Beyond Competitive Devaluations: The Monetary Dimensions of Comparative Advantage

We thank our discussants Matteo Cacciatore, Fabio Ghironi, Paolo Pesenti, and Hélène Rey, as well as Mary Amiti, Giovanni Maggi, Sam Kortum, Kim Ruhl, and seminar participants at the 2013 NBER Summer Institute, the International Finance and Macro Finance Workshop at Sciences Po Paris, the Norges Bank Conference The Role of Monetary Policy Revisited, the 2016 ASSA meetings, the West Coast Workshop on International Finance and Open Economy Macroeconomics, the CPBS Pacific Basin Research Conference, the Banque de France PSE Trade Elasticities Workshop, Bank of England, Bank of Spain, London Business School, New York FED the National University of Singapore, Universidade Nova de Lisboa, and the Universities of Cambridge, Wisconsin, and Yale for comments. Yuan Liu, Riccardo Trezzi and Jasmine Xiao provided excellent research assistance. Giancarlo Corsetti acknowledges the generous support of the Keynes Fellowship at Cambridge University, the Cambridge Inet Institute and Centre for Macroeconomics. Finally, we thank Giovanni Lombardo for generous and invaluable technical advice. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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