Title: The Holy Grail of Macroeconomics: Lessons from Japan’s Great Recession (Revised Edition)
Author: Richard C. Koo
Pages: 356; Paperback
Publication Date: August 2009
Published by John Wiley & Sons, Inc.
Understanding why a powerful Japanese economy in the 1980s slowed suddenly in the 1990s is an intellectual challenge. To understand the Great Depression is the Holy Grail of macroeconomics but we do not have our hands on the Grail….said Fed Reserve chairman Ben Bernanke. As to give us the Grail in our hands from the Great Depression and the Japaneses recession, Richard Koo’s has updated ‘The Holy Grail of Macroeconomics: Lessons from Japan’s Great Recession (Revised Edition)’ with a chapter to provide penetrating insights into the 2009 Global Financial Crisis.
As one of Asia’s top economists and advisor to national governments, Koo proffers a remedy to the current economic meltdown by spelling out the policies needed to pull the economy out of this recession. He also presents the crucial foundation to macroeconomics that has been missing since the days of Keynes – making this book is a must-read for economists, policymakers and investors.
Published by John Wiley & Sons (Asia) Pte Ltd, The Holy Grail of Macroeconomics: Lessons from Japan’s Great Recession (Revised Edition) presents vital lessons from Japan’s 15-year recession, during which many conventional policy responses were rendered ineffective due to the peculiar nature of what Koo calls the ‘balance sheet recession’.
The ordinary (Yang) phase where private sector is maximizing profits and the post-bubble (Yin) phase where private sector is minimizing debt or otherwise obsessed with repairing damaged balance sheets is thought provoking. He also challenges some of the fundamental notions of modern economics and hopes that Japan’s painful experience may be transformed into a beneficial legacy for the world.
About the Author:
Richard C. Koo is the Chief Economist of Nomura Research Institute, the research arm of Nomura Securities, the leading securities house in Japan. Consistently voted as one of the most reliable economists by Japanese capital and financial market participants for nearly a decade, he has also advised successive prime ministers on how best to deal with Japan’s economic and banking problems.
Prior to joining Nomura, he was an economist with the Federal Reserve Bank of New York and was a Doctoral Fellow of the Board of Governors of the Federal Reserve System. Author many books and a visiting professor of Waseda University, he was awarded the Abramson Award by the National Association of Business Economics, Washington, D.C. for 2001. He is also a columnist with BusinessWeek Online and the only non-Japanese member of the Defense Strategy Study Conference of the Japan Ministry.
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