Business Cycles and Equilibrium

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9780470499177: Business Cycles and Equilibrium
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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.

"synopsis" may belong to another edition of this title.

From the Inside Flap:

Throughout his career, Fischer Black described a view of businessfluctuations based on the idea that a well-developed economy willbe continually in equilibrium. In the essays that constitute thisbook, which is one of only two books Black ever wrote, he exploresthis idea thoroughly and reaches some surprising conclusions.

With the newfound popularity of quantitative finance and riskmanagement, the work of Fischer Black has garnered much attention.Even today, Black's Business Cycles andEquilibrium—which lays out his theory that economic andfinancial markets are in a continual equilibrium—stillchallenges our thinking, especially during our current economiccrisis.

This Updated Edition clearly presents Black's classictheory on business cycles and the concept of equilibrium, andcontains a new Foreword by the person who knows Black best: PerryMehrling, author of Fischer Black and the Revolutionary Idea ofFinance. Mehrling places Black's book in the context of his ownintellectual trajectory, shows how to read it as a challenge to themacroeconomic orthodoxy of his day, and suggests how Black mighthave used his theory to make sense of today's financial andeconomic meltdown.

Filled with the practical perspectives of one of the mostinnovative minds in finance, the Updated Edition of BusinessCycles and Equilibrium:

  • Contains Fischer's original essays, which reach some interestingconclusions concerning the role of equilibrium in a developedeconomy

  • Warns about the use and abuse of modeling

  • Explains the risky business of risk in a straightforward andaccessible style

  • Includes discussions dedicated to "the effects of uncontrolledbanking," "the trouble with econometric models," and "the effectsof noise on investing"

  • Provides enlightening commentary on Black's life and work at thetime Business Cycles and Equilibrium was written

Engaging and informative, the Updated Edition of BusinessCycles and Equilibrium will give you a better understanding ofwhat's really going on during these uncertain and volatilefinancial times.

From the Back Cover:

"This book and the articles that preceded it electrified the firstgeneration of Wall Street quants with Fischer's famous rallyingcry, 'In my model, markets work,' and challenged them to 'imagine aworld without money.' He gave us clear, logically consistentmacroeconomics, without jargon or unnecessary math, which wasdirectly useful for making money. The material is as fresh and asrelevant to profit as when it was written."—Aaron Brown, AQRCapital Management, author of The Poker Face of Wall Street and AWorld of Chance

"Fischer Black has long been known as a genius in finance. Hewas also a genius on business cycles and monetary theory, and thisbook is the proof."—Tyler Cowen, Professor of Economics,George Mason University

"Fischer Black is a household name on Wall Street. Had he lived,Fischer would have shared (with Robert Merton and Myron Scholes)the Nobel Prize for their work in financial economics. But Fischeralso made extraordinarily deep contributions to macroeconomics.This collection of Fischer's key macro analyses is a feast for theintellect, but one that is very easily digested thanks to PerryMehrling's marvelous introduction, historical perspective, andunique ability to connect Fischer's many dots. The book is ofspecial relevance to anyone hoping to understand today's financialcrisis and its macroeconomic and policy ramifications. I recommendit most highly."—Laurence Kotlikoff, Professor of Economics,Boston University

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Other Popular Editions of the Same Title

9780631157540: Business Cycles and Equilibrium

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ISBN 10:  0631157549 ISBN 13:  9780631157540
Publisher: Blackwell Pub, 1987
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Book Description John Wiley and Sons Ltd, United Kingdom, 2009. Hardback. Condition: New. Updated Edition. Language: English . This book usually ship within 10-15 business days and we will endeavor to dispatch orders quicker than this where possible. Brand New Book. An updated look at what Fischer Black s ideas on business cycles and equilibrium mean today Throughout 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 modelingExplains the risky business of risk in a straightforward and accessible styleContains 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 meltdown Engaging 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. Seller Inventory # BTE9780470499177

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Book Description John Wiley and Sons Ltd, United Kingdom, 2009. Hardback. Condition: New. Updated Edition. Language: English . Brand New Book. An updated look at what Fischer Black s ideas on business cycles and equilibrium mean today Throughout 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 modelingExplains the risky business of risk in a straightforward and accessible styleContains 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 meltdown Engaging 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. Seller Inventory # BZV9780470499177

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Book Description John Wiley and Sons Ltd, United Kingdom, 2009. Hardback. Condition: New. Updated Edition. Language: English . Brand New Book. An updated look at what Fischer Black s ideas on business cycles and equilibrium mean today Throughout 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 modelingExplains the risky business of risk in a straightforward and accessible styleContains 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 meltdown Engaging 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. Seller Inventory # AAH9780470499177

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