Fujiwara, IppeiNakajima, TomoyukiSudo, NaoTeranishi, Yuki2015-12-130304-3932http://hdl.handle.net/1885/75649How should monetary policy respond to a "global liquidity trap," where the two countries may fall into a liquidity trap simultaneously? Using a two-country New Open Economy Macroeconomics model, we first characterize optimal monetary policy, and show that201310.1016/j.jmoneco.2013.08.0042015-12-11