RICHARD C. KOO is the Chief Economist of Nomura Research Institute, a research arm of Nomura Securities, the leading securities house in Japan. Best known for developing the concept of balance sheet recession, which is now used widely around the world, he has also advised successive prime ministers on how best to deal with Japan's economic and banking problems. Consistently voted as one of the most reliable economists by Japanese market participants for over a decade, he was a Doctoral Fellow of the Board of Governors of the Federal Reserve System and an economist with the Federal Reserve Bank of New York prior to joining Nomura.

Praise for The Escape from Balance Sheet Recession and the QE Trap

"Richard Koo has been a pioneer in recasting macroeconomics for the current era of financial crisis and potential deflation. This book presents his latest thinking in a clear and powerful way. Agree or disagree his work deserves close study if the next decade in the industrial world is going to be better than the last."
--Lawrence Summers, President Emeritus and Charles W. Eliot University Professor, Harvard University; former U.S. Secretary of the Treasury

"This is an important, stimulating, exciting and timely book. Guided by the ideas in this book, growing numbers of experts are appreciating the parallels between the current world-wide crisis and the crisis Japan experienced 15 years ago. The basic insight - that in the presence of persistent liabilities, the private sector minimizes debt - is one that needs to be fully appreciated in order for appropriate policies to be devised. This is a must-read for all those seeking to respond to the current economic malaise."
--Dennis J. Snower, President, Kiel Institute for the World Economy; Professor of Economics, Christian-Alberchts University, Kiel

"Koo's The Escape from Balance Sheet Recession and the QE Trap provides the most insightful guide to current macroeconomic policy available today. Koo's concept of 'balance sheet recession' adds depth and detail to observations of the 'liquidity trap' and 'zero lower bound' of interest rates. He explains what needs to be done now and how long it could take. Everyone concerned with macroeconomic policy needs to read this analysis to learn how the world economy can be revived."
--Peter Temin, Elisha Gray II Professor Emeritus of Economics, Massachusetts Institute of Technology

"I have always liked the Richard Koo style - succinct theories, razor-sharp points, self-sustaining logic, and, more importantly, a set of workable solutions. It's definitely a worthy read."
--Gao Xiqing, Professor, School of Law, Tsinghua University; former Vice Chairman and President, China Investment Corporation

"In the wake of the financial crisis of 2008, governments and financial institutions have instituted a wide range of changes in such areas as risk management, regulation, market organization, and fiscal and monetary policy. Unfortunately, however, these measures have suffered from a lack of a unified recognition of the fundamental problem. In a clear, engaging and penetrating way, Richard Koo has diagnosed the core nature of the challenge and the appropriate response. The Escape from Balance Sheet Recession and the QE Trap is an essential guide for anyone interested in the future of the global economy."
--Jeffrey E. Garten, Juan Trippe professor of international trade and finance and former Dean, Yale School of Management; former Undersecretary of Commerce

"When the history of this depression is written, policymakers who ignore Koo's finding will be judged harshly for imposing unnecessary suffering on their societies."
--Richard Duncan, Author, The Dollar Crisis