Richard C. Koo

Chief Economist, Nomura Research Institute

Richard C. Koo is the Chief Economist of Nomura Research Institute. 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, Richard, a US citizen, was an economist with the Federal Reserve Bank of New York (1981-84) and a Doctoral Fellow of the Board of Governors of the Federal Reserve System (1979-81). Author of many books on the 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) was published in February 2018.


Richard 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, Richard was a visiting professor at Waseda University in Tokyo.

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