在货币政策难以刺激国内经济的情况下,货币战无意中导致的“协调”性扩张将不会为政策制定者提供更多的回旋余地,只会导致全球性的通货膨胀偏差在日渐一体化的全球经济中,巨大的政策溢出效应可能自然而然地降低效率。各国政策制定者力求实现国内目标,而忽视对其他国家施加的外部性,可能会发现自己同样需要承担集体福利损失的后果。对全球经济来说有效的政策从本 Under the circumstances that it is difficult for monetary policy to stimulate the domestic economy, the “coordinated” expansion caused by the currency war inadvertently will not provide more room for policymakers to maneuver, but will only result in a global imbalance of inflation becoming increasingly integrated In the globalized economy, the huge spillover effect of policy may naturally reduce efficiency. Policymakers in all countries, while striving to achieve their domestic goals while ignoring the externalities imposed on other countries, may find themselves equally liable to the consequences of collective welfare losses. Effective policies for the global economy come from this