关键词: 货币政策, 国际协调, 新冠疫情, 博弈论

Abstract: The COVID-19 pandemic has caused a sharp decline in the world economy and financial markets. A number of countries have implemented easy monetary policies to stimulate their economies. The classical game theory of monetary policy coordination suggests that the world is in need of coordination and lives in the beggarthyneighbor equilibrium. The existing cooperations which ignore the voice of emerging economies are limited in implementation and depth. The world now works with close economic ties and strong spillover effects of monetary policies. To build an effective anticrisis monetary policy international coordination system, international cooperation organizations ought to introduce agreements and cooperation surplus distribution schemes, trade off between monetary stimulus and asset bubble controlling, stay in policy communication and information sharing, give more importance to the voice of developing economies and build an effective international monetary policy coordination system in response to crisis. China should build the longterm policy coordination in the Belt and Road Initiative, mediate between the industrial countries and emerging countries in IMF and G20, and engage in technical cooperation of central banks to participate in the coordination process.

Key words: monetary policy, international coordination, COVID-19, game theory