Editing Fischer Black (section)

==''Business Cycles and Equilibrium'' (1987)==
Fischer Black has published many academic articles, including his best-known book, ''[https://onlinelibrary.wiley.com/doi/pdf/10.1002/9781119203070 Business Cycles and Equilibrium]''. In this book, Black proposes at the beginning of the book to imagine a world where money does not exist. With its theory that economic and financial markets are in a continual equilibrium-is one of his books that still rings true today{{When|date=March 2023}}, given the current{{Clarify|reason=Which crisis?|date=March 2023}} economic crisis. Building upon these statements, Black creates models as well as challenges monetary theorists, especially those who subscribe to the ideas of the [[quantity theory of money]] and liquidity of money. Banks are the main institutions of monetary transactions in Black's book, to which he also states that money is an endogenous resource (contrary to monetarists who believe money to be an exogenous resource), provided by banks due to profit maximization. Controversial statements such as "Monetary and exchange rate policies accomplish almost nothing, and fiscal policies are unimportant in causing or changing business cycles" have made Black enemies with Keynesians and Monetarists alike.