There seems to be a fair degree of consensus that synergies between fiscal rules and independent fiscal institutions can be more effective in fighting the deficit bias or to follow more closely optimal policies. More and more fiscal councils are being created each year, especially in the...

Estimates of potential output and the output gap are essential elements in the toolkit of policymakers. Latest changes in the European fiscal framework have strengthened significantly the role of structural budget balances, which rest on output gap calculations. With the adoption of the Fiscal...

Under substantial market pressure, policymakers have proposed a diverse set of far-reaching changes to the basic European fiscal architecture. The adoption of the so called “Six-pack”, “Two-pack” and the agreement on the Fiscal Compact made the fiscal framework more complex, but the...

The sustainability of public finances is a complex concept that needs to be analyzed through different angles. The Council for Budget Responsibility has decided to analyze long-term trends from four spects: (1) solvency, (2) intergenerational equity (fairness), (3) growth, and (4) stability. In...

To identify fiscal risk, the CBR uses a pragmatic approach by employing a set of models and indicators, quantitative and qualitative assessments organized in a coherent framework. The inter-temporal net worth serves as an organizing principle. It has the advantage over other frameworks that: i)...

Estimates of potential output and the output gap are essential elements in the toolkit of policy makers. Latest changes in the European fiscal framework have strengthened significantly the role of structural budget balances, which rest on output gap calculations. With the adoption of the Fiscal...

This article gives an overview of the national fiscal rules in force or recommended for introduction in the Visegrád countries. In the article, we review the various potential elements of the regulation framework, in particular the debt rule as a limit, the balance target, the expenditure rule...

The paper presents possible approaches for measuring the quality of life together with their strengths and weaknesses. We identify 10 outcome indicators, which could help not only to set targets, but also as a quantitative benchmark for structural policy evaluation in Slovakia. In addition to...

This discussion paper provides an overview of the analytical indicators used to evaluate fiscal policy in the short, medium and long term. It focuses on their clear definition and their advantages/disadvantages, and accentuates the importance of their clear interpretation. In addition to the...

This paper sets out in detail a microsimulation model of the Slovak tax and transfer system that builds on the existing EUROMOD platform. The objective is to give an overview of the development process, and to discuss differences relative to EUROMOD. In a validation exercise, we demonstrate that...