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ISBN: 9780470823873

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Japans 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… Meer...

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ISBN: 9780470823873

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… Meer...

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Koo, Richard C.:
THE HOLY GRAIL OF MACROECONOMICS - gebonden uitgave, pocketboek

2009, ISBN: 0470823879

[EAN: 9780470823873], Neubuch, [PU: Wiley], New., Books

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

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. This shift in corporate priority, however, has huge theoretical as well as practical implications and opens up a whole new field of study. For example, the new insight can explain fully the precise mechanism of prolonged depression and liquidity trap which conventional economics - based on corporate profit maximization - has so far failed to offer as a convincing explanation. 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.e., the Holy Grail of macro economics The policy implication of this new discovery is immense in that the conventional aversion to fiscal policy in favor of monetary policy will have to be completely reversed when the economy is in the yin phase. The theoretical implications are also immense in the sense that the economics profession will no longer have to rely so much on various rigidities to explain recessions that have become the standard practice within the so-called New Keynesian economics of the last twenty years.

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EAN (ISBN-13): 9780470823873
ISBN (ISBN-10): 0470823879
Gebonden uitgave
Verschijningsjaar: 2008
Uitgever: John Wiley & Sons
296 Bladzijden
Gewicht: 0,595 kg
Taal: eng/Englisch

Boek bevindt zich in het datenbestand sinds 2008-05-27T05:09:37+02:00 (Amsterdam)
Detailpagina laatst gewijzigd op 2022-05-18T00:40:30+02:00 (Amsterdam)
ISBN/EAN: 0470823879

ISBN - alternatieve schrijfwijzen:
0-470-82387-9, 978-0-470-82387-3
alternatieve schrijfwijzen en verwante zoekwoorden:
Auteur van het boek: richard koo, yin, monetary policy depression
Titel van het boek: grail, the holy, macroeconomics, lessons from, recession, here japan


Gegevens van de uitgever

Auteur: Richard C. Koo
Titel: The Holy Grail of Macroeconomics - Lessons from Japan's Great Recession
Uitgeverij: John Wiley & Sons
Verschijningsjaar: 2008-07-15
Gewicht: 0,666 kg
Taal: Engels
30,90 € (DE)
Not available (reason unspecified)

BB; GB; Hardcover, Softcover / Wirtschaft/Volkswirtschaft; Wirtschaftswissenschaft; Makroökonomie

Acknowledgments. Preface. Chapter 1. Japan's Recession. Chapter 2. Characteristics of Balance Sheet Recessions. Chapter 3. The Great Depression was a Balance Sheet Recession. Chapter 4. Monetary, Foreign Exchange, and Fiscal Policy During a Balance Sheet Recession. Chapter 5. Yin and Yang Economic Cycles and the Holy Grail of Macroeconomics. Chapter 6. Pressure of Globalization. Chapter 7. Ongoing Bubbles and Balance Sheet Recessions. Appendix. Thoughts on Walras and Macroeconomics. Index.

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