Throughout his career Fisher Black has 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 he explores this idea thoroughly and reaches some surprising conclusions.
Provocative and clearly written, Business Cycles and Equilibrium will be of value to students of macroeconomics as well as those of finance and the international economy.
Foreword v
Introduction xxi
Chapter 1: Banking and Interest Rates in a World Without Money: The Effects of Uncontrolled Banking 1
Chapter 2: Active and Passive Monetary Policy in a Neoclassical Model 23
Chapter 3: Rational Economic Behavior and the Balance of Payments 43
Chapter 4: Uniqueness of the Price Level in Monetary Growth Models with Rational Expectations 65
Chapter 5: Purchasing Power Parity in an Equilibrium Model 81
Chapter 6: Ups and Downs in Human Capital and Business 85
Chapter 7: How Passive Monetary Policy Might Work 91
Chapter 8: What a Non-Monetarist Thinks 99
Chapter 9: Global Monetarism in a World of National Currencies 107
Chapter 10: The ABCs of Business Cycles 117
Chapter 11: A Gold Standard with Double Feedback and Near Zero Reserves 129
Chapter 12: The Trouble with Econometric Models 135
Chapter 13: General Equilibrium and Business Cycles 153
Chapter 14: Noise 169
Index 191
Ken Black is currently professor of decision sciences in the School of Business at the University of Houston-Clear Lake. born in Cambridge, Massachusetts, and raised in Missouri, he earned a bachelor's degree in mathematics from Graceland University,ló˝
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