This logic would be correct if the world were operating under a fixed exchange-rate regime, with governments tying official exchange rates to another country’s currency or the price of gold. Under these conditions, monetary contraction (or slowing expansion) would have a recessionary (or a less stimulative) impact on other economies.
如果世界是在固定汇率下运转，那么这一逻辑是正确的。在固定汇率下，政府的官方利率会盯住另一个国家的货币或黄金价格。在这样的条件下，货币收缩（或缓慢扩张）会给其他经济体带来衰退（或更小的刺激）效应。