Book description
The revised edition of this highly acclaimed work presents crucial
lessons from Japan's recession that could aid the US and other economies
as they struggle to recover from the current financial crisis.
This book is about Japan's 15-year long recession and how it affected
current theoretical thinking about its causes and cures. It has a
detailed explanation on what happened to Japan, but the discoveries
made are so far-reaching that a large portion of economics literature
will have to be modified to accommodate another half to the
macroeconomic spectrum of possibilities that conventional theorists
have overlooked.
The author developed the idea of yin and yang business cycles where
the conventional world of profit maximization is the yang and the
world of balance sheet recession, where companies are minimizing debt,
is the yin. Once so divided, many varied theories developed in macro
economics since the 1930s can be nicely categorized into a single
comprehensive theory- The Holy Grail of Macro Economics
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. He served as 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 of many books, including Balance
Sheet Recession: Japan's Struggle with Uncharted Economics and its
Global Implications, and a visiting professor of Waseda
University, he was awarded the Abramson Award by the National
Association of Business Economics, Washington, D. C. in 2001.
