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

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9780470823873: 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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Koo, Richard C.
Editore: Wiley (2009)
ISBN 10: 0470823879 ISBN 13: 9780470823873
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Descrizione libro Wiley, 2009. Condizione libro: New. Brand New, Unread Copy in Perfect Condition. A+ Customer Service! Summary: 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. Codice libro della libreria ABE_book_new_0470823879

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Descrizione libro Wiley, 2009. Hardcover. Condizione libro: New. book. Codice libro della libreria 0470823879

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Descrizione libro Wiley. Hardcover. Condizione libro: New. 0470823879. Codice libro della libreria 333.B12

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Descrizione libro John Wiley and Sons. Condizione libro: New. Brand New. Codice libro della libreria 0470823879

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Descrizione libro John Wiley and Sons Ltd, United Kingdom, 2008. Hardback. Condizione libro: New. 230 x 154 mm. Language: English . Brand New Book. 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. Codice libro della libreria AAC9780470823873

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Koo, Richard C.
Editore: John Wiley and Sons Ltd, United Kingdom (2008)
ISBN 10: 0470823879 ISBN 13: 9780470823873
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Descrizione libro John Wiley and Sons Ltd, United Kingdom, 2008. Hardback. Condizione libro: New. 230 x 154 mm. Language: English . Brand New Book. 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. Codice libro della libreria AAC9780470823873

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Descrizione libro Wiley. Hardcover. Condizione libro: New. 0470823879 Brand New Book. Ships from the United States. 30 Day Satisfaction Guarantee!. Codice libro della libreria 4784742

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Descrizione libro Hardcover. Condizione libro: BRAND NEW. BRAND NEW. Fast Shipping. Prompt Customer Service. Satisfaction guaranteed. Codice libro della libreria 0470823879BNA

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Descrizione libro Hardcover. Condizione libro: New. 1st. 152mm x 33mm x 226mm. Hardcover. Japan's "Great Recession" lasted from approximately 1992 - 2007 and finally provided the economics profession with the necessary background to understand what actually happe.Shipping may be from multiple locations in the US or from the UK, depending on stock availability. 296 pages. 0.522. Codice libro della libreria 9780470823873

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Descrizione libro John Wiley and Sons Ltd. Hardback. Condizione libro: new. BRAND NEW, The Holy Grail of Macroeconomics: Lessons from Japan's Great Recession, Richard C. Koo, 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. Codice libro della libreria B9780470823873

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