Figure 5.3 (continued)
Portugal
response of G to shock in Cyclical
1 2 3 4 5 6 7 8 9 10
response of T to shock in Cyclical
1.40
1.20 -
1.00 -
0.80 -
0.60 -
0.40 -
0.20
1 2 3 4 5 6 7 8 9 10
Spain
response of Y to shock in Supply
6.40
4.80
3.20
1.60
0.00
-1.60
123456789 10
response of Y to shock in Cyclical
1.00
0.75
0.50
0.25
0.00
-0.25
-0.50
-0.75
-1.00
response of G to shock in Supply
-1.00
-2.00
-3.00
-4.00
-5.00
-6.00
-7.00
123456789 10
1 23456789 10
response of T to shock in Supply
2.00
1.00
0.00
-1.00
-2.00
-3.00
-4.00
123456789 10
response of T to shock in Fiscal
9.60
8.00
6.40
4.80
3.20
1.60
0.00
-1.60
1 23456789 10
0.00
-2.00
response of T to shock in Cyclical
-0.50
-1.00
-1.50
1 23456789 10
The fiscal shock then regards all discretionary policy interventions on spending and/or
revenues that are not systematically related to the cycle and have only temporary effects
on the economy. These discretionary fiscal shocks have somewhat prolonged effects on
output. There is a lot of uncertainty around this effect and none of the responses is really
significant. We scale the impulse responses in Figure 5.3 such that they always display
138
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