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What should fiscal councils do?

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Author Info

  • Simon Wren-Lewis
  • Lars Calmfors

Abstract

Fiscal councils now exist in a number of countries.� This paper first considers the extent of deficit bias, potential explanations for it, and how independent institutions could help reduce it.� Are fiscal councils complements to or substitutes for fiscal rules, and why do none at� present have any formal control over fiscal decisions?� The paper then outlines the specific tasks that a fiscal council might undertake, and examines how these are combined in eleven fiscal councils.� A more detailed examination is undertaken of the fiscal councils in Sweden and the UK.� The paper draws some conclusions on the role of fiscal forecasting, ensuring independence, and the provision of policy advice.

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Bibliographic Info

Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 537.

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Date of creation: 01 Feb 2011
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Handle: RePEc:oxf:wpaper:537

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Keywords: Fiscal policy; Debt; Deficit bias; Fiscal council;

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References

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  1. Campbell leith & Simon Wren-Lewis, . "Compatibility Between Monetary and Fiscal Policy Under EMU," Working Papers 2001_15, Business School - Economics, University of Glasgow.
  2. Schmitt-Grohé, Stephanie & Uribe, Martín, 2001. "Optimal Fiscal and Monetary Policy Under Sticky Prices," CEPR Discussion Papers 2942, C.E.P.R. Discussion Papers.
  3. Simon Wren-Lewis, 2010. "Macroeconomic policy in light of the credit crunch: the return of counter-cyclical fiscal policy?," Oxford Review of Economic Policy, Oxford University Press, vol. 26(1), pages 71-86, Spring.
  4. Simon Wren-Lewis, 2011. "Comparing the delegation of monetary and fiscal policy," Economics Series Working Papers 540, University of Oxford, Department of Economics.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Why politicians ignore economists on austerity
    by Mainly Macro in Mainly Macro on 2013-03-04 20:52:00
  2. Petit précis de règles budgétaires
    by ? in D'un champ l'autre on 2014-05-19 23:31:00
  3. Euro Deja Vu?
    by Mainly Macro in Mainly Macro on 2012-02-03 12:26:00
  4. Fiscal councils: births, and the trials of youth
    by Mainly Macro in Mainly Macro on 2012-07-05 15:09:00
  5. 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
  6. 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
  7. Where Austerity Really Rules
    by Mainly Macro in Mainly Macro on 2013-03-01 18:18:00
  8. More on Naive Fiscal Cynicism
    by Mainly Macro in Mainly Macro on 2013-05-06 16:19:00
  9. Time inconsistency and debt
    by Mainly Macro in Mainly Macro on 2014-03-28 16:35:00
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Cited by:
  1. Andrew Hughes Hallett, 2013. "Is Independence Possible in an Interdependent World? Scotland vs. the UK's Participation in the European Economy," Bruges European Economic Policy Briefings 30, European Economic Studies Department, College of Europe.
  2. Simon Wren-Lewis & Jonathan Portes, 2014. "Issues in the Design of Fiscal Policy Rules," Economics Series Working Papers 704, University of Oxford, Department of Economics.
  3. André Grjebine, 2013. "L’Eurosystème: un mécanisme de transferts en faveur des pays déficitaires ? Le débat," Sciences Po publications info:hdl:2441/eo6779thqgm, Sciences Po.
  4. World Bank, 2013. "World Development Report 2014 : Risk and Opportunity—Managing Risk for Development," World Bank Publications, The World Bank, number 16092, October.
  5. Bos, Frits & Teulings, Coen, 2011. "Evaluating election platforms: a task for fiscal councils? Scope and rules of the game in view of 25 years of Dutch practice," MPRA Paper 31536, University Library of Munich, Germany.
  6. Flodén, Martin, 2012. "A Role Model for the Conduct of Fiscal Policy? Experiences from Sweden," CEPR Discussion Papers 9095, C.E.P.R. Discussion Papers.
  7. Catherine Mathieu & Henri Sterdyniak, 2012. "Faut-il des règles de politique budgétaire ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(7), pages 299-346.
  8. repec:spo:wpecon:info:hdl:2441/eo6779thqgm5r489maqa474kg is not listed on IDEAS
  9. Dolls, Mathias & Peichl, Andreas & Zimmermann, Klaus F., 2011. "Eine Herausforderung für die G20: Global vereinbarte Schuldenbremsen und transnationale fiskalpolitische Aufsichtsgremien," IZA Standpunkte 45, Institute for the Study of Labor (IZA).
  10. Michael Bergman, 2011. "Best in Class: Public Finances in Sweden during the Financial Crisis," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(4), pages 431-453, December.
  11. Nerlich, Carolin & Reuter, Wolf Heinrich, 2013. "The design of national fiscal frameworks and their budgetary impact," Working Paper Series 1588, European Central Bank.
  12. Baldi, Guido, 2013. "Fiscal Policy Institutions and Economic Transition in North Africa," MPRA Paper 48677, University Library of Munich, Germany.
  13. Jonathan Portes, 2014. "Issues in the Design of Fiscal Policy Rules," NIESR Discussion Papers 11865, National Institute of Economic and Social Research.
  14. Blume, Lorenz & Voigt, Stefan, 2013. "The economic effects of constitutional budget institutions," European Journal of Political Economy, Elsevier, vol. 29(C), pages 236-251.
  15. Douglas Sutherland & Peter Hoeller & Rossana Merola, 2012. "Fiscal Consolidation: Part 1. How Much is Needed and How to Reduce Debt to a Prudent Level?," OECD Economics Department Working Papers 932, OECD Publishing.
  16. Haffert, Lukas & Mehrtens, Philip, 2013. "From austerity to expansion? Consolidation, budget surpluses, and the decline of fiscal capacity," MPIfG Discussion Paper 13/16, Max Planck Institute for the Study of Societies.
  17. Andersen, Torben M., 2013. "Fiscal policy targeting under imperfect information," Journal of International Money and Finance, Elsevier, vol. 34(C), pages 114-130.
  18. repec:spo:wpecon:info:hdl:2441/eo6779thqgm5r489m6u1i2a0o is not listed on IDEAS

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