Business Cycles and Equilibrium

"This book and the articles that preceded it electrified the first generation of Wall Street quants with Fischer?s famous rallying cry, ?In my model, markets work,? and challenged them to ?imagine a world without money.? He gave us clear, logically consistent macroeconomics, without jargon or unnecessary math, which was directly useful for making money. The material is as fresh and as relevant to profit as when it was written." Aaron Brown, AQR Capital Management, author of The Poker Face of Wall Street and A World of Chance "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