a large extent. But in Germany, wages have increased below this norm or even decreased, and in Japan this effect has … been even more extreme. Overall, while Japan and Germany have suffered from dysfunctional economic regimes leading to low …

single, source country) sufficiently large to push one or both countries into a liquidity trap. The zero lower bound on … study conditions under which a liquidity trap in one country might spillover to a trading partner. We study, under which … conditions, a liquidity trap in one country will lead to a liquidity trap in another country. We also show conditions under which …