The Holy Grail of Macroeconomics: Lessons from Japan's Great Recession

What the summary covers

1. Japan's Clue to an Old Macroeconomic Puzzle1 min
2. Japan: From Asset Crash to Debt Repayment5 min
3. Repair, Recovery and the Fiscal Trap5 min
4. Reconsidering the Great Depression3 min
5. What Policy Can and Cannot Do4 min
6. The Yin and Yang Cycle3 min
7. Global Capital, Local Economies2 min
8. The Housing Crisis as Another Variant3 min
9. A World in Balance Sheet Recession4 min

Read it alongside

• Goes deeperStabilizing an Unstable Economy

  Koo distinguishes relieving financial panic from repairing persistent demand weakness. Minsky adds that rescue can make fragile financing appear safer, so protection needs supervision and reform of the practices it preserves.

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