Yet, because an exchange rate is a relative price, all currencies cannot weaken simultaneously. How the world resolves this basic inconsistency over the next few years will have a major impact on prospects for growth, employment, income distribution, and the functioning of the global economy.
发自纽波特滩——现在追求强势货币的国家不是很多；一些国家——包括那些具有系统重要性的——已经开始积极降低本国货币汇率。但由于汇率是一个相对价格，所有的货币不可能同时贬值。而在接下来的几年里，全世界对这一基本矛盾的解决方法将会对经济增长、就业率、收入分配及全球经济运行的前景产生重大的影响。