GDPV growth
unchanged nominal interest rates baseline
Figure 8. Simulated impact of a reduction of the NAIRU in a small euro country (Belgium)
Inflation
Output GAP
Unemployment rate
Potential output growth
Fiscal balance(% of GDP)
Note: The Nairu is assumed to fall progressively by 1.5 percentage points in the first three years of the simulation.
Nominal exchange rate and interest rates are kept unchanged relative to baseline. Real government expenditure
is also kept unchanged at baseline level.
63
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