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What should fiscal councils do?

  • Lars Calmfors
  • Simon Wren‐Lewis

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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File URL: http://hdl.handle.net/10.1111/j.1468-0327.2011.00273.x
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Article provided by CEPR & CES & MSH in its journal Economic Policy.

Volume (Year): 26 (2011)
Issue (Month): 68 (October)
Pages: 649-695

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Handle: RePEc:bla:ecpoli:v:26:y:2011:i:68:p:649-695
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References listed on IDEAS
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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. Simon Wren-Lewis, 2011. "Comparing the delegation of monetary and fiscal policy," Economics Series Working Papers 540, University of Oxford, Department of Economics.
  3. Schmitt-Grohe, Stephanie & Uribe, Martin, 2004. "Optimal fiscal and monetary policy under sticky prices," Journal of Economic Theory, Elsevier, vol. 114(2), pages 198-230, February.
  4. 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.
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