A Contagious Malady? Open Economy Dimensions of Secular Stagnation
NBER Working Paper No. 22299
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This paper was written for the conference ”Secular Stagnation, Growth and Real Interest Rates,” organized by the European University Institute and the International Monetary Fund on June 18-19, 2015 for a special issue of the IMF Economics Review. We would like to thank Emmanuel Farhi, Pierre-Olivier Gourinchas, Jean-Paul L’Huillier, Matteo Maggiori, Gregory Thwaites, and Jaume Ventura for helpful discussions and conference and seminar participants at Brown, Cambridge, Duke, the EUI-IMF Conference on Secular Stagnation, Federal Reserve Board, FRB San Francisco, MIT, NBER IFM, Oxford, Stanford, UC Berkeley, and the World Bank 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.