Sharing the Burden: Monetary and Fiscal Responses to a World Liquidity Trap
---- Acknowledgments ----
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. We thank seminar participants at the Bank of Japan, participants of the ECB-Bundesbank workshop, the Bundesbank Spring Conference 2011, Paul Beaudry, Nao Sudou, Ippei Fujiwara, Takahashi Ito, and Gernot Muller for comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.