Given the role of the US dollar as the dominant global currency, the Fed’s expansionary monetary policy generates significant externalities for the rest of the world – effects that the Fed is certainly not taking into account. The basic problem is that there are essential imperfections in an international monetary system that is based on the use of a national currency as the world’s main reserve currency.
但曼蒂加也不错。美元是主要全球货币，美联储的扩张性政策会给世界其他地区带来严重的外部效应——这一点肯定不会进入美联储的考虑范围内。基本问题是，国际货币体系具有一个关键的缺陷：它使用国家货币作为世界主要储备货币。