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

2007, ISBN: 9780470823873

ID: facfe022775ebf731b0439c197f510b0

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 fa 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 economicsThe 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., [PU: Wiley]

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The Holy Grail of Macro Economics: Lessons from Japan's Great Recession
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The Holy Grail of Macro Economics: Lessons from Japan's Great Recession - gebrauchtes Buch

2005, ISBN: 9780470823873

ID: 9780470823873

How did the great Depression of the 1930s get to be so bad for so long? That question has baffled economists for decades. Ben S. Bernanke, the current Fed Chairman, even called understanding the great Depression the as yet-unattained "holy Grail of Macroeconomics." Japan's Great recession of 1990-2005 finally gave us some vital clues as to how a post-bubble economy can plunge into prolonged recession while leaving conventional policy responses largely ineffective. Building on the author's How did the great Depression of the 1930s get to be so bad for so long? That question has baffled economists for decades. Ben S. Bernanke, the current Fed Chairman, even called understanding the great Depression the as yet-unattained "holy Grail of Macroeconomics." Japan's Great recession of 1990-2005 finally gave us some vital clues as to how a post-bubble economy can plunge into prolonged recession while leaving conventional policy responses largely ineffective. Building on the author's earlier work Balance Sheet Recession: Japan's Struggle with Uncharted Economics and its Global Implications (John Wiley, Singapore, 2003), The Holy Grail of Macroenomics: Lessons from Japan's Great Recession argues that there are actually two phases to an economy, the ordinary (or yang) phase, in which the private sector is maximizing profits, and the post-bubble (or yin) phase, in which private sector is minimizing debt, or repairing damaged balance sheets. Although conventional economics is useful in analyzing economies in the yang phase, it is less useful in explaining phenomena such as the "liquidity trap" that is typical of an economy in the yin phase. The distinction between the yin and yang phases also explains why some policies work well in some situations but not in others. Indeed, it offers the crucial foundation to macroeconomics that has been missing since the days of Keynes. This groundbreaking book not only explains what happened to the U.S. during the Great Depression and to Japan during the Great recession, it also offers important policy recommendations for fighting post-bubble economic downturns in any country, including the current subprime crisis in the U.S. Textbooks New, Books~~Business & Economics~~Economics~~Macroeconomics, Holy-Grail-of-Macro-Economics~~Richard-C-Koo, , , , , , , , , , Wiley

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The Holy Grail of Macroeconomics: Lessons from Japan's Great Recession - Richard C. Koo
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2008, ISBN: 0470823879

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

Koo, Richard C.

Titel:

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

ISBN-Nummer:

0470823879

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.

Detailangaben zum Buch - The Holy Grail of Macroeconomics: Lessons from Japan's Great Recession


EAN (ISBN-13): 9780470823873
ISBN (ISBN-10): 0470823879
Gebundene Ausgabe
Erscheinungsjahr: 2008
Herausgeber: John Wiley & Sons
296 Seiten
Gewicht: 0,595 kg
Sprache: eng/Englisch

Buch in der Datenbank seit 27.05.2008 05:09:37
Buch zuletzt gefunden am 22.12.2016 10:41:21
ISBN/EAN: 0470823879

ISBN - alternative Schreibweisen:
0-470-82387-9, 978-0-470-82387-3

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