Countries increasingly rely on independent fiscal councils to constrain policymakers’ discretion and curb the bias towards excessive deficits and pro-cyclical

The paper discusses the effectiveness of independent fiscal institutions—or fiscal councils—in taming the deficit bias that emerged in the 1970s. After a re

Policymakers and program managers are continually seeking ways to improve accountability in achieving an entity's mission. A key factor in improving accountabil

Two main themes of the book are that (1) politics can distort optimal fiscal policy through elections and through political fragmentation, and (2) rules and ins

In recent years, a rapidly growing number of countries have established independent agencies aimed at promoting sound fiscal policies. Although these institutio