Richard C. Koo, the world-renowned chief economist of Nomura Research Institute, discussed the lessons learned from Japan's "lost decade" during a presentation at CSIS. During his discussion, Koo suggested that government stimulus can play a key role in alleviating the problems of a balance sheet recession. Koo's recent book, The Holy Grail of Macroeconomics: Lessons from Japan's Great Recession, discusses these issues in greater detail.
Richard C. Koo, a U.S. citizen and World-Renowned Chief Economist of Nomura Research Institute, has been an economist with the Federal Reserve Bank of New York (1981-84) and a doctoral fellow of the Board of Governors of the Federal Reserve System (1979-81). He also has been appointed by several Japanese prime ministers to a number of key committee positions to study the future designs for the Japanese economy. Koo, a recipient of the Abramson Award from the National Association for Business Economics, is the author of the recent book, The Holy Grail of Macroeconomics: Lessons from Japan’s Great Recession.