"Fischer Black has long been known as a genius in finance. He was also a genius on business cycles and monetary theory, and this book is the proof." Tyler Cowen, Professor of Economics, George Mason University
"Fischer Black is a household name on Wall Street. Had he lived, Fischer would have shared (with Robert Merton and Myron Scholes) the Nobel Prize for their work in financial economics. But Fischer also made extraordinarily deep contributions to macroeconomics. This collection of Fischer′s key macro analyses is a feast for the intellect, but one that is very easily digested thanks to Perry Mehrling′s marvelous introduction, historical perspective, and unique ability to connect Fischer′s many dots. The book is of special relevance to anyone hoping to understand today′s financial crisis and its macroeconomic and policy ramifications. I recommend it most highly." Laurence Kotlikoff, Professor of Economics, Boston University
Chapter 1: Banking and Interest Rates in a World Without Money: The Effects of Uncontrolled Banking.
Chapter 2: Active and Passive Monetary Policy in a Neoclassical Model.
Chapter 3: Rational Economic Behavior and the Balance of Payments.
Chapter 4: Uniqueness of the Price Level in Monetary Growth Models with Rational Expectations.
Chapter 5: Purchasing Power Parity in an Equilibrium Model.
Chapter 6: Ups and Downs in Human Capital and Business.
Chapter 7: How Passive Monetary Policy Might Work.
Chapter 8: What a Non–Monetarist Thinks.
Chapter 9: Global Monetarism in a World of National Currencies.
Chapter 10: The ABCs of Business Cycles.
Chapter 11: A Gold Standard with Double Feedback and Near Zero Reserves.
Chapter 12: The Trouble with Econometric Models.
Chapter 13: General Equilibrium and Business Cycles.
Chapter 14: Noise.