The name is absent

Figure 4.5 Results for the Total Revenues

54

53

52

51

50

49

48

47

46

45

44

Budget balances: actual and "core"

^^^core balance: nu----actual balance -------core balance ±1.96*std -------

reaction to cycle: gamma — — — - EC automatic stabilizer alpha           reaction to cycle ±196*std ---------

Budget balances: "core" and cyclically adjusted
in % of potential GDP i⅛⅛⅛Jl⅛l^l^Uιl^L ь LΛ O', ~J ¢0 1Ю O ∏- IJ W -t
44 =O V1	=0* =⅛b =,⅛ #?■ =⅛b =,⅛ =,ob =,o> =rf- =,ob =Ob =ob =⅛ ⅛ <1   <1 <1 <1 <1   <1 <1 <1   <1 <1 <1 ⅛s ⅛s ⅛s I        -core balance: nu----EC cyclically adj.balance (based on potential GDP) ∣

^^^~core discretionary policy: eta core discretionary policy ±1.96*std

Figure 4.6 Decomposition of the Total Revenues

Core component (nu)
UC model

Л Γ

Ü49:  /       ≠

^vk

-S

54

44

1,5

Irregular component (epsilon)
UC model

5 -0,5

-S

-1

1

0,5

0

-1,5

1,5

t -0,5

-S

-1

Cyclical component due to automatic stabilizer (alpha)

EC services

1

0,5

0

-1,5

111