The name is absent



Table 4.1

Dependent variable: cyclically adjusted balances (in % of potential GDP)

Parameter:

Total
balance

Primary
balance

Total
revenues

Primary
expenditure

Total
balance

Primary
balance

Total
revenues

Primary
expenditure

var(ε)

0.14

0.00

0.00

0.00

0.04

0.00

0.00

0.00

var(η)

0.86

1.15

0.79

0.84

0.95

1.04

0.74

0.85

var(ξ)

0.00

0.00

0.00

0.00

.

.

.

.

var(ξ+)

.

.

.

.

0.00

0.00

0.00

0.00

var(ξ-)

.

.

.

.

0.02

0.02

0.00

0.00

Final states:

Core balance (μT)

-1.06

1.88

48.72

46.84

-1.06

1.87

48.69

46.83

(-0.35)

(-0.04)

(0.03)

(0.03)

(0.21)

(0.04)

(0.04)

(0.04)

Automatic stabilizer α *)
(OECD/EC)

0.47

0.47

0.43

-0.04

0.47

0.47

0.43

-0.04

Discretionary policy (γT)

-0.35

-0.37

-0.30

0.07

.

.

.

.

(0.16)

(0.16)

(0.13)

(0.14)

.

.

.

.

in upturns (γT+)

.

.

.

.

-0.42

-0.40

-0.43

0.00

.

.

.

.

(0.19)

(0.19)

(0.16)

(0.17)

in downturns (γT-)

.

.

.

.

-0.04

0.04

-0.11

0.12

.

.

.

.

(0.42)

(0.44)

(0.23)

(0.15)

Estimation Results


Notes: Sample period: 1976-2004; standard deviations in parenthesis

*) Estimated by the OECD and used by the European Commission.



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