Exploring General Equilibrium
Fischer Black
ISBN 10: 0262023822 ISBN 13: 9780262023825
Published by Mit Pr, 1995
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About this Item
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Pages can have notes/highlighting. Spine may show signs of wear. ~ ThriftBooks: Read More, Spend Less. Seller Inventory # G0262023822I3N00
Synopsis:
The general equilibrium approach, Black asserts, can be used to explain most of the economy's behavior. It can explain business cycles and growth without using sticky prices, irrationality, economies of scale, or imperfect competition. It can explain the volatility of consumption, output, sales, investment, and inventories with axiomatic utility and constant-returns-to-scale production. It can explain temporary layoffs, job changes with and without intervening unemployment, and the behavior of vacancies. It can explain lower wages in part-time jobs, wages that increase rapidly with time on the job, and the forces that cause migration from poor to rich countries.
Although the general equilibrium approach cannot be tested in conventional ways, it can be used to generate examples that explain stylized facts - generalized observations from the real world - that have preoccupied macroeconomists for the last decade. Black contrasts his interpretation of these facts with conventional views. Finally, he reviews a substantial body of literature on these topics.
About the Author: Fischer Black was a former Professor of Finance at the University of Chicago's Graduate School of Business and also at the Massachusetts Institute of Technology's Sloan School of Management.
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Bibliographic Details
Title: Exploring General Equilibrium
Publisher: Mit Pr
Publication Date: 1995
Binding: Hardcover
Condition: Good
Dust Jacket Condition: No Jacket