What should fiscal councils do?
AbstractFiscal 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 InfoPaper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 537.
Date of creation: 01 Feb 2011
Date of revision:
Fiscal policy; Debt; Deficit bias; Fiscal council;
Other versions of this item:
- Calmfors, Lars & Wren-Lewis, Simon, 2010. "What Should Fiscal Councils Do?," Seminar Papers, Stockholm University, Institute for International Economic Studies 768, Stockholm University, Institute for International Economic Studies.
- Lars Calmfors & Simon Wren-Lewis, 2011. "What Should Fiscal Councils Do?," CESifo Working Paper Series 3382, CESifo Group Munich.
- 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
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-03-12 (All new papers)
- NEP-CBA-2011-03-12 (Central Banking)
- NEP-EEC-2011-03-12 (European Economics)
- NEP-MAC-2011-03-12 (Macroeconomics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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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
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by Blog Admin in British Politics and Policy at LSE on 2012-08-25 13:30:22
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by Mainly Macro in Mainly Macro on 2013-03-01 18:18:00
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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
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by ? in D'un champ l'autre on 2014-05-19 23:31:00
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