Richard Koo is an economist known for his work on balance sheet recessions. He has held prominent positions in economic research institutions, contributing significantly to the understanding of macroeconomic issues. His academic background includes advanced studies at prestigious universities, where he earned his doctorate.
Get a new perspective from the other half of macroeconomics The failure of the vast majority of economists in government, academia and the private sector to predict either the post-2008 Great Recession or the degree of its severity has raised serious credibility issues for the profession.
Compare global experiences during the balance sheet recession and find out what is needed for a full recovery The Escape from Balance Sheet Recession and the QE Trap details the many hidden dangers remaining as the world slowly recovers from the balance sheet recession of 2008.
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. This book is about Japan's 15-year long recession and how it affected current theoretical thinking about its causes and cures.
"In Pursued Economy, celebrated economist and thought leader Richard C. Koo starts with his original concepts of balance sheet recession and global competition for capital to explain why the Great Recession lasted for so long and why those policies that worked so well in the past are no longer working today. Readers will discover that advanced economies moved from what the author calls the "golden era" to the "pursued era" of economic development decades ago, but the policy debate in these countries continues to be based on golden era assumptions that are still taught in universities. That mismatch has led to an over-reliance on monetary policy and an under-reliance on fiscal policy that are distorting economies and worsening inequality in most advanced economies. With many real-world examples from the author's extensive involvement in the policy debate on economic, banking and trade issues in several countries, including the U.S., the book describes the correct policy mix in the pursued era as distinct from that in the golden era. It also explains the challenges central banks face in fighting inflation after a decade of over-reliance on monetary policy that flooded the world's economies with unprecedented liquidity. Instead of simply assuming the existence of "trend growth rates", this book tackles the issue of economic growth head-on to elucidate the symmetry between the drivers of growth and the drivers of recession. It also points out that there is a fundamental disconnect between free trade and free capital movements that must be addressed in order to maximize the gains from globalization while minimizing its costs. Written in simple language and with a great sense of urgency, Pursued Economy should be of interest to anyone who is concerned about the global economy, financial stability and geopolitics" -- Dust jacket