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Design Choices for Fiscal Policy Rules

Author

Listed:
  • Barry Anderson
  • Joseph J. Minarik

Abstract

This article discusses issues regarding budget process rules in the context of the current pattern of rising fiscal deficits. It begins by explaining the premise that budget process rules have multiple objectives, and so must be judged according to multiple criteria. Prominent among those criteria, given the apparent economic sluggishness of the early years of the 1990s and the resulting fiscal deficits, are how any particular set of rules might facilitate economic recovery and growth, but also maintain fiscal responsibility and public credibility.

Suggested Citation

  • Barry Anderson & Joseph J. Minarik, 2006. "Design Choices for Fiscal Policy Rules," OECD Journal on Budgeting, OECD Publishing, vol. 5(4), pages 159-208.
    • Handle: RePEc:oec:govkaa:5l9k4g7t3df5
    DOI: 10.1787/budget-v5-art25-en
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    Citations

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    Cited by:

    1. Jeffrey A. Frankel & Jesse Schreger, 2012. "Over-optimistic Official Forecasts in the Eurozone and Fiscal Rules," NBER Working Papers 18283, National Bureau of Economic Research, Inc.
    2. Robert Gillingham, 2014. "Fiscal Policy for Health Policy Makers," Health, Nutrition and Population (HNP) Discussion Paper Series 87981, The World Bank.
    3. Landon, Stuart & Smith, Constance, 2017. "Does the design of a fiscal rule matter for welfare?," Economic Modelling, Elsevier, vol. 63(C), pages 226-237.
    4. repec:spo:wpecon:info:hdl:2441/eo6779thqgm5r489m6u1i2a0o is not listed on IDEAS
    5. 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.
    6. Barry Anderson, 2013. "The Development of Independent Fiscal Institutions: Lessons from CBO," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 149(II), pages 219-230, June.
    7. repec:spo:wpecon:info:hdl:2441/eo6779thqgm5r489maqa474kg is not listed on IDEAS
    8. Jeffrey Frankel & Jesse Schreger, 2013. "Over-optimistic official forecasts and fiscal rules in the eurozone," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 149(2), pages 247-272, June.
    9. Bernard Steunenberg, 2021. "The politics within institutions for regulating public spending: conditional compliance within multi-year budgets," Constitutional Political Economy, Springer, vol. 32(1), pages 31-51, March.
    10. repec:spo:wpmain:info:hdl:2441/eo6779thqgm5r489m6u1i2a0o is not listed on IDEAS
    11. Marvin Phaup, 2022. "Federal budget process reform: An economics perspective, with imperfect, “Human” decision‐makers," Public Budgeting & Finance, Wiley Blackwell, vol. 42(3), pages 114-130, September.
    12. Saunoris, James W. & Payne, James E., 2010. "Tax more or spend less? Asymmetries in the UK revenue-expenditure nexus," Journal of Policy Modeling, Elsevier, vol. 32(4), pages 478-487, July.
    13. Frits Bos, 2007. "The Dutch fiscal framework; history, current practice and the role of the CPB," CPB Document 150, CPB Netherlands Bureau for Economic Policy Analysis.
    14. repec:spo:wpmain:info:hdl:2441/eo6779thqgm5r489maqa474kg is not listed on IDEAS
    15. Zsolt Darvas & Valentina Kostyleva, 2011. "Fiscal and Monetary Institutions in Central, Eastern and South-Eastern European Countries," OECD Journal on Budgeting, OECD Publishing, vol. 11(1), pages 147-185.
    16. Alessandro Giosi & Silvia Testarmata & Sandro Brunelli & Bianca Staglianò, 2012. "Does the Quality of Public Finance Enhance Fiscal Discipline in the European Union? A Cross-Country Analysis," DSI Essays Series, DSI - Dipartimento di Studi sull'Impresa, vol. 21.
    17. Catherine Mathieu & Henri Sterdyniak, 2013. "Do we need fiscal rules?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 189-233.
    18. International Monetary Fund, 2009. "India: Selected Issues," IMF Staff Country Reports 2009/186, International Monetary Fund.
    19. Felicity C Barker & Robert A Buckle & Robert W St Clair, 2008. "Roles of Fiscal Policy in New Zealand," Treasury Working Paper Series 08/02, New Zealand Treasury.
    20. International Monetary Fund, 2013. "Republic of Poland: Selected Issues," IMF Staff Country Reports 2013/220, International Monetary Fund.
    21. Christoph Peatz, 2020. "Fiscal Rules in Good Times and Bad," IMK Working Paper 206-2020, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    22. Canale, Rosaria Rita & De Simone, Elina & Spagnolo, Nicola, 2021. "Financial markets and fiscal discipline in the Eurozone," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 490-499.
    23. Bielawska, Kamila & Chłoń-Domińczak, Agnieszka & Stańko, Dariusz, 2017. "Retreat from mandatory pension funds in countries of the Eastern and Central Europe in result of financial and fiscal crisis: Causes, effects and recommendations for fiscal rules," MPRA Paper 83345, University Library of Munich, Germany.
    24. Baldi, Guido, 2013. "Fiscal Policy Institutions and Economic Transition in North Africa," MPRA Paper 48677, University Library of Munich, Germany.

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