-470-54325-2
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 224 Seiten, E-Book

An updated look at what Fischer Black's ideas on business cyclesand equilibrium mean today
Throughout his career, Fischer Black described a view ofbusiness fluctuations based on the idea that a well-developedeconomy will be continually in equilibrium. In the essays thatconstitute this book, which is one of only two books Black everwrote, he explores this idea thoroughly and reaches some surprisingconclusions.
With the newfound popularity of quantitative finance and riskmanagement, the work of Fischer Black has garnered much attention.Business Cycles and Equilibrium-with its theory thateconomic and financial markets are in a continual equilibrium-isone of his books that still rings true today, given the currenteconomic crisis. This Updated Edition clearly presentsBlack's classic theory on business cycles and the concept ofequilibrium, and contains a new introduction by the person whoknows Black best: Perry Mehrling, author of Fischer Black andthe Revolutionary Idea of Finance (Wiley). Mehrling goes insideBlack's life to uncover what was occurring during the time Blackwrote Business Cycles and Equilibrium, while also sheddinglight on what Black would make of today's financial and economicmeltdown and how he would best advise to move forward.
The essays within this book reach some interesting conclusionsconcerning 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 andaccessible style
* Contains chapters dedicated to "the effects of uncontrolledbanking," "the trouble with econometric models," and "the effectsof noise on investing"
* Includes commentary on Black's life and work at the timeBusiness Cycles and Equilibrium was written as well asinsight as to what Black would make of the current financialmeltdown
Engaging and informative, the Updated Edition ofBusiness Cycles and Equilibrium will give you a betterunderstanding of what is really going on during these uncertain andvolatile financial times.

Autoren/Hrsg.

Black, Fischer

Weitere Mitwirkende

Mehrling, Perry

Inhaltsverzeichnis

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.

Über Autor(innen)

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.