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
107
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