Figure 4.1 Results for the Total Balance
Reaction to cycle
1,5
1
0,5
0
-0,5
-1
-1,5
I core balance: nu----actual balance -core balance ±1.96*std ∣
^^^^^≡reaction to cycle: gamma----EC automatic stabiizer: alpha reaction to cycle ±196*std
core balance: nu----EC cyclically adj.balance (based on
Icore discretionary policy: eta core discretionary policy ±1.96*std
Figure 4.2 Decomposition of the Total Balance
Core component (nu)
Cyclical component due to automatic stabilizer (alpha)
Irregular component (epsilon)
Cyclical component due to discretionary policy (gamma)
UC model
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