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What should fiscal councils do?

  • Simon Wren-Lewis
  • Lars Calmfors

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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Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 537.

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Date of creation: 01 Feb 2011
Date of revision:
Handle: RePEc:oxf:wpaper:537
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  1. Leith, Campbell & Simon Wren-Lewis, 2002. "Compatibility Between Monetary and Fiscal Policy Under EMU," Royal Economic Society Annual Conference 2002 124, Royal Economic Society.
  2. Stephanie Schmitt-Grohe & Martin Uribe, 2002. "Optimal Fiscal and Monetary Policy Under Sticky Prices," NBER Working Papers 9220, National Bureau of Economic Research, Inc.
  3. Simon Wren-Lewis, 2011. "Comparing the delegation of monetary and fiscal policy," Economics Series Working Papers 540, University of Oxford, Department of Economics.
  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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