Excerpt;
... I would have been happy to end the post here, having a) clarified an important, but often overlooked, distinction between the nominal and the real exchange rate, b) made the important analytical point that currency manipulation or trade war via monetary policy, requires tightening, not easing, monetary policy, and c) concluded the whole discussion with a wonderful quote from R. G. Hawtrey. Unfortunately, my work is not yet complete, because Stelzer writes the following in the penultimate paragraph of his piece....
Article;
it-aint-what-people-dont-know-that-gets-them-into-trouble-its-what-they-know-that-aint-so
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