{"product_id":"business-cycles-and-equilibrium-hardback-9780470499177","title":"Business Cycles and Equilibrium (Hardback) 9780470499177","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eBusiness Cycles and Equilibrium\u003c\/font\u003e\u003cbr\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003c\/p\u003e\n\u003cp\u003e\u003cfont size=\"4\"\u003eFischer Black (Author), Perry Mehrling (Foreword by)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9780470499177, Wiley\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 20 November 2009\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e224 pages\u003cbr\u003e23.6 x 16.3 x 2.2 cm, 0.404 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003eAn updated look at what Fischer Black's ideas on business cycles and equilibrium mean today  \u003cp\u003eThroughout 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.\u003c\/p\u003e \u003cp\u003eWith the newfound popularity of quantitative finance and risk management, the work of Fischer Black has garnered much attention. \u003ci\u003eBusiness Cycles and Equilibrium\u003c\/i\u003e-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 \u003ci\u003eUpdated Edition\u003c\/i\u003e 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 \u003ci\u003eFischer Black and the Revolutionary Idea of Finance\u003c\/i\u003e (Wiley). Mehrling goes inside Black's life to uncover what was occurring during the time Black wrote \u003ci\u003eBusiness Cycles and Equilibrium\u003c\/i\u003e, 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.\u003c\/p\u003e \u003cp\u003eThe essays within this book reach some interesting conclusions concerning the role of equilibrium in a developed economy\u003c\/p\u003e \u003cul\u003e \u003cli\u003eWarns about the use and abuse of modeling\u003c\/li\u003e \u003cli\u003eExplains the risky business of risk in a straightforward and accessible style\u003c\/li\u003e \u003cli\u003eContains chapters dedicated to \"the effects of uncontrolled banking,\" \"the trouble with econometric models,\" and \"the effects of noise on investing\"\u003c\/li\u003e \u003cli\u003eIncludes commentary on Black's life and work at the time \u003ci\u003eBusiness Cycles and Equilibrium\u003c\/i\u003e was written as well as insight as to what Black would make of the current financial meltdown\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eEngaging and informative, the \u003ci\u003eUpdated Edition\u003c\/i\u003e of \u003ci\u003eBusiness Cycles and Equilibrium\u003c\/i\u003e will give you a better understanding of what is really going on during these uncertain and volatile financial times.\u003c\/p\u003e\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e\u003cp\u003eForeword v\u003c\/p\u003e \u003cp\u003eIntroduction xxi\u003c\/p\u003e \u003cp\u003eChapter 1: Banking and Interest Rates in a World Without Money: The Effects of Uncontrolled Banking 1\u003c\/p\u003e \u003cp\u003eChapter 2: Active and Passive Monetary Policy in a Neoclassical Model 23\u003c\/p\u003e \u003cp\u003eChapter 3: Rational Economic Behavior and the Balance of Payments 43\u003c\/p\u003e \u003cp\u003eChapter 4: Uniqueness of the Price Level in Monetary Growth Models with Rational Expectations 65\u003c\/p\u003e \u003cp\u003eChapter 5: Purchasing Power Parity in an Equilibrium Model 81\u003c\/p\u003e \u003cp\u003eChapter 6: Ups and Downs in Human Capital and Business 85\u003c\/p\u003e \u003cp\u003eChapter 7: How Passive Monetary Policy Might Work 91\u003c\/p\u003e \u003cp\u003eChapter 8: What a Non-Monetarist Thinks 99\u003c\/p\u003e \u003cp\u003eChapter 9: Global Monetarism in a World of National Currencies 107\u003c\/p\u003e \u003cp\u003eChapter 10: The ABCs of Business Cycles 117\u003c\/p\u003e \u003cp\u003eChapter 11: A Gold Standard with Double Feedback and Near Zero Reserves 129\u003c\/p\u003e \u003cp\u003eChapter 12: The Trouble with Econometric Models 135\u003c\/p\u003e \u003cp\u003eChapter 13: General Equilibrium and Business Cycles 153\u003c\/p\u003e \u003cp\u003eChapter 14: Noise 169\u003c\/p\u003e \u003cp\u003eIndex 191\u003c\/p\u003e\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Economics [\u003ca title=\"See our other books on Economics\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Economics%20%5BKC%5D%22\"\u003eKC\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Wiley","offers":[{"title":"Brand New","offer_id":52472146952472,"sku":"9780470499177","price":37.99,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/files\/9780470499177.jpg?v=1785718851","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/business-cycles-and-equilibrium-hardback-9780470499177","provider":"Freshly Printed Books","version":"1.0","type":"link"}