What should fiscal councils do?
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.
|Date of creation:||01 Feb 2011|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://www.economics.ox.ac.uk/
More information through EDIRC
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.:
- Leith, Campbell & Simon Wren-Lewis, 2002.
"Compatibility Between Monetary and Fiscal Policy Under EMU,"
Royal Economic Society Annual Conference 2002
124, Royal Economic Society.
- Leith, Campbell & Wren-Lewis, Simon, 2006. "Compatibility between monetary and fiscal policy under EMU," European Economic Review, Elsevier, vol. 50(6), pages 1529-1556, August.
- Campbell leith & Simon Wren-Lewis, . "Compatibility Between Monetary and Fiscal Policy Under EMU," Working Papers 2001_15, Business School - Economics, University of Glasgow.
- Stephanie Schmitt-Grohe & Martin Uribe, 2002.
"Optimal Fiscal and Monetary Policy Under Sticky Prices,"
NBER Working Papers
9220, National Bureau of Economic Research, Inc.
- 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.
- Martin Uribe & Stephanie Schmitt-Grohe, 2001. "Optimal fiscal and monetary policy under sticky prices," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
- Stephanie Schmitt-Grohe & Martin Uribe, 2001. "Optimal Fiscal and Monetary Policy Under Sticky Prices," Departmental Working Papers 200105, Rutgers University, Department of Economics.
- Schmitt-Grohé, Stephanie & Uribe, Martín, 2001. "Optimal Fiscal and Monetary Policy Under Sticky Prices," CEPR Discussion Papers 2942, C.E.P.R. Discussion Papers.
- Simon Wren-Lewis, 2011. "Comparing the delegation of monetary and fiscal policy," Economics Series Working Papers 540, University of Oxford, Department of Economics.
- 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.
When requesting a correction, please mention this item's handle: RePEc:oxf:wpaper:537. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Monica Birds)
If references are entirely missing, you can add them using this form.