This eye-opening book offers a disturbing new look at Japan's post-war economy and the key factors that shaped it. It gives special emphasis to the 1980s and 1990s when Japan's economy experienced vast swings in activity. According to the author, the most recent upheaval in the Japanese economy is the result of the policies of a central bank less concerned with stimulating the economy than with its own turf battles and its ideological agenda to change Japan's economic structure. The book combines new historical research with an in-depth behind-the-scenes account of the bureaucratic competition between Japan's most important institutions: the Ministry of Finance and the Bank of Japan. Drawing on new economic data and first-hand eyewitness accounts, it reveals little known monetary policy tools at the core of Japan's business cycle, identifies the key figures behind Japan's economy, and discusses their agenda. The book also highlights the implications for the rest of the world, and raises important questions about the concentration of power within central banks.

It ain't easy being a genius... Prince Wein is ready to commit treason. And who can blame him? Faced with the impossible task of ruling his pathetic little kingdom, this poor guy just can't catch a break! But with his brilliant idea of auctioning off his country, this lazy prince should be able to retire once and for all. Or that was the plan...until his treasonous schemes lead to disastrous consequences-namely, accidental victories and the favor of his people!

It ain't easy being a bachelor... His people might laud him for being the next great ruler, but Prince Wein of Natra has been conspiring behind their backs to live the languid life of a retired teen. Now, a major roadblock stands in his way. Ever since he won a war with a neighboring country, he's become a household name all across the land...which, frankly, sucks. And as if things couldn't get any worse, Prince Wein has just met his newest challenger: the Imperial Princess Lowellmina, who's here for a secret favor-to ask for his hand in marriage?! It's just too good to be true! Well, this genius's instincts may be spot-on, because there's something lurking behind her plan to make Wein her trophy husband...

Central banking is magic. With a few words, the Fed can lift the stock market out of desperation and catapult it towards euphoric highs. With a few keystrokes, the Fed can conjure up trillions of dollars and fund virtually unlimited Federal spending. And with a few poor decisions, the Fed can plunge the entire world into a recession. The Federal Reserve is one of the most powerful institutions in the world, and also one of the most difficult to understand. The Fed acts through its Open Markets Desk, which sits at the heart of the global financial system as the world’s ultimate and limitless provider of dollars. On behalf of policy makers, the Desk gathers market intelligence from all the major market participants, sifts through reams of internal data, and works behind the scenes keep the financial system intact. It is responsible for all of the Fed's market operations, from trillions in quantitative easing to hundreds of billions in repo and FX-swap loans. The financial crises of 2008 and 2020 abated only through the emergency interventions of the Desk. Joseph Wang spent five years studying the monetary system as a trader on the Desk. From that vantage point, Joseph saw firsthand how the Fed operates and how the financial system really works. This book is a distillation of his experience that aims to educate and demystify. After reading this book, you will understand how money is created, how the global dollar system is structured, and how it all fits into the broader financial system. The views in this book do not necessarily reflect those of the Federal Reserve Bank of New York or the Federal Reserve System.

IT AIN'T EASY BEING A GOOD BROTHER! It's time for the three Imperial princes to meet and argue their way to the throne in the city of merchants, Mealtars. Sounds like a good opportunity for Wein to take a breather since this gathering obviously has nothing to do with him...until Imperial Princess Lowellmina goes out of her way to invite him to Mealtars, too. But Wein's already learned that it's always better to decline her offers. Turns out, things would have gone smoother if he'd just attended, because now he has to deal with a whole new problem: his sister, Falanya, going in his stead!

Table of contents

Modern mainstream economics is attracting an increasing number of critics of its high degree of abstraction and lack of relevance to economic reality. Economists are calling for a better reflection of the reality of imperfect information, the role of banks and credit markets, the mechanisms of economic growth, the role of institutions and the possibility that markets may not clear. While it is one thing to find flaws in current mainstream economics, it is another to offer an alternative paradigm which, can explain as much as the old, but can also account for the many 'anomalies'. That is what this book attempts. Since one of the biggest empirical challenges to the 'old' paradigm has been raised by the second largest economy in the world - Japan - this book puts the proposed 'new paradigm' to the severe test of the Japanese macroeconomic reality.