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Monetary policy rules should be designed to avoid the pitfalls of discretionary policy, which often leads to time inconsistency.
貨幣政策規則的設計應避免自由裁量政策的陷阱，后者往往導致時間不一致性。
Optimal fiscal policy requires that taxes be smooth over time, as abrupt changes can distort economic decisions.
最優財政政策要求稅收隨時間平滑，因為突然的變化會扭曲經濟決策。
Business cycles are not merely fluctuations around some smooth trend, but are instead the result of fundamental shocks to the economy.
經濟周期不僅僅是圍繞某個平滑趨勢的波動，而是經濟受到根本性沖擊的結果。
Rules rather than discretion in economic policy can help avoid the pitfalls of short-term political pressures.
經濟政策中的規則而非自由裁量權有助于避免短期政治壓力的陷阱。
Optimal fiscal policy should be designed to mitigate the distortions caused by time inconsistency and political business cycles.
最優財政政策的設計應旨在減輕時間不一致性和政治經濟周期引起的扭曲。
Business cycles are not, as once thought, merely fluctuations around a stable trend, but rather reflect deeper structural changes in the economy.
經濟周期并不像曾經認為的那樣僅僅是圍繞穩定趨勢的波動，而是反映了經濟中更深層次的結構性變化。
The time inconsistency problem in monetary policy arises when policymakers have an incentive to deviate from their announced policy once economic agents have acted on it.
貨幣政策中的時間不一致性問題出現在政策制定者一旦經濟主體根據宣布的政策采取行動后，就有動機偏離該政策。
Optimal fiscal policy requires that tax rates be smooth over time, responding only to permanent changes in government spending.
最優財政政策要求稅率隨時間平穩變化，僅對政府支出的永久性變化作出反應。
Business cycles are not merely fluctuations around a deterministic trend; they represent shifts in the trend itself.
經濟周期不僅僅是圍繞確定性趨勢的波動；它們代表了趨勢本身的轉變。
The time inconsistency problem in monetary policy arises when policymakers have an incentive to deviate from their announced policy once economic agents have formed expectations.
貨幣政策中的時間不一致性問題出現在政策制定者一旦經濟主體形成預期后，就有動機偏離他們宣布的政策。
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