Structural Distortions and Decentralized Fiscal Policies in EMU
分析欧洲货币联盟中，相机抉择的货币政策与劳动力市场扭曲、名义工资刚性结合会产生通胀偏差；通胀目标虽消除此偏差，却与高频调整的财政政策冲突，导致公共债务过度积累，因此需要债务上限及国别债务目标。
The combination of discretionary monetary policy, labor-market distortions and nominal wage rigidity yields an inflation bias as monetary policy tries to exploit nominal wage contracts to address labour-market distortions Although an inflation target eliminates this inflation bias, it creates a conflict between monetary policy and discretionary fiscal policy if fiscal policy is set at a higher frequency than nominal wages are. To avoid the associated excessive accumulation of public debt, ceilings on public debt are called for. If countries differ substantially in terms of structural distortions or economic shocks, uniform debt ceilings must be complemented by country-specific debt targets in order to prevent decentralised fiscal authorities from employing debt policy strategically.