Description
Book SynopsisThroughout 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.
Table of ContentsForeword 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
