A timely and controversial book from one of Japan's top economists. The new 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.
“…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
Singapore – July 2009 – The new edition of Richard Koo’s highly acclaimed work comes at a timely moment as the world searches for solutions to the post-bubble economic crisis we are mired in.
Published by John Wiley & Sons (Asia) Pte Ltd, The Holy Grail of Macroeconomics: Lessons from Japan’s Great Recession (Revised Edition) (ISBN: 978-0-470-82494-8) presents vital lessons from Japan’s 15-year recession, during which many conventional policy responses were rendered ineffective due to the peculiar nature of what Koo calls the ‘balance sheet recession’.
Says the author, “The US economic downturn, brought about by the subprime fiasco, shares many of the balance sheet recession’s unpleasant characteristics. Although no quick recovery is possible, the lessons we learnt from Japan can be used to minimize recovery time for the US and other economies. Japan’s painful experience could well become a beneficial legacy for the rest of the world.”
The Holy Grail of Macroeconomics: Lessons from Japan’s Great Recession (Revised Edition) – with its new additional chapter to bring readers up to speed on the latest developments – provides penetrating insights into the 2009 Global Financial Crisis. As one of Asia’s top economists and advisor to national governments, Koo proffers a remedy to the current economic meltdown by spelling out the policies needed to pull the economy out of this recession. He also presents the crucial foundation to macroeconomics that has been missing since the days of Keynes – making this book is a must-read for economists, policymakers and investors.
Additional information on the book is also available at http://www.wiley.com/WileyCDA/WileyTitle/productCd-0470823607.html.
The Holy Grail of Macroeconomics:
Lessons from Japan’s Great Recession (Revised Edition)
Published by John Wiley & Sons, Inc.
Publication Date: June 4, 2009
US$24.95; Paperback; 356 pp.; ISBN: 978-0-470-82494-8
About the Author:
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 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 BusinessWeek Online and the only non-Japanese member of the Defense Strategy Study Conference of the Japan Ministry.
For a review copy of the book or to schedule an interview with the authors, please contact:
Camy Boey
Public Relations Executive
John Wiley & Sons (Asia) Pte Ltd
DID: +65 6460 4257
E: cboey@wiley.com
About Wiley:
Founded in 1807, John Wiley & Sons, Inc. has been a valued source of information and understanding for over 200 years, helping people around the world meet their needs and fulfill their aspirations. Since 1901, Wiley and its acquired companies have published the works of more than 350 Nobel laureates in all categories: Literature, Economics, Physiology/Medicine, Chemistry, Physics and Peace.
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