The Optimal Currency Area in a Liquidity Trap
---- Acknowledgements ----
We thank Kevin Hwang, Luca Dedola, and seminar participants at the Shanghai University of Finance and Economics, the Bank of Chile, tthe Bank of Korea, the University of Cyprus, the University of Wisconsin, and Sciences Po Paris, for comments. Devereux thanks SSHRC, the Bank of Canada, and the Royal Bank of Canada for financial support. The opinions in this paper are those of the authors alone and cannot be ascribed to the Bank of Canada or the National Bureau of Economic Research.
---- Disclosure of Financial Relationships for David Cook ----
During the time the paper or immediate antecedents were written I have received appointments as visiting scholar at the Bank for International Settlements Asia Pacific and at the IMF Institute.