NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Global Imbalances and Currency Wars at the ZLB.

Ricardo J. Caballero, Emmanuel Farhi, Pierre-Olivier Gourinchas

NBER Working Paper No. 21670
Issued in October 2015

---- Acknowledgements ----

We thank Mark Aguiar, Manuel Amador, Cristina Arellano, Olivier Blanchard, Jordi Gal , Gita Gopinath, Nobuhiro Kiyotaki, Jaume Ventura, and seminar participants at the European Central Bank, the Funda cao Getulio Vargas, CREI, NBER, LSE, and Princeton, for useful comments and suggestions. All errors are our own. Respec- tively: MIT and NBER; Harvard and NBER; Berkeley and NBER. E-mails: caball@mit.edu, efarhi@harvard.edu, pog@berkeley.edu. The first draft of this paper was written while Pierre-Olivier Gourinchas was visiting Harvard University, whose hospitality is gratefully acknowledged. We thank the NSF for financial support. First draft: June 2015. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Pierre-Olivier Gourinchas ----

Pierre-Olivier Gourinchas is compensated by the International Monetary Fund for editing the IMF Economic Review.

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