In response to: What did you do in the currency war, Daddy?
Summarizing, currency wars as defined may not exist. However, given specific elasticities for different traded and non-traded goods in the US and other countries, the change in net exports from the currency effect is not necessarily similarly distributed to that from the income effect. From the aggregate net export figures it is hence impossible to tell if specific economies are hurt. Although policymakers outside the US can mitigate this “unequal” distribution the question then becomes if they have the state-of-the-art information (such as National Accounts) to do so.