The Holy Grail of Macroeconomics: Lessons from Japan's Great Recession

John Wiley & Sons, 21.11.2011 - 256 sivua
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


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LibraryThing Review

Käyttäjän arvio  - jcbrunner - LibraryThing

A well-written quick read that solves the puzzle why the Japanese economy took so long to recover from its burst real estate bubble in the early 1990s. Koo offers a good explanation about why ... Lue koko arvostelu

LibraryThing Review

Käyttäjän arvio  - realistTheorist - LibraryThing

Will the U.S. be like Japan? Many fear the U.S. GDP will plateau, as Japan's has for over a decade. Interested in learning more about the Japanese episode, I picked up "The Holy Grail of Macro ... Lue koko arvostelu


Characteristics of Balance Sheet Recessions
The Great Depression was a Balance Sheet
There is more than one kind of recession
Yin and Yang Economic Cycles and the Holy Grail of Macroeconomics 1 Bubbles balance sheet recessions and the economic cycle
The mistake of applying yang tools to a yin world
What Keynes and the monetarists both missed
Toward a synthesis of economic theory
A ray of hope from Japan
Awareness of the Japanese experience will make people feel better
The need for a new social contract
Current export environment much more severe
Financing large fiscal stimulus should pose no problems
Rating agencies could disrupt the corrective process
Financing bank rescues also no problem
Riskreturn balance of using monetary policy to combat credit crunch

Pressure of Globalization 1 The need for real reforms in Japan and other developed countries
Global imbalances and liberalization of capital flows
Correction of global imbalance must also be gradual
Ongoing Bubbles and Balance Sheet Recessions 1 Americas situation the subprime fiasco
The Chinese bubble
Germanys choice under Maastricht
Preparing the global economy for both Yin and Yang phases
World in Balance Sheet Recession
Credit demand will be a bigger problem than credit supply
New growth model needed for Asia
Immediate challenges for Asia
Longrun challenges for Asia
Thoughts on Walras and Macroeconomics
References and Bibliography

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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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