Richard Koo

Nomura; balance-sheet recession, Japan playbook

Chief Economist at Nomura Research Institute, where he has worked for decades analysing macroeconomic policy. He originated the concept of the 'balance-sheet recession', in which private-sector agents collectively pay down debt rather than borrow even at zero interest rates, rendering monetary policy ineffective. His Japan playbook—advocating sustained fiscal stimulus as the only remedy—shaped post-2008 policy debates globally.