This article explores the consequences of extremely low real interest rates in a world with integrated but heterogeneous capital markets, nominal rigidities, and an effective lower bound [a zero lower bound (ZLB) for simplicity]. We establish four main results: (1) At the ZLB, creditor countries export their recession abroad, which we illustrate with a new Metzler diagram in quantities; (2) Beggar-thy-neighbour currency and trade wars provide stimulus to the undertaking country at the expense of other countries; (3) (Safe) public debt issuances and increases in government spending anywhere are expansionary everywhere; and (4) When there is a scarcity of safe assets, net issuers of these assets import the recession from abroad.

中文翻译：

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零下限的全球失衡和政策战争

本文探讨了在一个具有一体化但异质资本市场、名义刚性和有效下限[为简单起见为零下限 (ZLB)] 的世界中，极低实际利率的后果。我们建立了四个主要结果：（1）在 ZLB，债权国将其衰退出口到国外，我们用新的梅茨勒图来说明数量；（2）以邻为壑的货币和贸易战为承诺国提供刺激，损害了其他国家的利益；(3) 任何地方的（安全的）公共债务发行和政府支出的增加在任何地方都是扩张性的；（4）当安全资产稀缺时，这些资产的净发行人从国外输入衰退。