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. <p>Provocative and clearly written,<i> Business Cycles and Equilibrium</i> will be of value to students of macroeconomics as well as those of finance and the international economy.
Banking and interest rates in a world without money; active and passive monetary policy in a neoclassical model; rational economic behaviour and the balance of payments; uniqueness of the price level in monetary growth models with rational expectations; purchasing power parity in an equilibrium model; ups and downs in human capital and business; how passive monetary policy might work; what a non-monetarist thinks; global monetarism in a world of national currencies; the ABCs of business cycles; a gold standard with double feedback and near zero reserves; the trouble with econometric models; general equilibrium and business cycles; noise.
Number Of Pages: 196
Published: 8th January 1991
Country of Publication: GB
Dimensions (cm): 213.25 x 137.61
Weight (kg): 0.28
Edition Number: 1