Richard Koo is the chief economist of Nomura Research Institute. He is best known for developing the concept of balance sheet recession, which is now widely used around the world to explain post-1990 Japanese and post-2007 Western economies. Mr. Koo has also advised successive prime ministers on how best to deal with Japan’s economic and banking problems. Before joining Nomura, he served as an economist with the Federal Reserve Bank of New York and as a doctoral fellow of the Federal Reserve System board of governors. Mr. Koo has authored many books on the Japanese economy and economics in general, including The Holy Grail of Macroeconomics: Lessons from Japan’s Great Recession and The Escape from Balance Sheet Recession and the QE Trap. Currently, he is serving as a senior adviser to the Center for Strategic and International Studies and as an advisory board member of the Institute for New Economic Thinking. Mr. Koo holds BA degrees in political science and economics from the University of California, Berkeley, and an MA degree in economics from Johns Hopkins University.