What Should Fiscal Councils Do?
AbstractThe paper analyses theoretically what role fiscal councils could play and surveys empirically the activities of existing councils. Case studies of the Swedish Fiscal Policy Council and the UK Office for Budget Responsibility are done. It is concluded that fiscal councils should be advisory, rather than decision-making, and work as complements, rather than substitutes, to fiscal rules. A key issue is the political fragility of fiscal councils and how their long-run viability should be secured. Three ways of guaranteeing their independence are suggested: (1) reputation-building; (2)formal national rules; and (3) international monitoring.
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Bibliographic InfoPaper provided by Stockholm University, Institute for International Economic Studies in its series Seminar Papers with number 768.
Length: 67 pages
Date of creation: 01 Dec 2010
Date of revision:
Contact details of provider:
Postal: Institute for International Economic Studies, Stockholm University, S-106 91 Stockholm, Sweden
Web page: http://www.iies.su.se/
More information through EDIRC
Fiscal policy Council; Fiscal policy; Government policy;
Other versions of this item:
- 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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- 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
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by Guest Author in The Big Picture on 2012-09-05 12:30:01
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by Blog Admin in British Politics and Policy at LSE on 2012-08-25 13:30:22
- Why politicians ignore economists on austerity
by Mainly Macro in Mainly Macro on 2013-03-04 20:52:00
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by ? in D'un champ l'autre on 2014-05-19 23:31:00
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