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A New Fiscal Framework for Ireland

Author

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  • Philip Lane

    () (Institute for International Integration Studies, Trinity College Dublin)

Abstract

Pro-cyclicality in Irish fiscal policy has contributed to macroeconomic volatility over recent decades. Accordingly, this paper seeks to identify institutional mechanisms that can improve the performance of fiscal policy in macroeconomic stabilisation in Ireland. We propose a new fiscal framework for Ireland that combines the adoption of a rules-based approach to budgetary policy with the appointment of an independent fiscal policy council that will be formally involved in the fiscal process. Finally, we also advocate a set of ancillary reforms that will further improve the coherence of Irish fiscal policy with membership of European Monetary Union.

Suggested Citation

  • Philip Lane, 2010. "A New Fiscal Framework for Ireland," The Institute for International Integration Studies Discussion Paper Series iiisdp315, IIIS.
  • Handle: RePEc:iis:dispap:iiisdp315
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    File URL: http://www.tcd.ie/iiis/documents/discussion/pdfs/iiisdp315.pdf
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    1. repec:eur:ejesjr:172 is not listed on IDEAS
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    More about this item

    Keywords

    fiscal framework; Irish fiscal policy; fiscal policy council; fiscal rules;

    JEL classification:

    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

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