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Description of The Holy Grail of Macroeconomics

There will probably never be a last word on the Japanese financial catastrophe of the 1990s but Richard Koo′s book may be the most significant analysis ever published. Agree or disagree, any analyst of the current United States situation must consider Koo′s arguments. – Lawrence H. Summers

Richard Koo does it again. By presenting a unique theory regarding the great Depression and Japan′s recession of the last 15 years. Koo offers a new understanding of current problems in the U.S. and other economies. With many pearls of analytical wisdom, The Holy Grail of Macroeconomics: Lessons from Japan′s great recession is a must–read for economist, policymakers and individual investors alike. – Nobuyuki Idei

Richard Koo′s pioneering work on balance–sheet recession has been invaluable in understanding the difficulty faced by Japan′s economy and monetary authorities during the past 15 years. In this book, he has shown that the U.S. Great Depression was also driven by the same balance sheet concerns of the private sector, indicating that this kid of recession can happen to any post–bubble economy. I sincerely hope that the lessons contained in this book are put to good use in fighting similar recessions elsewhere, including the U.S. subprime crisis. – Yasushi Mieno

The Holy Grail of Macroeconomics presents a brilliant and original framework for understanding–and overcoming–a post–bubble economic crisis such as the one the world faces today. By discrediting the conventional view that monetary policy is effective in combating a post–bubble recession, Richard Koo has made an invaluable contribution to economic theory and at just the right time. Only fiscal stimulus on a very large scale can prevent a severe global slump in the years ahead. This is an important book. It should be required reading for economic policy makers all around the world. – Richard Duncan

Title Information

ISBN:

9780470823873

Pages:

312 pages

Format:

Hardback

Product Code:

266855

Publisher:

John Wiley & Sons Ltd

Published:

15/07/2008

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About Richard C. Koo

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 of 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 the businessWeek Online and the only non–Japanese member of the Defense Strategy Study Conference of the Japan Ministry.