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. Provocative and clearly written, Business Cycles and Equilibrium will be of value to students of macroeconomics as well as those of finance and the international economy.

Fischer Black, former Professor of Finance at the University of Chicago's Graduate School of Business and late of the Massachusetts Institute of Technology's Sloan School of Management, was a partner at Goldman, Sachs and Company.