Citation

Discussion Paper Details

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Title: Fiscal Policy: Institutions versus Rules

Author(s): Charles Wyplosz

Publication Date: February 2002

Keyword(s): cyclicality, discipline, fiscal policy, institutions and rules and discretion

Programme Area(s): International Macroeconomics

Abstract: The Paper explores how fiscal policy can be made both more disciplined and more counter-cyclical. It first examines whether the decline of public debts observed in the OECD area during the 1990s can be explained either by less activism or by a priority towards consolidation. It then argues that rules, for example the Stability and Growth Pact, are less likely to deliver the desired outcome than institutions. Drawing a parallel with monetary policy, it examines how a Fiscal Policy Committee could reproduce what Monetary Policy Committees have achieved in central banking.

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Bibliographic Reference

Wyplosz, C. 2002. 'Fiscal Policy: Institutions versus Rules'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=3238