Countries increasingly rely on independent fiscal councils to constrain policymakers' discretion and curb the bias towards excessive deficits and pro-cyclical policies. Since fiscal councils are often recent and heterogeneous across countries, assessing their impact is challenging. Using the...

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...

The global surge in independent fiscal councils (IFCs) raises three related questions: How can IFCs improve the conduct of fiscal policy? Are they simultaneously desirable for voters and elected policymakers? And are they resilient to changes in political conditions? We build a model in which...

The International Papers in Political Economy (IPPE) series explores the latest developments in political economy. This twelfth volume presents a collection of eight papers, examining the origins of the international financial crisis of 2007/2008 and the great recession by focusing on emerging...

1. The recent global crises and economic policies for future durable recovery -- 2. State capitalism, government and central bank responses to COVID-19 -- 3. Law and (un)sustainability in the age of the Anthropocene -- 4. Re-thinking macroeconomics after the COVID-19 pandemic -- 5. Productivity,...

This volume concentrates on international issues that relate to economic policies and governance. It is essential reading for all postgraduates and scholars looking for expert discussion and debate of the issues surrounding the case for new economic policies at the global level.

In examining alternative economic policies for the EU after the rejection of the European Constitution, this book covers: macroeconomic policy and the European Constitution; EU financial integration; reform of European regional policy; assessment and alternative proposals on European structural...