Currency Wars, Trade Wars, and Global Demand

I thank seminar participants, especially Alberto Martin, Emmanuel Farhi, Charles Engel, Gianluca Benigno, Dmitry Mukhin and Oleg Itskhoki, at the NBER Conference on Capital Flows, Currency Wars and Monetary Policy (April 2018), the 2019 ASSA meeting, the Board of the US Federal Reserve System, the University of Virginia, Georgia State University, the University of Southern California, the Federal Reserve of New York, the University of Wisconsin, the University of Maryland and the Graduate Institute in Geneva for their comments. I thank Stephane Auray and Joe Gagnon for their comments on an earlier draft. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.