Business Cycles and Equilibrium
Business Cycles and Equilibrium is an excellent book by Fischer Black, who described a view of business fluctuations based on the theory that a well-developed and functioning economy will be continually in equilibrium. With topics on quantitative finance and risk management, the book also contains an insight with a better understanding of what’s really going on during uncertain and volatile financial times and possible economic meltdowns. Business Cycles and Equilibrium consists of warnings about the use and abuse of modeling, risk management, and some commentary on Black’s life and work.
Business Cycles and Equilibrium contains:
- 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 ycles
- Chapter 14: Noise