Overview
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.
This book title, Business Cycles and Equilibrium, ISBN: 9780470499177, by Fischer Black, Perry Mehrling, published by Wiley (November 2, 2009) is available in hardcover. Our minimum order quantity is 25 copies. All standard bulk book orders ship FREE in the continental USA and delivered in 4-10 business days.
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