Richard Koo, the world-renowned chief economist of Nomura Research Institute, discussed the lessons learned from Japanâs âlost decadeâ during a presentation at Center for Strategic and International Studies (CSIS). During his discussion, Koo suggested that government stimulus can play a key role in alleviating the problems of a balance sheet recession. Kooâs recent book, âThe Holy Grail of Macroeconomics: Lessons from Japanâs Great Recessionâ, discusses these issues in greater detail.
Source: CSIS, October 29, 2009.