1. Agenda for Collaborative Research in Fiscal Policy

2. Aspects of Fiscal Policy Implications of Fiscal Imbalances: Impact on macroeconomic and External Imbalances. Issues relating mobilization of revenues: tax policies; user chares; pricing policies in state enterprises. Issues relating to public spending Financing infrastructure: Borrowing Issues in Intergovernmental finance.

3. Research in Fiscal Policy Fiscal Policy and Macroeconomic Stability. Fiscal Policy and Redistribution. Fiscal Policy and Resource Allocation.

4. Research Agenda – Macroeconomic Aspects Calibrating counter-cyclical fiscal policies: Lessons from recent experiences. Coordination between monetary and fiscal policies. Estimating the macroeconomic impact of fiscal polices – fiscal multipliers. Political economy of fiscal deficits: political budget cycles. Fiscal policy and financial repression - Impact of fiscal deficits: Crowding out or Crowding in? Fiscal Responsibility legislations: Can they bring about fiscal discipline? Design and Implementation Issues. Analysis of Public Debt: Debt Dynamics – Sustainability and Solvency. Intergovernmental Finance: Co-ordination in Calibrating Fiscal Policy.

5. Research Agenda: Redistributive Aspects Redistributive Implications of public finance. Subsidy – Political Economy and Impact. Impact of different types of expenditures on employment and poverty.

6. Research Agenda: Resource Allocation Aspects Allocative Efficiency in Public Spending. Issues in prioritization. Technical efficiency in public spending. Management of Public Expenditures: Value for Money Analysis - Public Financial Management Systems. Performance Budgeting, Outcome Budgeting, Gender Responsive Budgeting. Fiscal Policy and Environment.

7. Data and Methodology Basic data will have to be collected from secondary sources. The sources include budgets, national accounts statistics, consumption/income survey and other published data. Methodology involves the application of standard statistical tools. Some topics would entail using macroeconometric/VAR models. Some studies would require interviews/discussions with policy makers.