G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11140
DP11140 Fiscal Councils: Rationale and Effectiveness
Roel Beetsma; Xavier Debrun
发表日期2016-02-26
出版年2016
语种英语
摘要The paper discusses the effectiveness of independent fiscal institutions—or fiscal councils—in taming the deficit bias that emerged in the 1970s. After a review of the main theoretical arguments and recent trends about fiscal councils, we develop a stylized model showing how a fiscal council can effectively mitigate the deficit bias even though it has no direct lever on the conduct of fiscal policy. We show that the capacity of the fiscal council to improve the public’s understanding of the quality of fiscal policy contributes to better align voters and policymakers’ incentives and to tame the deficit bias affecting well-intended governments. After mapping the model’s key features into a broad set of criteria likely to contribute to the effectiveness of a fiscal council, we use the 2014 vintage of the IMF dataset on independent fiscal institutions to assess whether existing institutions have been built to work.
主题International Macroeconomics and Finance
关键词Fiscal policy Deficit bias Independent fiscal institutions
URLhttps://cepr.org/publications/dp11140
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/539956
推荐引用方式
GB/T 7714
Roel Beetsma,Xavier Debrun. DP11140 Fiscal Councils: Rationale and Effectiveness. 2016.
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