31
Appendix D
CC = -1.37 - 0.30** INF R2 = 0.53
CC = 0.04 - 0.25** DEP R2 = 0.63
(0.65) (0.09)
(0.27) (0.06)
0-
¾-0,5-
<3
j≡
f''^
}-
Germany
Austria
Netherlands
Belgium
Denmark
France
Sweden
Germany
Austria
Netherlands
Denmark
United Kingdan
Finland
-0.5-
Belgium
France
Italy
Spain
2 3 4 5 £ 7 8 9 10 11 12
Tfiflatinn (%)
-1.5-
-2-
-2.5
-4 -3 -2 -1 0
United Kingdom
Sweden
Finland
" Italy
Spain
23456789 10
Appreciaticin (-) Depreciation (+)
CC = -1.02 + 0.004 M2 R2 = -0.11
CC =-33.51** + 0.35** PROD R2 = 0.52
(1.83) (0.03)
(9.51) (0.10)
Denmark
§0.5-
® 0-
a
E
1-0.5-
2-1.5-
Belgium
Finland
Gennany
Netherlands
United Kingdom
Sweden
France
Italy
Austria
Spain
0.5-
0-
-0.5
-2-
Denmark
Spain
Germany
Netherlands
Austria
United Kingdom
Belgium
France
Italy
Sweden
Finland
■2.5
45 50 55 60 65 70 75 80
М2 as percentage of GDP
■2.5
89 90 91 92 93 94 95 96 97
Productivity in the business sector
CC =-0.22 - 0.10 UN R2 = -0.06
(0.86) (0.15)
CC = -0.78 - 0.003 DEF R2= -0.11
(0.45) (0.10)
I
I-
§
0-
1
<3
■2.5
Austria
Sweden
Germany
Netherlands
United Kingdom
Finland
Denmark
Belgium
0.5-
0-
■0.5-
Belgium
France
Italy
-1.5-
Italy
Spain
123456789
Unemployment rate (%)
-2.5
-12 -11 -10 -9
-8
Germany Dpnmarlf
Austria
Netherlands
United Kingdom
France
Spain
-7 -6 -5
Sweden
-2 -1 0
General government financial balance as percentage of GDP
Finland
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