The Escape from Balance Sheet Recession and the QE Trap: A Hazardous Road for the World Economy

About the Author

Richard C. Koo (Tokyo, Japan) is the Chief Economist of Nomura Research Institute, with responsibilities to provide independent economic and market analysis to Nomura Securities, the leading securities house in Japan, and its clients. Before joining Nomura in 1984, Mr. Koo, a U.S. citizen, was an economist with the Federal Reserve Bank of New York (1981–1984). Prior to that, he was a Doctoral Fellow of the Board of Governors of the Federal Reserve System (1979–1981). Best known for developing the concept of balance sheet recession, he has also advised several Japanese prime ministers on how best to deal with Japan's economic and banking problems. In addition to being one of the first non-Japanese to participate in the making of Japan's five-year economic plan, he was also the only non-Japanese member of the Defense Strategy Study Conference of the Japan Ministry of Defense for 1999 to 2011. Currently he is serving as a Senior Advisor to the Center for Strategic and International Studies (Washington, D.C.). He is also an Advisory Board Member of the Institute for New Economic Thinking (New York City), and a charter member of the World Economic Association.

Author of many books on Japanese economy, his last book, The Holy Grail of Macroeconomics: Lessons from Japan's Great Recession (John Wiley & Sons, 2008), has been translated into and sold in five different languages. Mr. Koo holds BAs in Political Science and Economics from the University of California at ...