Suchergebnisse

Banking and interest rates in a world without money : the effects of uncontrolled banking -- Active and passive monetary policy in a neoclassical model -- Rational economic behavior 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.

An updated look at what Fischer Black's ideas on business cycles and equilibrium mean today. Throughout his career, Fischer Black 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, which is one of only two books Black ever wrote, he explores this idea thoroughly and reaches some surprising conclusions. With the newfound popularity of quantitative finance and risk management, the work of Fischer Black has garnered much attention. Business Cycles and Equilibrium -with its theory th.

Much recent business cycle research focuses on moments of macroeconomic aggregates. We construct examples of real business cycle sample paths for output, consumption, and employment for the U.S. economy. Annual sample paths are generated from an initial condition in 1925, measured technology and government spending shocks since then, and a standard, calibrated, one-sector model of the business cycle. Quarterly sample paths are generated similarly, from an initial condition in 1955. The law of motion for shocks is not parametrized and so decision-rules are estimated by GMM. We compare the paths with actual history graphically and by spectral methods.