Academic Papers

Proposals for Fiscal Councils, and analysis of fiscal policy delegation

Ball, L (1997) A proposal for the Next Macroeconomic Reform, Victoria Economic Commentaries, 1-7.

Calmfors, Lars (2003), Fiscal Policy to Stabilise the Domestic Economy in the EMU: What Can We Learn from Monetary Policy?, CESifo Economic Studies, 49,319-353.

Calmfors, Lars (2005), What Remains of the Stability Pact and What Next, Swedish Institute for European Policy Studies Report 2005:8

Castellani, F. and X. Debrun (2005). ‘Designing Macroeconomic Frameworks: A Positive Analysis of Monetary and Fiscal Delegation’ International Finance, 8, 87-117.

Debrun, Xavier (2011). "Democratic Accountability, Deficit Bias, and Independent Fiscal Agencies," IMF Working Papers11/173, International Monetary Fund.

Eichengreen, B., Hausmann, R. and von Hagen, J. (1999) Reforming budgetary institutions in Latin America: the case for a national fiscal council. Open Economies Review 10: 415–442.

Von Hagan, J and I.H.Harden (1994) ‘National Budget Processes and Commitment to Fiscal Discipline’ European Economy Reports and Studies, 3, 311-408.

Von Hagen, Jürgen, and Ian Harden (1995) "Budget Processes and Commitment to Fiscal Discipline", European Economic Review 39(3): 771-779.

Von Hagen, J. (2010). ‘The Scope and Limits of Fiscal Councils’, Paper to Conference on Independent Fiscal Institutions, March 18-19, Fiscal Council Republic of Hungary, Budapest.

Jonung, L. and Larch, M. (2006) Improving fiscal policy in the EU: the case for independent forecasts. Economic Policy 21: 491–534.

Kirsanova, Tatiana , Campbell Leith and Simon Wren-Lewis (2007), "Optimal Debt Policy, and an Institutional Proposal to help in its Implementation", in J. Ayuso-i-Casals, S. Deroose, E. Flores, and L. Moulin (eds) "The role of fiscal rules and institutions in shaping budgetary outcomes", European Economy Economic Papers 275, April. (pdf)

Krogstrup, S and C. Wyplosz (2010). ‘A Common Pool Theory of Supranational Deficit Ceilings’ European Economic Review, 54, 269-278.

Leeper, E.M. (2009), Anchoring Fiscal Expectations, Reserve Bank of New Zealand Bulletin, 72:3, 17-.

Leith, C and Wren-Lewis, S (2006), Fiscal Stabilisation Policy and Fiscal Institutions, Oxford Review of Economic Policy, 21, pp 584-597

Rogoff, K.S. and. J.I. Bertelsmann (2010). ‘The Rationale for Fiscal Policy Councils: Theory and Evidence’, Paper to Conference on Independent Fiscal Institutions, March 18-19, Fiscal Council Republic of Hungary, Budapest.

Wren-Lewis, S. (1996), Avoiding Fiscal Fudge, New Economy, 3, 128-132

Wren-Lewis, S. (2003), The compatibility between monetary and fiscal policies in EMU: a perspective from the Fiscal Theory of the Price Level, in Monetary And Fiscal Policies In EMU: Interactions And Coordination, ed(s) Buti, Marco, Cambridge University Press.

Wren-Lewis, S (2011), Comparing the delegation of monetary and fiscal policy, Oxford Economics Department Discussion Paper No. 540

Wyplosz, C. (2001), Fiscal Policy: Institutions vs. Rules, Report prepared for Swedish Government’s Committee on Stabilisation Policy in the EMU.

Wyplosz, C (2005) “Fiscal Policy: Institutions versus Rules” National Institute Economic Review, 191, 70-85

Surveys of Fiscal Councils or specific national experience

Bos, F. and C. Teulings (2010). ‘Lessons from the Netherlands’, Paper to Conference on Independent Fiscal Institutions, 18-19 March, Fiscal Council Republic of Hungary, Budapest.

Calmfors, L (2010) “The Swedish Fiscal Policy Council – Experiences and Lessons”

Calmfors, L (2011), The Role of Independent Fiscal Policy Institutions, CESifo Working Paper Series No. 3367.

Calmfors, L and Wren-Lewis, S (2011), What should fiscal councils do? Economic Policy Vol. 26, pp 649-695 and Oxford Economics Department Discussion Paper No. 537

Coene, L (2010), Lessons from Belgium, Paper to Conference on Independent Fiscal Institutions, March 18-19, Fiscal Council Republic of Hungary, Budapest.

Debrun, X., L. Moulin, A. Turrini, J. Ayuso-i-Casals and M. Kumar (2008), “Tied to the Mast? The Role of National Fiscal Rules in the European Union”, Economic Policy 54, 298–362.

Debrun, Xavier, David Hauner, and Manmohan Kumar (2009), “Independent Fiscal Agencies”, Journal of Economic Surveys 23(1): 44-81, February.

Debrun, Xavier and Takahashi, Keiko (2011), “Independent Fiscal Councils in Continental Europe: Old Wine in New Bottles?”, CESifo DICE Report 3/2011.

Fabrizio, S. and A. Mody (2006). ‘Can Budget Institutions Counteract Political Indiscipline?’, Economic Policy, 21, 689-739.

Hallerberg, M. and J. von Hagen (1999). ‘Electoral Institutions, Cabinet Negotiations and Budget Deficits in the European Union’ in J. Poterba and J. von Hagan (eds), Fiscal Institutions and Fiscal Performance, University of Chicago Press.

Hallerberg, M., Strauch, R. and J. von Hagen (2009). ‘The Design of Fiscal Rules and Forms of Governance in European Union Countries’ in Ayusi-i-Casals, J., Deroose, S., Flores, E. and L. Moulin (eds), Policy Instruments for Sound Fiscal Policies, Palgrave Macmillan, London.

Lebrun,I (2007) “Fiscal councils, independent forecasts and the budgetary process: lessons from the Belgian case” in J. Ayuso-i-Casals, S. Deroose, E. Flores, and L. Moulin (eds) "The role of fiscal rules and institutions in shaping budgetary outcomes", European Economy Economic Papers 275, April

Page, K. (2010). ‘Lessons from Canada’, Paper to Conference on Independent Fiscal Institutions, March 18-19, Fiscal Council Republic of Hungary, Budapest.

Schelker, M and Eichenberger, R (2010), Auditors and fiscal policy: Empirical evidence on a little big institution, Journal of Comparative Economics 38, 357-380 (Local auditors in Switzerland)

Wren-Lewis, S (2011b) ‘Fiscal Councils: The UK Office for Budget Responsibility’, CESinfo DICE Report 3/2011