Koo The Holy Grail of Macroeconomics

Lessons from Japan s Great Recession, Revised Edition
1. Auflage 2011
ISBN: 978-1-118-17916-1
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 368 Seiten, E-Book

The revised edition of this highly acclaimed work presents cruciallessons from Japan's recession that could aid the US and othereconomies as they struggle to recover from the current financialcrisis.
This book is about Japan's 15-year long recession and how itaffected current theoretical thinking about its causes and cures.It has a detailed explanation on what happened to Japan, but thediscoveries made are so far-reaching that a large portion ofeconomics literature will have to be modified to accommodateanother half to the macroeconomic spectrum of possibilities thatconventional theorists have overlooked.
The author developed the idea of yin and yang business cycleswhere the conventional world of profit maximization is the yang andthe world of balance sheet recession, where companies areminimizing debt, is the yin. Once so divided, many varied theoriesdeveloped in macro economics since the 1930s can be nicelycategorized into a single comprehensive theory- The Holy Grailof Macro Economics

Autoren/Hrsg.

Koo, Richard C.

Inhaltsverzeichnis

Foreword.
Chapter 1 What kind of recession has Japan been through?
Chapter 2 Characteristics of balance sheet recessions thatshould be kept in mind during the recovery.
Chapter 3 The Great Depression was also a balance sheetrecession.
Chapter 4 Monetary, foreign exchange, and fiscal policy during abalance sheet recession.
Chapter 5 Yin and Yang economic cycles and the Holy Grail ofmacroeconomics.
Chapter 6 Pressure of globalization.
Chapter 7 Ongoing bubbles and balance sheet recessions.
Chapter 8 World in Balance-Sheet Recession.
Appendix: Thoughts on Walras and macroeconomics.
Index.

Über Autor(innen)

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.