Real GDP growth
unchanged nom. int. rates ^^^“baseline
.....unchanged real euro rates
Figure 9. Simulated impact of a reduction of the NAIRU in a large euro area country (France) under alternative
monetary assumptions
Inflation
Output GAP
Unemployment rate
Potential output growth
Structural fiscal balance (% of GDP)
Fiscal balance (% of GDP)
Net government debt (% 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 kept unchanged relative to baseline. Real government expenditure is also kept
unchanged at baseline level.
64
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