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...
Robert F. Bruner, Sean D. Carr
Why do markets crash and bank panics happen? Conventional wisdom has gathered, like iron filings, at two intellectual poles: at one extreme is a hodge-podge of idiosyncratic, period-specific causes...
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