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What should fiscal councils do?

Abstract:

Fiscal watchdogs, so-called fiscal councils, have been proposed as a method to counter deficit bias of fiscal policy. The paper analyses theoretically what role fiscal councils could play and surveys empirically the activities of existing councils. Case studies of the Swedish Fiscal Policy Council and the UK Office for Budget Responsibility are done. It is concluded that fiscal councils should be advisory, rather than decision-making, and work as complements, rather than substitutes, to fisca...

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Publisher copy:
10.1111/j.1468-0327.2011.00273.x

Authors


Lars Lars Calmfors More by this author
Simon Wren-Lewis More by this author
Journal:
Economic Policy
Volume:
26
Issue:
68
Publication date:
2011-10-05
DOI:
URN:
uuid:b7e952d7-15f3-4e0b-aee4-a0d361cad3ca
Local pid:
oai:economics.ouls.ox.ac.uk:15225
Language:
English

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