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Comparing the delegation of monetary and fiscal policy.

Abstract:

The apparent success of independent central banks in conducting monetary policy has led many to argue that some form of policy delegation should also be applied to the macroeconomic aspects of fiscal policy. A number of countries have recently established Fiscal Councils, although their role is typically to give advice on paths for government debt and deficits rather than decide upon and implement policy. This paper examines how useful a comparison between monetary and fiscal policy can be ...

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Volume:
540
Series:
Discussion paper series
Publication date:
2011-03-05
URN:
uuid:362d609c-42ae-41af-bc50-5f4377387cb9
Local pid:
oai:economics.ouls.ox.ac.uk:15061
Language:
English

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