WorldCat Identities

Black, Fischer 1938-

Overview
Works: 62 works in 180 publications in 3 languages and 3,959 library holdings
Genres: Conference papers and proceedings 
Roles: Author, Honoree
Publication Timeline
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Most widely held works about Fischer Black
 
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Most widely held works by Fischer Black
Exploring general equilibrium by Fischer Black( )

31 editions published between 1995 and 2010 in English and Undetermined and held by 1,926 WorldCat member libraries worldwide

Although the general equilibrium approach cannot be tested in conventional ways, it can be used to generate examples that explain stylized facts - generalized observations from the real world - that have preoccupied macroeconomists for the last decade. Black contrasts his interpretation of these facts with conventional views. Finally, he reviews a substantial body of literature on these topics
Business cycles and equilibrium by Fischer Black( Book )

36 editions published between 1900 and 2010 in English and Undetermined and held by 967 WorldCat member libraries worldwide

With the newfound popularity of quantitative finance and risk management, the work of award-winning economist Fischer Black (who died of cancer in 1995) has garnered much attention. This book--with its theory that economic and financial markets are in a continual equilibrium--is one of his books that still rings true today, given the current economic crisis. This Updated Edition clearly presents Black's classic theory on business cycles and the concept of equilibrium, and contains a new introduction by the person who knows Black best: Perry Mehrling. Mehrling goes inside Black's life to uncover what was occurring during the time Black wrote Business Cycles and Equilibrium, while also shedding light on what Black would make of today's financial and economic meltdown and how he would best advise to move forward.--From publisher description
Equilibrium exchange rate hedging by Fischer Black( )

8 editions published in 1989 in English and held by 66 WorldCat member libraries worldwide

In a one-period model where each investor consumes a single good, and where borrowing and lending are private and real, there is a universal constant that tells how much each investor hedges his foreign investments. The constant depends only on average risk tolerance across investors. The same constant applies to every real foreign investment held by every investor. Foreign investors are those with different consumption goods, not necessarily those who live in different countries. In equilibrium, the price of the world market portfolio will adjust so that the constant will be related to an average of world market risk premia, an average of world market volatilities, and an average of exchange rate volatilities, where we take the averages over all investors. The constant will not be related to exchange rate means or covariances. In the limiting case when exchange risk approaches zero, the constant will be equal to one minus the ratio of the variance of the world market return to its mean. Jensen's inequality, or "Siegel's paradox, " makes investors want significant amounts of exchange rate risk in their portfolios. It also makes investors prefer a world with more exchange rate risk to a similar world with less exchange rate risk
The tax advantages of pension fund investments in bonds by Fischer Black( )

4 editions published in 1980 in English and held by 65 WorldCat member libraries worldwide

I believe that every tax-paying firm's defined benefit pension fund portfolio should be invested entirely in bonds (or insurance contracts). Although the firm's pension funds are legally distinct from the firm, there is a close tie between the performance of the pension fund investments and the firm's cash flows. Sooner or later, gains or losses In pension fund portfolios will mean changes in the firm's pension contributions. Shifting from stocks to bonds in the pension funds will increase the firm's debt capacity, because it will reduce the volatility of the firm's future cash flows. Shifting from stocks to bonds in the pension funds will give an indirect tax benefit equal to the firm's marginal tax rate times the interest on the bonds. There is no indirect tax benefit if the pension funds are invested in stocks. Fully implementing the plan will mean shifting all of the stocks in the pension fund to fixed income investments, and putting all new contributions into fixed income investments. Shifting $2 million from stocks to bonds has a present value for the firm's stockholders of about $1 million. Shifting from stocks to bonds in the pension funds will reduce the firm's leverage. To offset this, the firm can issue more debt than it otherwise would have issued. The money raised can be invested in the firm or used to buy back the firm's stock. This version of the plan, with more bonds in the pension fund and more debt on the firm's balance sheet, is equivalent to the following transactions: (1)sell a portfolio of stocks on which no taxes are paid, and buy the firm's stock on which no taxes are paid; and (2) issue the firm's bonds at an after tax interest rate, and buy other firm's bonds at a before-tax interest rate
Mean reversion and consumption smoothing by Fischer Black( )

9 editions published in 1989 in English and held by 65 WorldCat member libraries worldwide

Using a simple conventional model with additive separable utility and constant elasticity, we can explain mean reversion and consumption smoothing. The model uses the price of risk and wealth as state variables, but has only one stochastic variable. The price of risk rises temporarily as wealth falls. We also distinguish between risk aversion and the consumption elasticity of marginal utility. We can use the model to match estimates of the average values of consumption volatility, wealth volatility, mean reversion, the growth rate of consumption, the real interest rate, and the market risk premium
General equilibrium and business cycles by Fischer Black( )

6 editions published between 1978 and 1982 in English and held by 48 WorldCat member libraries worldwide

The general equilibrium models in this paper, with complete markets, can give the major features of business cycles. The models include real investment, but information is costless and is available to everyone at the same time. Fluctuations in the match between resources and wants across many sectors create major fluctuations in output and unemployment, because moving resources from one sector to another is costly. Fluctuations in the demand for the services of durable goods causes much larger fluctuations in the output of durables, and causes unemployment that takes the form of temporary layoffs. Since specialized factors cooperate in producing goods and services, it makes sense to lay people off in groups rather than lowering wages and waiting for them to quit. Similarly, a vacancy is created when a specialized factor is missing from such a group. Technology comes with varying levels of risk and expected return associated with the degree of specialization. More specialization means more severe fluctuations and a higher average level of unemployment, along with a higher average level of output and growth. Monetary policy, interest rates, and fiscal policy have no special roles to play in the model
Managing currency risk : June 22, 1989, Boston, Massachusetts by Mark P Kritzman( Book )

4 editions published in 1989 in English and held by 47 WorldCat member libraries worldwide

When is a positive income tax optimal? by Fischer Black( )

4 editions published in 1981 in English and held by 42 WorldCat member libraries worldwide

When will the optimal mix of a constant income tax with a constant consumption tax involve a positive income tax? The assumptions of the model in which this question is asked include (1) identical individuals with coincident lifetimes who work in every period; (2) initial endowments of physical capital; (3) fixed government expenditures; and (4) government borrowing (or lending) that goes to zero when the world ends. In a model like this, we can ignore the transition problem. If we allow the constant tax on income from capital and the constant tax on wage income to be at different rates, we can ask a further question. When will the optimal mix of all three taxes (including the consumption tax) involve a positive tax on either income from capital or wage income?
A deductive question answering system by Fischer Black( Book )

6 editions published between 1964 and 1974 in English and Undetermined and held by 10 WorldCat member libraries worldwide

A tribute to Fischer Black( Book )

2 editions published in 1996 in English and held by 5 WorldCat member libraries worldwide

Australasian Business Statistics, 3rd Edition by Asafu-Adjaye Black( Book )

1 edition published in 2012 in English and held by 5 WorldCat member libraries worldwide

Tao bu kai de jing ji zhou qi by Fischer Black( Book )

2 editions published in 2010 in Chinese and held by 3 WorldCat member libraries worldwide

Australasian Business Statistics, 3rd Edition by Ken Black( )

1 edition published in 2012 in English and held by 3 WorldCat member libraries worldwide

How to use the holes in Black-Scholes by Fischer Black( )

3 editions published between 1992 and 1998 in English and held by 3 WorldCat member libraries worldwide

The pricing of options and corporate liabilities by Fischer Black( )

1 edition published in 2001 in English and held by 2 WorldCat member libraries worldwide

Dividend yields and common stock returns; a new methodology by Fischer Black( Book )

2 editions published in 1970 in English and held by 2 WorldCat member libraries worldwide

The pricing of options and corporate liabilities by Fischer Black( )

1 edition published in 1998 in English and held by 2 WorldCat member libraries worldwide

Business Cycles and Equilibrium, Updated Edition by Fischer Black( Book )

2 editions published in 2009 in English and held by 2 WorldCat member libraries worldwide

The trouble with econometric models by Fischer Black( )

1 edition published in 1997 in English and held by 2 WorldCat member libraries worldwide

Macroeconomics annual 1993( Book )

1 edition published in 1993 in English and held by 2 WorldCat member libraries worldwide

 
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Exploring general equilibrium
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Business cycles and equilibriumBusiness Cycles and Equilibrium, Updated EditionThe legacy of Fischer Black
Alternative Names
Black, Fisher 1938-1995

Fischer Black Amerikaans econoom (1938-1995)

Fischer Black amerikansk ekonom

Fischer Black amerikansk økonom

Fischer Black economist american

Fischer Black economista estadounidense

Fischer Black economista nord-americà

Fischer Black economista statunitense

Fischer Black mathématicien américain

Fischer Black US-amerikanischer Wirtschaftswissenschaftler

Фишер Блэк американский экономист

פישר בלק

פישר בלק כלכלן אמריקאי

فیشر بلک اقتصاددان آمریکایی

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