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

Description: FREE SHIPPING UK WIDE The Holy Grail of Macroeconomics by Richard C. Koo The revised edition of this highly acclaimed work presents crucial lessons from Japans recession that could aid the US and other economies as they struggle to recover from the current financial crisis. This book is about Japans 15-year long recession and how it affected current theoretical thinking about its causes and cures. FORMAT Paperback LANGUAGE English CONDITION Brand New Publisher Description The revised edition of this highly acclaimed work presents crucial lessons from Japans recession that could aid the US and other economies as they struggle to recover from the current financial crisis. This book is about Japans 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 Back Cover THE HOLY GRAIL OF MACROECONOMICS: LESSONS FROM JAPANS GREAT RECESSION "...any analyst of the current United States situation must consider koos argument." --Lawrence H. Summers, Director, National Economic Council "... 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..." --Martin Wolf Financial Times "There will probably never be a last word on the Japanese financial catastrophe of the 1990s but Richard Koos book may be the most significant analysis ever published. Agree or disagree, any analyst of the current United States situation must consider Koos arguments." --Lawrence H. Summers Director, National Economic Council Former President, Harvard University and the U.S. Secretary of the Treasury "Richard Koo does it again. By presenting a unique theory regarding the Great Depression and Japans 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 Japans Great Recession is a must-read for economists, policymakers and individual investors alike." -- Nobuyuki ldei Founder & CEO, Quantum Leaps Corporation Former Chairman & CEO, Sony Corporation "Richard Koos pioneering work on balance-sheet recession has been invaluable in understanding the difficulty faced by Japans 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." --Yasushi Mieno Former Governor, Bank of Japan " 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." -- Richard Duncan Author, The Dollar Crisis: Causes, Consequences, Cures Partner, Blackhorse Asset Management Flap THE HOLY GRAIL OF MACROECONOMICS: LESSONS FROM JAPANS GREAT RECESSION "...any analyst of the current United States situation must consider koos argument." --Lawrence H. Summers, Director, National Economic Council "... 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..." --Martin Wolf Financial Times "There will probably never be a last word on the Japanese financial catastrophe of the 1990s but Richard Koos book may be the most significant analysis ever published. Agree or disagree, any analyst of the current United States situation must consider Koos arguments." --Lawrence H. Summers Director, National Economic Council Former President, Harvard University and the U.S. Secretary of the Treasury "Richard Koo does it again. By presenting a unique theory regarding the Great Depression and Japans 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 Japans Great Recession is a must-read for economists, policymakers and individual investors alike." -- Nobuyuki ldei Founder & CEO, Quantum Leaps Corporation Former Chairman & CEO, Sony Corporation "Richard Koos pioneering work on balance-sheet recession has been invaluable in understanding the difficulty faced by Japans 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." --Yasushi Mieno Former Governor, Bank of Japan " 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." -- Richard Duncan Author, The Dollar Crisis: Causes, Consequences, Cures Partner, Blackhorse Asset Management Author Biography 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 Japans 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: Japans 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. Table of Contents Acknowledgments ix Preface xi Chapter 1 Japans 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 Review Reviews from the previous edition "...provide fascinating insights into the problems of Japan...interesting thesis" (Wilmott.com/blogs, August 2009) "…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." (Financial Times, January 2009) "…the definitive book on Japans decade-long recession in the 1990s." (USA Today, March 2009) "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 Japans biggest investment bank, watched Japans 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." (Survival, May 2009) "A must-read to an understanding of what Japan went through and what the United States and Europe may experience is Koos latest book The Holy Grail of Macroeconomics: Lessons from Japans Great Recession." (The Edge Financial Daily, December 2008) Review Text Reviews from the previous edition "...provide fascinating insights into the problems of Japan...interesting thesis" (Wilmott.com/blogs, August 2009) "?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." (Financial Times, January 2009) "?the definitive book on Japans decade-long recession in the 1990s." (USA Today, March 2009) "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 Japans biggest investment bank, watched Japans 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." (Survival, May 2009) "A must-read to an understanding of what Japan went through and what the United States and Europe may experience is Koos latest book The Holy Grail of Macroeconomics: Lessons from Japans Great Recession." (The Edge Financial Daily, December 2008) Review Quote "...provide fascinating insights into the problems of Japan...interesting thesis" (Wilmott.com/blogs, August 3rd 2009) Feature 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. Details ISBN0470824948 Year 2009 ISBN-10 0470824948 ISBN-13 9780470824948 Format Paperback Subtitle Lessons from Japans Great Recession Language English Media Book Short Title HOLY GRAIL OF MACROECONO-REV/E Illustrations Yes Edition Revised edition UK Release Date 2009-07-14 Publication Date 2009-07-14 NZ Release Date 2009-07-14 US Release Date 2009-07-14 Author Richard C. Koo Pages 352 Publisher John Wiley & Sons Inc Edition Description Revised Edition Imprint John Wiley & Sons Inc Place of Publication New York Country of Publication United States Alternative 9780470823873 DEWEY 339.0952 Audience Professional & Vocational AU Release Date 2009-06-03 We've got this At The Nile, if you're looking for it, we've got it. With fast shipping, low prices, friendly service and well over a million items - you're bound to find what you want, at a price you'll love! 30 DAY RETURN POLICY No questions asked, 30 day returns! FREE DELIVERY No matter where you are in the UK, delivery is free. SECURE PAYMENT Peace of mind by paying through PayPal and eBay Buyer Protection TheNile_Item_ID:22723725;

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