The Holy Grail of Macroeconomics

Koo, R. C. (2008). The Holy Grail of Macroeconomics: Lessons from Japan's Great Recession. John Wiley & Sons.

Type

Book

Intellectual base

Textbook

Year

2008

Link

https://www.wiley.com/en-us/The+Holy+Grail+of+Macroeconomics%3A+Lessons+from+Japan%27s+Great+Recession%2C+Revised+Edition-p-9780470824948

Cited from

systems_cybernetics

Cited by

2 citations across 2 artifacts.

Each citation links to the sentence it supports in the citing article.

Primes

• Stock Disabled Control
  • Most governance, clinical, and engineering responses fail by treating the unresponsive system as a tuning problem (push the flow lever harder) rather than a regime problem (stop pulling, fix the stock, then resume).

    This sourceDevelops the balance-sheet-recession theory in which private debt-minimization renders monetary flow control (rate cuts) ineffective until balance sheets are repaired and fiscal stimulus becomes the only effective lever.

Domain-specific

• Balance-Sheet Recession
  • Macro-financial crisis diagnosis — the home turf; the flow-versus-stock binary and the single liability-minus-asset-value state variable diagnose why a contraction defies the usual remedies and which lever even functions. Japanese stagnation studies — Koo's canonical case, the lost decades after the 1989 Nikkei and land-price collapse, where corporate balance-sheet repair dominated despite zero rates and fiscal contraction (1997, 2001) re-triggered the slump

Verification

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