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:
- Lars Calmfors & Simon Wren-Lewis, 2011. "What Should Fiscal Councils Do?," CESifo Working Paper Series 3382, CESifo Group Munich.
- Simon Wren-Lewis & Lars Calmfors, 2011. "What should fiscal councils do?," Economics Series Working Papers 537, University of Oxford, Department of Economics.
- Calmfors, Lars & Wren-Lewis, Simon, 2010. "What Should Fiscal Councils Do?," Seminar Papers 768, Stockholm University, Institute for International Economic Studies.
- A00 - General Economics and Teaching - - General - - - General
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
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