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
Mục lục
Acknowledgments ix
Preface xi
Chapter 1 Japan’s Recession 1
Chapter 2 Characteristics of Balance Sheet Recessions 39
Chapter 3 The Great Depression was a Balance Sheet Recession 85
Chapter 4 Monetary, Foreign Exchange, and Fiscal Policy During a Balance Sheet Recession 125
Chapter 5 Yin and Yang Economic Cycles and the Holy Grail of Macroeconomics 157
Chapter 6 Pressure of Globalization 185
Chapter 7 Ongoing Bubbles and Balance Sheet Recessions 221
Chapter 8 World in Balance Sheet Recession 253
Appendix: Thoughts on Walras and Macroeconomics 295
References and Bibliography 309
Index 321
Giới thiệu về tác giả
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.
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