Richard Koo 辜朝明

Chief Economist, Nomura Research Institute

​首席经济学家, 野村综合研究所

Mr. Richard C. 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.  He has also advised successive prime ministers on how best to deal with Japan's economic and banking problems.  Before joining Nomura in 1984, Mr. Koo, a US citizen, was an economist with the Federal Reserve Bank of New York (1981-84).  Prior to that, he was a Doctoral Fellow of the Board of Governors of the Federal Reserve System (1979-81). 


In addition to being one of the first non-Japanese to participate in the making of Japan’s 5-year economic plan, he was also the only non-Japanese member of the Defense Strategy Study Conference of the Japan Ministry of Defense for 1999-2011.  Currently he is serving as a Senior Advisor to Center for Strategic and International Studies (Washington D.C.).  He is also an Advisory Board Member of Institute for New Economic Thinking (N.Y.C.).


Author of many books on Japanese economy and economics in general, his 2008 book “The Holy Grail of Macroeconomics - Lessons from Japan’s Great Recession” (John Wiley & Sons) has been translated into and sold in six different languages.  His latest book ”The Other Half of Macroeconomics and the Fate of Globalization” (John Wiley & Sons) has been published in February 2018.


Mr. Koo holds BAs in Political Science and Economics from the University of California at Berkeley (1976), and MA in Economics from the Johns Hopkins University (1979).  From 1998 to 2010, Mr. Koo was a visiting professor at Waseda University in Tokyo. 


In financial circles, Mr. Koo was ranked 1st among over 100 economists covering Japan in the Nikkei Financial Ranking for 1995, 1996 and 1997, and by the Institutional Investor magazine for 1998.  He was also ranked 1st by Nikkei Newsletter on Bond and Money for 1998, 1999 and 2000.  He was awarded the Abramson Award by the National Association for Business Economics (Washington D.C.) for the year 2001.  Mr. Koo, a native of Kobe, Japan, is married with two children.


1954年1月25日  日本神戸出生 

1976年3月            美国加州大学柏克莱分校毕业  主修:政治、经济

1976年4月            就职于San Francisco Excelsior公司 从事钢琴制造・新产品开发

1979年9月         华盛顿联邦储备委员会(Federal Reserve Board)Doctor Fellow

1981年8月          约翰霍普金斯大学 经济学博士课程

1981年9月             就职于纽约联邦储备银行(Federal Reserve Bank of New York) 


1984年11月            就职于野村总合研究所


1998年10月            野村总合研究所 首席研究员・首席经济学家




建设省道路事业评价恳谈委员会委员(’97~’99)  大藏省金融审议会第一部会委员(’98~’00)  

经济审议会结构改造推进部会委员(’99)   小渕首相创新改革恳谈会委员(’99~’00)  

内阁经济动向分析・研究会议委员(’01~’02)  国土交通省航空局 航空相关恳谈会委员(’03~’04)

防卫研究所防卫战略会议委员('99~'11)  国土交通省道路局社会资本筹备会议道路项目委员('02~'10)  早稻田大学客座教授('98~'09) 美国Center for Strategic and International Studies高级顾问('11~) 美国Institute for New Economic Thinking顾问('11~)



1994年 7月            《良性日元升值,悪性日元升值》(东洋经济新报社)


1995年 12月           《投机的日元贬值 实际需要的日元升值》(东洋经济新报社)

1998年 3月            《从金融危机的逃出》(PHP研究所)

2000年 12月           《良性财政赤字,悪性财政赤字》(PHP研究所)

2003年 3月            《Balance Sheet Recession》(John Wiley & Sons, Singapore)

2003年 11月           《通缩与资本帐衰退的经济学》(德间书店)

2006年 12月           《“阴”与“阳”的经济学》(东洋经济新报社)

2008年 4月            《The Holy Grail of Macroeconomics: Lessons from Japan's Great Recession》(John Wiley & Sons, Singapore)(台)《总体经济の圣杯》(财讯出版(中)《大衰退 - 如何在金融危机中幸存和発展》(北京东方出版社)

2009年 2月            《侵袭日本经济的两个巨浪》(德间书店)(台)《冲撃波×2》(财讯出版)

2013年 12月           《资本帐衰退下的全球経済》(德间书店)

2014年10月            《The Escape from Balance Sheet Recession and the QE Trap》(John Wiley & Sons, Singapore)

2018年  2月         《The Other Half of Macroeconomics and the Fate of Globalization》(John Wiley& Sons, Singapore)





美国机构投资者杂志(Institutional Investor)的经济分析师部门排名第一(’98)

曾获美国全美商务经济协会的The Abramson Award(’01)

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