Richard Werner

quantity theory of credit, BoJ window guidance

Richard Werner is a German economist and academic who held a professorship at the University of Southampton. He coined the term 'quantitative easing' and developed the quantity theory of credit, which distinguishes between credit creation for real-economy versus financial transactions. His book Princes of the Yen documented how BoJ window guidance—directed bank lending—deliberately engineered Japan's asset bubble and subsequent stagnation.