Many US policymakers on both sides of the aisle, including President Trump, have called on the US Federal Reserve to cut interest rates to depreciate the US dollar. This paper uses an intertemporal general equilibrium model to explore what would likely happen if this policy was pursued. It shows that the general equilibrium effects of a depreciated real effective exchange rate brought about by lower US interest rates can result in a wide variety of unintended consequences. The paper explores what would happen if US trading partners were to retaliate by devaluing their currencies.

中文翻译：

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美国主导的货币战争的全球影响

过道两边的许多美国决策者，包括特朗普总统，都呼吁美联储降息以让美元贬值。本文使用跨期一般均衡模型来探讨如果执行该政策可能会发生什么。它表明，美国利率下降带来的实际有效汇率贬值的一般均衡效应可能导致各种意想不到的后果。该论文探讨了如果美国贸易伙伴通过贬值其货币进行报复会发生什么。