QUEST II. A Multi-Country Business Cycle and Growth Model



Table 11.b: Effects of permanent EU wide fiscal expansion financed by labour income tax

GDP

private
GDP

cons

invest.

empl.

wages

cons

deflator

GDP
deflator *

trade
balance **

DE

-1.83

-2.06

-3.22

-178

-1.82

0.15

1.69

1.86

-0.03

FR

-1.38

-1.65

-3.00

-1.51

-1.30

0.08

1.38

1.40

-0.03

IT

-0.96

-1.11

-2.46

-1.07

-0.89

0.03

0.98

0.97

-0.02

UK

-0.85

-0.93

-2.26

-0.85

-0.84

0.04

0.87

0.85

-0.01

ES

-0.56

-0.64

-2.11

-0.59

-0.53

0.03

0.62

0.56

-0.02

NL

-1.61

-1.80

-3.06

-1.74

-1.51

0.03

1.68

1.64

-0.02

BE

-1.57

-1.78

-2.92

-1.77

-1.44

0.00

1.55

1.60

-0.03

DK

-1.53

-1.94

-3.00

-1.72

-1.43

0.12

1.36

1.55

-0.08

IR

-1.67

-1.86

-3.14

-1.77

-1.59

0.05

1.71

1.70

-0.03

PO

-0.74

-0.90

-2.25

-0.82

-0.69

0.05

0.63

0.75

-0.03

GR

-0.83

-0.93

-2.16

-0.85

-0.80

0.04

0.78

0.83

-0.03

OS

-0.59

-0.67

-2.36

-0.75

-0.50

-0.04

0.89

0.59

-0.01

SW

-1.04

-1.27

-2.73

-1.19

-0.95

0.04

1.13

1.05

-0.02

SF

-0.92

-1.08

-2.43

-1.02

-0.84

0.04

1.04

0.92

-0.02

EU15

-1.27

-1.46

-2.75

-1.34

-1.19

0.07

1.22

1.25

-0.02

Note: Percentage difference from base,* GDP deflator at market prices,** trade balance as percentage of GDP (absolute difference from base)

Table 11.c: Effects of permanent EU wide fiscal expansion financed by corporate taxes

GDP

private
GDP

cons

invest.

empl.

wages

cons
deflator

GDP
deflator *

trade
balance **

DE

-1.81

-1.79

-2.69

-5.34

0.14

-1.96

1.94

1.85

0.05

FR

-1.98

-1.95

-2.71

-5.72

0.10

-2.09

2.02

2.02

0.06

IT

-2.17

-2.16

-2.59

-6.14

0.05

-2.22

2.01

2.21

0.03

UK

-3.53

-3.55

-2.84

-9.38

-0.22

-3.30

2.76

3.66

-0.06

ES

-1.73

-1.72

-2.17

-4.98

0.06

-1.80

1.56

1.76

0.03

NL

-1.93

-1.91

-2.65

-5.65

0.13

-2.07

1.99

1.97

0.05

BE

-2.01

-1.98

-2.53

-5.97

0.19

-2.21

1.95

2.05

0.04

DK

-2.54

-2.53

-2.90

-7.13

0.03

-2.57

2.35

2.61

0.05

IR

-2.00

-2.00

-2.77

-5.56

-0.02

-1.98

2.17

2.04

0.05

PO

-1.93

-1.92

-1.95

-5.46

0.03

-1.96

1.45

1.97

0.00

GR

-1.76

-1.76

-2.05

-5.01

0.03

-1.80

1.50

1.80

0.02

OS

-1.90

-1.89

-2.32

-5.37

0.03

-1.92

1.68

1.93

0.05

SW

-3.62

-3.60

-3.20

-10.10

0.07

-3.69

2.94

3.75

-0.02

SF

-3.12

-3.12

-3.35

-8.73

0.03

-3.16

2.82

3.23

0.07

EU15

-2.23

-2.23

-2.66

-6.17

0.04

-2.28

2.09

2.30

0.03

Note: Percentage difference from base, * GDP deflator at market prices, ** trade balance as percentage of GDP (absolute difference from base)

Table 11.d: Effects of permanent EU wide fiscal expansion financed by VAT

GDP

private
GDP

cons

invest.

empl.

wages

cons
deflator

GDP
deflator *

trade
balance **

DE

-0.34

-0.38

-1.86

-0.35

-033

0.02

0.99

0.34

0.00

FR

-0.24

-0.28

-1.84

-0.28

-0.22

0.00

0.94

0.24

0.00

IT

-0.23

-0.26

-1.71

-0.26

-0.21

0.00

0.83

0.23

0.00

UK

-0.22

-0.24

-1.65

-0.23

-0.21

0.01

0.80

0.22

0.00

ES

-0.09

-0.11

-1.64

-0.11

-0.08

0.00

0.73

0.09

0.00

NL

-0.29

-0.33

-1.71

-0.33

-0.27

0.00

0.85

0.29

0.00

BE

-0.19

-0.22

-1.61

-0.23

-0.17

-0.01

0.73

0.19

0.00

DK

-0.33

-0.42

-1.97

-0.38

-0.30

0.02

1.14

0.33

-0.01

IR

-0.39

-0.44

-1.88

-0.43

-0.37

0.00

1.05

0.39

0.01

PO

-0.22

-0.27

-1.84

-0.25

-0.20

0.01

0.94

0.22

-0.01

GR

-0.21

-0.24

-1.66

-0.23

-0.20

0.00

0.80

0.22

0.00

OS

-0.14

-0.16

-1.74

-0.18

-0.12

-0.01

0.86

0.14

0.00

SW

-0.25

-0.31

-1.84

-0.29

-0.23

0.01

1.00

0.25

0.00

SF

-0.25

-0.29

-1.69

-0.28

-0.22

0.01

0.85

0.25

0.00

EU15

-0.25

-0.29

-1.77

-0.27

-0.23

0.01

0.88

0.25

0.00

Note: Percentage difference from base, * GDP deflator at market prices, ** trade balance as percentage of GDP (absolute difference from base)

30



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