With flexible exchange rates, however, monetary-policy contraction in a major economy would stimulate other economies in the short run, while monetary expansion would damage their performance. (To be sure, in the medium or long run, monetary expansion can facilitate increased domestic production and trade, thereby generating positive spillover effects.)
但是，在浮动汇率下，主要经济体的货币政策收缩在短期会刺激其他经济体，而货币扩张则会影响它们的表现。（确实，在中长期，货币扩张能有利于增加国内产出和贸易，从而产生积极的溢出效应。）