The Holy Grail of Macroeconomics - by Richard C Koo (Paperback)
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<p/><br></br><p><b> Book Synopsis </b></p></br></br>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. <p>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.</p> <p>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- <i>The Holy Grail of Macro Economics</i></p><p/><br></br><p><b> From the Back Cover </b></p></br></br><p>THE <b>HOLY GRAIL</b> OF MACROECONOMICS: LESSONS FROM JAPAN'S GREAT RECESSION</p> <p>"...any analyst of the current United States situation must consider koo's argument."<br /><b>--Lawrence H. Summers, </b> <i>Director, National Economic Council</i></p> <p>"... the Japanese policymakers who (said) the U.S. was in danger of falling into a prolonged period of economic weakness were right. To understand why ... you need to read a brilliant book by Richard Koo..."<br /><b>--Martin Wolf</b> <i>Financial Times</i></p> <p>"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."<br /><b><b>--</b>Lawrence H. Summers</b> <i>Director, National Economic Council</i> <i>Former President, Harvard University and the U.S. Secretary of the Treasury</i></p> <p>"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, <i>The Holy Grail of Macroeconomics: Lessons from Japan's Great Recession</i> is a must-read for economists, policymakers and individual investors alike."<br /><b>--</b><b>Nobuyuki ldei</b> <i>Founder & CEO, Quantum Leaps Corporation</i> <i>Former Chairman & CEO, Sony Corporation</i></p> <p>"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 kind 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."<br /><b><b>--</b>Yasushi Mieno</b> <i>Former Governor, Bank of Japan</i></p> <p>"<i>The Holy Grail of Macroeconomics</i> 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."<br /><b>--</b><b>Richard Duncan</b> <i>Author, </i> The Dollar Crisis: Causes, Consequences, Cures <i>Partner, Blackhorse Asset Management</i></p><p/><br></br><p><b> Review Quotes </b></p></br></br><br><b>Reviews from the previous edition</b> <p>...provide fascinating insights into the problems of Japan...interesting thesis (<i>Wilmott.com/blogs</i>, August 2009)</p> <p>...the Japanese policymakers who told everyone the US was in danger of falling into a prolonged period of economic weakness were right. To understand why this is true, you need to read a brilliant book by Richard Koo of the Nomura Research Institute. (<i>Financial Times</i>, January 2009)</p> <p>...the definitive book on Japan's decade-long recession in the 1990s. (<i>USA Today</i>, March 2009)</p> <p>Books about the current global economic crisis are being written and published by the truckload. But few - perhaps none - are worth reading... Richard Koo, chief economist at the Nomura Research Institute in Tokyo, a think tank attached to Japan's biggest investment bank, watched Japan's 'lost decade' from an excellent vantage point: he was close enough to understand the detail, data and ways in which both corporate and political decisions were made, and independent enough to be able to analyse what happened in a reasonably detached and cool way. (<i>Survival</i>, May 2009)</p> <p>A must-read to an understanding of what Japan went through and what the United States and Europe may experience is Koo's latest book <i>The Holy Grail of Macroeconomics: Lessons from Japan's Great Recession</i>. (<i>The Edge Financial Daily</i>, December 2008)</p><br><p/><br></br><p><b> About the Author </b></p></br></br><b>Richard C. Koo</b> 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 <i>Balance Sheet Recession: Japan's Struggle with Uncharted Economics and its Global Implications, </i> 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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