What should fiscal councils do?
AbstractFiscal councils now exist in a number of countries.ï¿½ This paper first considers the extent of deficit bias, potential explanations for it, and how independent institutions could help reduce it.ï¿½ Are fiscal councils complements to or substitutes for fiscal rules, and why do none atï¿½ present have any formal control over fiscal decisions?ï¿½ The paper then outlines the specific tasks that a fiscal council might undertake, and examines how these are combined in eleven fiscal councils.ï¿½ A more detailed examination is undertaken of the fiscal councils in Sweden and the UK.ï¿½ The paper draws some conclusions on the role of fiscal forecasting, ensuring independence, and the provision of policy advice.
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Bibliographic InfoArticle provided by CEPR & CES & MSH in its journal Economic Policy.
Volume (Year): 26 (2011)
Issue (Month): 68 (October)
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Other versions of this item:
- Simon Wren-Lewis & Lars Calmfors, 2011. "What should fiscal councils do?," Economics Series Working Papers 537, University of Oxford, Department of Economics.
- Lars Calmfors & Simon Wren-Lewis, 2011. "What Should Fiscal Councils Do?," CESifo Working Paper Series 3382, CESifo Group Munich.
- Calmfors, Lars & Wren-Lewis, Simon, 2010. "What Should Fiscal Councils Do?," Seminar Papers 768, Stockholm University, Institute for International Economic Studies.
- E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Euro Deja Vu?
by Mainly Macro in Mainly Macro on 2012-02-03 12:26:00
- Fiscal councils: births, and the trials of youth
by Mainly Macro in Mainly Macro on 2012-07-05 15:09:00
- Keynes, Counter-cyclical Fiscal Policy & a Way Out of Eurozone Crisis
by Guest Author in The Big Picture on 2012-09-05 12:30:01
- The work of John Maynard Keynes shows us that counter-cyclical fiscal policy and an easing of austerity may offer a way out of Eurozone crisis
by Blog Admin in British Politics and Policy at LSE on 2012-08-25 13:30:22
- Where Austerity Really Rules
by Mainly Macro in Mainly Macro on 2013-03-01 18:18:00
- More on Naive Fiscal Cynicism
by Mainly Macro in Mainly Macro on 2013-05-06 16:19:00
- Time inconsistency and debt
by Mainly Macro in Mainly Macro on 2014-03-28 16:35:00
- Why politicians ignore economists on austerity
by Mainly Macro in Mainly Macro on 2013-03-04 20:52:00
- Petit prÃ©cis de rÃ¨gles budgÃ©taires
by ? in D'un champ l'autre on 2014-05-19 23:31:00
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