| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2873 |
| DP2873 Long-Term Capital Movements | |
| Philip Lane | |
| 发表日期 | 2001-07-01 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | The combination of discretionary monetary policy, labour-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, country-specific debt targets must complement uniform debt ceilings in order to prevent decentralized fiscal authorities from employing debt policy strategically. |
| 主题 | International Macroeconomics |
| 关键词 | Discretionary monetary policy Wage rigidity Decentralized fiscal policy Monetary union Inflation targets Debt targets |
| URL | https://cepr.org/publications/dp2873 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531913 |
| 推荐引用方式 GB/T 7714 | Philip Lane. DP2873 Long-Term Capital Movements. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Philip Lane]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Philip Lane]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Philip Lane]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
