On the Real Exchange Rate Effects of Higher Electricity Prices in South Africa



Table 7: Comparison between a tax on households with a tax on both households and firms -
percentage changes

f0wn

f0wr

f0xn

f0xr

f3wn

f3wr

f3xn

f3xr

CONS

-0.312

-0.312

0

0

-0.132

-0.097

0

0

EXP

-0.098

-0.096

-0.482

-0.818

0.253

0.027

0.091

-0.196

IMP

-0.186

-0.186

-0.035

-0.06

0

0.003

0.064

0.043

GDP

-0.177

-0.177

-0.11

-0.186

-0.021

-0.055

0.008

-0.058

CPI

-0.001

-0.002

0.24

0.34

0.103

0.185

0.204

0.29

PINV

-0.006

-0.006

0.059

0.167

-0.028

0.038

-0.001

0.09

PGOV

0.004

0.002

0.03

0.319

-0.012

0.148

-0.001

0.245

PEXP

0.02

0.019

0.097

0.164

-0.051

-0.005

-0.018

0.039

PGDP

0.012

0.011

0.194

0.352

0.05

0.157

0.126

0.261

EMPL

-0.31

-0.31

-0.208

-0.351

-0.031

-0.098

0.012

-0.11

Note: “f0”: industries and households pay a 10% tax on electricity; “f3”: only households pay a 10%
tax on electricity; “w”: nominal household spending is a function of wage income; “x”:
real household spending is constant; “n”:      nominal wages are held fixed; “r”: real

wages are heldfixed.

Table 8: A Comparison between fixed real and fixed nominal wages - percentage changes

f0wn

f0wr

f0xn

f0xr

f3wn

f3wr

f3xn

f3xr

p1wn

p1wr

p1xn

p1xr

CONS

-0.31

-0.31

0.00

0.00

-0.13

-0.10

0.00

0.00

-0.49

-0.50

0.00

0.00

EXP

-0.10

-0.10

-0.48

-0.82

0.25

0.03

0.09

-0.20

-0.24

-0.17

-0.81

-1.26

IMP

-0.19

-0.19

-0.04

-0.06

0.00

0.00

0.06

0.04

-0.29

-0.29

-0.05

-0.08

GDP

-0.18

-0.18

-0.11

-0.19

-0.02

-0.06

0.01

-0.06

-0.30

-0.29

-0.19

-0.29

CPI

-0.001

-0.002

0.24

0.34

0.10

0.19

0.20

0.29

-0.03

-0.06

0.33

0.47

PINV

-0.01

-0.01

0.06

0.17

-0.03

0.04

0.00

0.09

-0.01

-0.03

0.09

0.24

PGOV

0.00

0.00

0.03

0.32

-0.01

0.15

0.00

0.25

0.00

-0.05

0.04

0.44

PEXP

0.02

0.02

0.10

0.16

-0.05

-0.01

-0.02

0.04

0.05

0.03

0.16

0.25

PGDP

0.01

0.01

0.19

0.35

0.05

0.16

0.13

0.26

-0.03

-0.06

0.25

0.46

EMPL

-0.31

-0.31

-0.21

-0.35

-0.03

-0.10

0.01

-0.11

-0.52

-0.50

-0.34

-0.54

Note: “f0”: industries and households pay a 10% tax on electricity; “f3”: only households pay a 10%
tax on electricity; “w”: nominal household spending is a function of wage income; “x”:
real household spending is constant; “n”: nominal wages are heldfixed; “r”: real wages
are held fixed.

13



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