Holy Grail of Macroeconomics Lessons from Japan's Great Recession

Name: Holy Grail of Macroeconomics Lessons from Japan's Great Recession
Price: 9.73 USD
Availability: InStock
ISBN: 9780470824948

ISBN-10: 0470824948

ISBN-13: 9780470824948

Edition: 2009 (Revised)

Authors: Richard C. Koo, James J. ï¿½ Cochran

List price: $49.95

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Description:

Japan's "Great Recession" lasted from approximately 1992 - 2007 and finally provided the economics profession with the necessary background to understand what actually happened during the US recession of the 1930s. The discoveries made, however, are so far-reaching that a large portion of economics literature will have to be modified to accommodate another half to the macro economic spectrum of possibilities that conventional theorists have overlooked. In particular, Japan's Great Recession showed that when faced with a massive fall in asset prices, companies typically jettison the conventional goal of profit maximization and move to minimize debt in order to restore their credit ratings.…

Book details

List price: $49.95
Copyright year: 2009
Publisher: John Wiley & Sons, Limited
Publication date: 6/4/2009
Binding: Paperback
Pages: 352
Size: 6.00" wide x 8.90" long x 1.10" tall
Weight: 1.386
Language: English



Foreword



What kind of recession has Japan been through?



Characteristics of balance sheet recessions that should be kept in mind during the recovery



The Great Depression was also a balance sheet recession



Monetary, foreign exchange, and fiscal policy during a balance sheet recession



Yin and Yang economic cycles and the Holy Grail of macroeconomics



Pressure of globalization



Ongoing bubbles and balance sheet recessions



World in Balance-Sheet Recession


Appendix: Thoughts on Walras and macroeconomics


Index