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MacSim II Simulation N°1 Year 1 Country 1 : BELGIUM 
30/01/2018 08:21:06 Page 1.0
Main Objectives 
Year 1
Target function 
Target function 
-0.089 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.089 Total 
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.327 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.327 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.327 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.327 Total 
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.045 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.045 Total 
Prices 
Consumer price index level: deviation from benchmark (in %) 
-0.077 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.077 Total 
MacSim II Simulation N°1 Year 1 Country 1 : BELGIUM 
30/01/2018 08:21:06 Page 1.1
Main Objectives ....
Prices rate: deviation from benchmark (in points) 
-0.078 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.078 Total 
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.124 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.124 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
-0.105 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.105 Total 
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.152 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.152 Total 
MacSim II Simulation N°1 Year 1 Country 1 : BELGIUM 
30/01/2018 08:21:06 Page 2.0
Demand 
Year 1
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
-0.025 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.025 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
-0.025 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.025 Total 
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.937 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.937 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-1.053 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-1.053 Total 
Public demand in volume 
Public demand in volume : deviation from benchmark (in %) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
MacSim II Simulation N°1 Year 1 Country 1 : BELGIUM 
30/01/2018 08:21:06 Page 2.1
Demand ....
Growth rate of public demand in volume: deviation from benchmark (in points) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
Domestic demand in volume 
Domestic demand : deviation from benchmark (in %) 
-0.144 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.144 Total 
Growth rate of domestic demand : deviation from benchmark (in points) 
-0.147 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.147 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
-0.009 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.009 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
-0.010 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.010 Total 
MacSim II Simulation N°1 Year 1 Country 1 : BELGIUM 
30/01/2018 08:21:06 Page 2.2
Demand ....
MacSim II Simulation N°1 Year 1 Country 1 : BELGIUM 
30/01/2018 08:21:06 Page 3.0
Unemployment rate : deviation from benchmark (in points) 
Year 1
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.327 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.327 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.327 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.327 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.132 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.132 Total 
Growth rate of imports in volume: deviation from benchmark (in points) 
0.143 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.143 Total 
MacSim II Simulation N°1 Year 1 Country 1 : BELGIUM 
30/01/2018 08:21:06 Page 4.0
Labour Market 
Year 1
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.045 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.045 Total 
Total employment, in thousands 
Total employment : deviation from benchmark (in %) 
-0.130 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.130 Total 
Growth rate of total employment: deviation from benchmark (in points) 
-0.127 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.127 Total 
Private sector employment, in thousands 
Private sector employment: deviation from benchmark (in %) 
-0.164 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.164 Total 
Growth rate of private sector employment :deviation from benchmark (in points) 
-0.159 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.159 Total 
MacSim II Simulation N°1 Year 1 Country 1 : BELGIUM 
30/01/2018 08:21:07 Page 4.1
Labour Market ....
Public sector employment in thousands 
Public sector employment : deviation from benchmark (in %) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
Growth rate of public sector employment : deviation from benchmark (in points) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
MacSim II Simulation N°1 Year 1 Country 1 : BELGIUM 
30/01/2018 08:21:07 Page 5.0
External trade 
Year 1
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.152 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.152 Total 
Export to import ratio: deviation from benchmark (in points) 
-0.157 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.157 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
-0.009 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.009 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
-0.010 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.010 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.132 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.132 Total 
MacSim II Simulation N°1 Year 1 Country 1 : BELGIUM 
30/01/2018 08:21:07 Page 5.1
External trade ....
Growth rate of imports in volume: deviation from benchmark (in points) 
0.143 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.143 Total 
MacSim II Simulation N°1 Year 1 Country 1 : BELGIUM 
30/01/2018 08:21:07 Page 6.0
Public finance 
Year 1
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.124Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.124 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
-0.105 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.105 Total 
Public spending in value 
Public spending : deviation from benchmark (in points of GDP) 
0.154 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.154 Total 
Fiscal revenue in value 
Public revenue in value : deviation from benchmark (in points of GDP) 
0.050 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.050 Total 
MacSim II Simulation N°1 Year 1 Country 1 : BELGIUM 
30/01/2018 08:21:07 Page 7.0
Prices 
Year 1
Consumer price index 
Consumer price index level: deviation from benchmark (in %) 
-0.077 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.077 Total 
Prices rate: deviation from benchmark (in points) 
-0.078 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.078 Total 
Salary rate 
Private sector salaries : deviation from benchmark (in %) 
-0.209 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.209 Total 
Growth rate of private sector salaries: deviation from benchmark (in points) 
-0.210 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.210 Total 
Public sector salaries : deviation from benchmark (in %) 
-0.209 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.209 Total 
MacSim II Simulation N°1 Year 1 Country 1 : BELGIUM 
30/01/2018 08:21:07 Page 7.1
Prices ....
Growth rate of public sector salaries: deviation from benchmark (in points) 
-0.210 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.210 Total 
Short term interest rates 
Short term interest rate : deviation from benchmark (in points) 
-0.332 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.332 Total 
Long term interest rate 
Long term interest rate : deviation from benchmark (in points) 
-0.167 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.167 Total 
MacSim II Simulation N°1 Year 1 Country 1 : BELGIUM 
30/01/2018 08:21:07 Page 8.0
Households 
Year 1
Household disposable income in purchasing power 
Household disposable income : deviation from benchmark (in %) 
-0.168 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.168 Total 
Growth rate of household disposable income : deviation from benchmark (in points) 
-0.168 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.168 Total 
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
-0.025 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.025 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
-0.025 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.025 Total 
Savings rate 
Savings rate : deviation from benchmark (in points) 
-0.127 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.127 Total 
MacSim II Simulation N°1 Year 1 Country 1 : BELGIUM 
30/01/2018 08:21:07 Page 8.1
Households ....
MacSim II Simulation N°1 Year 1 Country 1 : BELGIUM 
30/01/2018 08:21:07 Page 9.0
Firms
Year 1
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.937 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.937 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-1.053 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-1.053 Total 
Margin rate 
Margin rate : deviation from benchmark (in points) 
-0.011 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.011 Total 
Profit rate 
Corporate profit rate : deviation from benchmark (in points) 
-0.049 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.049 Total 
Production capacity utilization rate 
Production capacity utilization rate: deviation from benchmark (in points) 
-0.066 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.066 Total 
MacSim II Simulation N°1 Year 1 Country 1 : BELGIUM 
30/01/2018 08:21:07 Page 9.1
Firms....
MacSim II Simulation N°1 Year 1 Country 2 : GERMANY 
30/01/2018 08:21:07 Page 1.0
Main Objectives 
Year 1
Target function 
Target function 
-0.072 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.072 Total 
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.283 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.283 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.285 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.285 Total 
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.039 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.039 Total 
Prices 
Consumer price index level: deviation from benchmark (in %) 
-0.087 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.087 Total 
MacSim II Simulation N°1 Year 1 Country 2 : GERMANY 
30/01/2018 08:21:07 Page 1.1
Main Objectives ....
Prices rate: deviation from benchmark (in points) 
-0.087 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.087 Total 
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.071 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.071 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
-0.094 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.094 Total 
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.131 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.131 Total 
MacSim II Simulation N°1 Year 1 Country 2 : GERMANY 
30/01/2018 08:21:07 Page 2.0
Demand 
Year 1
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
-0.017 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.017 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
-0.017 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.017 Total 
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.358 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.358 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-0.276 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.276 Total 
Public demand in volume 
Public demand in volume : deviation from benchmark (in %) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
MacSim II Simulation N°1 Year 1 Country 2 : GERMANY 
30/01/2018 08:21:07 Page 2.1
Demand ....
Growth rate of public demand in volume: deviation from benchmark (in points) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 TotalDomestic demand in volume 
Domestic demand : deviation from benchmark (in %) 
-0.103 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.103 Total 
Growth rate of domestic demand : deviation from benchmark (in points) 
-0.100 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.100 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
-0.118 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.118 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
-0.125 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.125 Total 
MacSim II Simulation N°1 Year 1 Country 2 : GERMANY 
30/01/2018 08:21:07 Page 2.2
Demand ....
MacSim II Simulation N°1 Year 1 Country 2 : GERMANY 
30/01/2018 08:21:07 Page 3.0
Unemployment rate : deviation from benchmark (in points) 
Year 1
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.283 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.283 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.285 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.285 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.165 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.165 Total 
Growth rate of imports in volume: deviation from benchmark (in points) 
0.172 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.172 Total 
MacSim II Simulation N°1 Year 1 Country 2 : GERMANY 
30/01/2018 08:21:07 Page 4.0
Labour Market 
Year 1
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.039 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.039 Total 
Total employment, in thousands 
Total employment : deviation from benchmark (in %) 
-0.119 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.119 Total 
Growth rate of total employment: deviation from benchmark (in points) 
-0.121 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.121 Total 
Private sector employment, in thousands 
Private sector employment: deviation from benchmark (in %) 
-0.148 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.148 Total 
Growth rate of private sector employment :deviation from benchmark (in points) 
-0.150 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.150 Total 
MacSim II Simulation N°1 Year 1 Country 2 : GERMANY 
30/01/2018 08:21:07 Page 4.1
Labour Market ....
Public sector employment in thousands 
Public sector employment : deviation from benchmark (in %) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
Growth rate of public sector employment : deviation from benchmark (in points) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
MacSim II Simulation N°1 Year 1 Country 2 : GERMANY 
30/01/2018 08:21:07 Page 5.0
External trade 
Year 1
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.131 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.131 Total 
Export to import ratio: deviation from benchmark (in points) 
-0.219 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.219 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
-0.118 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.118 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
-0.125 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.125 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.165 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.165 Total 
MacSim II Simulation N°1 Year 1 Country 2 : GERMANY 
30/01/2018 08:21:07 Page 5.1
External trade ....
Growth rate of imports in volume: deviation from benchmark (in points) 
0.172 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.172 Total 
MacSim II Simulation N°1 Year 1 Country 2 : GERMANY 
30/01/2018 08:21:07 Page 6.0
Public finance 
Year 1
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.071 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.071 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
-0.094 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.094 Total 
Public spending in value 
Public spending : deviation from benchmark (in points of GDP) 
0.126 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.126 Total 
Fiscal revenue in value 
Public revenue in value : deviation from benchmark (in points of GDP) 
0.032 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.032 Total 
MacSim II Simulation N°1 Year 1 Country 2 : GERMANY 
30/01/2018 08:21:07 Page 7.0
Prices 
Year 1
Consumer price index 
Consumer price index level: deviation from benchmark (in %) 
-0.087 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.087 Total 
Prices rate: deviation from benchmark (in points) 
-0.087 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.087 Total 
Salary rate 
Private sector salaries : deviation from benchmark (in %) 
-0.192 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.192 Total 
Growth rate of private sector salaries: deviation from benchmark (in points) 
-0.199 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.199 Total 
Public sector salaries : deviation from benchmark (in %) 
-0.192 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.192 Total 
MacSim II Simulation N°1 Year 1 Country 2 : GERMANY 
30/01/2018 08:21:07 Page 7.1
Prices ....
Growth rate of public sector salaries: deviation from benchmark (in points) 
-0.199 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.199 Total 
Short term interest rates 
Short term interest rate : deviation from benchmark (in points) 
-0.337 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.337 Total 
Long term interest rate 
Long term interest rate : deviation from benchmark (in points) 
-0.186 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.186 Total 
MacSim II Simulation N°1 Year 1 Country 2 : GERMANY 
30/01/2018 08:21:07 Page 8.0
Households 
Year 1
Household disposable income in purchasing power 
Household disposable income : deviation from benchmark (in %) 
-0.165 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.165 Total 
Growth rate of household disposable income : deviation from benchmark (in points) 
-0.170 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.170 Total 
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
-0.017 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.017 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
-0.017 Shock effects 
0.000Domestic Policies only 
0.000 Other Country policies 
-0.017 Total 
Savings rate 
Savings rate : deviation from benchmark (in points) 
-0.129 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.129 Total 
MacSim II Simulation N°1 Year 1 Country 2 : GERMANY 
30/01/2018 08:21:07 Page 8.1
Households ....
MacSim II Simulation N°1 Year 1 Country 2 : GERMANY 
30/01/2018 08:21:07 Page 9.0
Firms
Year 1
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.358 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.358 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-0.276 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.276 Total 
Margin rate 
Margin rate : deviation from benchmark (in points) 
-0.007 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.007 Total 
Profit rate 
Corporate profit rate : deviation from benchmark (in points) 
-0.024 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.024 Total 
Production capacity utilization rate 
Production capacity utilization rate: deviation from benchmark (in points) 
-0.054 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.054 Total 
MacSim II Simulation N°1 Year 1 Country 2 : GERMANY 
30/01/2018 08:21:07 Page 9.1
Firms....
MacSim II Simulation N°1 Year 1 Country 3 : FRANCE 
30/01/2018 08:21:07 Page 1.0
Main Objectives 
Year 1
Target function 
Target function 
-0.024 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.024 Total 
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.176 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.176 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.173 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.173 Total 
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.028 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.028 Total 
Prices 
Consumer price index level: deviation from benchmark (in %) 
-0.138 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.138 Total 
MacSim II Simulation N°1 Year 1 Country 3 : FRANCE 
30/01/2018 08:21:07 Page 1.1
Main Objectives ....
Prices rate: deviation from benchmark (in points) 
-0.141 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.141 Total 
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.038 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.038 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
-0.130 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.130 Total 
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.082 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.082 Total 
MacSim II Simulation N°1 Year 1 Country 3 : FRANCE 
30/01/2018 08:21:07 Page 2.0
Demand 
Year 1
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
0.002 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.002 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
0.002 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.002 Total 
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.089 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.089 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-0.063 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.063 Total 
Public demand in volume 
Public demand in volume : deviation from benchmark (in %) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
MacSim II Simulation N°1 Year 1 Country 3 : FRANCE 
30/01/2018 08:21:07 Page 2.1
Demand ....
Growth rate of public demand in volume: deviation from benchmark (in points) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
Domestic demand in volume 
Domestic demand : deviation from benchmark (in %) 
-0.029 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.029 Total 
Growth rate of domestic demand : deviation from benchmark (in points) 
-0.027 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.027 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
-0.093 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.093 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
-0.103 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.103 Total 
MacSim II Simulation N°1 Year 1 Country 3 : FRANCE 
30/01/2018 08:21:07 Page 2.2
Demand ....
MacSim II Simulation N°1 Year 1 Country 3 : FRANCE 
30/01/2018 08:21:07 Page 3.0
Unemployment rate : deviation from benchmark (in points) 
Year 1
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.176 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.176 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.173 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.173 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.208 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.208 Total 
Growth rate of imports in volume: deviation from benchmark (in points) 
0.216 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.216 Total 
MacSim II Simulation N°1 Year 1 Country 3 : FRANCE 
30/01/2018 08:21:07 Page 4.0
Labour Market 
Year 1
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.028 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.028 Total 
Total employment, in thousands 
Total employment : deviation from benchmark (in %) 
-0.084 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.084 Total 
Growth rate of total employment: deviation from benchmark (in points) 
-0.083 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.083 Total 
Private sector employment, in thousands 
Private sector employment: deviation from benchmark (in %) 
-0.107 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.107 Total 
Growth rate of private sector employment :deviation from benchmark (in points) 
-0.106 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.106 Total 
MacSim II Simulation N°1 Year 1 Country 3 : FRANCE 
30/01/2018 08:21:07 Page 4.1
Labour Market ....
Public sector employment in thousands 
Public sector employment : deviation from benchmark (in %) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
Growth rate of public sector employment : deviation from benchmark (in points) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 TotalMacSim II Simulation N°1 Year 1 Country 3 : FRANCE 
30/01/2018 08:21:07 Page 5.0
External trade 
Year 1
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.082 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.082 Total 
Export to import ratio: deviation from benchmark (in points) 
-0.203 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.203 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
-0.093 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.093 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
-0.103 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.103 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.208 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.208 Total 
MacSim II Simulation N°1 Year 1 Country 3 : FRANCE 
30/01/2018 08:21:07 Page 5.1
External trade ....
Growth rate of imports in volume: deviation from benchmark (in points) 
0.216 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.216 Total 
MacSim II Simulation N°1 Year 1 Country 3 : FRANCE 
30/01/2018 08:21:07 Page 6.0
Public finance 
Year 1
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.038 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.038 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
-0.130 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.130 Total 
Public spending in value 
Public spending : deviation from benchmark (in points of GDP) 
0.145 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.145 Total 
Fiscal revenue in value 
Public revenue in value : deviation from benchmark (in points of GDP) 
0.015 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.015 Total 
MacSim II Simulation N°1 Year 1 Country 3 : FRANCE 
30/01/2018 08:21:07 Page 7.0
Prices 
Year 1
Consumer price index 
Consumer price index level: deviation from benchmark (in %) 
-0.138 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.138 Total 
Prices rate: deviation from benchmark (in points) 
-0.141 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.141 Total 
Salary rate 
Private sector salaries : deviation from benchmark (in %) 
-0.176 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.176 Total 
Growth rate of private sector salaries: deviation from benchmark (in points) 
-0.184 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.184 Total 
Public sector salaries : deviation from benchmark (in %) 
-0.176 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.176 Total 
MacSim II Simulation N°1 Year 1 Country 3 : FRANCE 
30/01/2018 08:21:07 Page 7.1
Prices ....
Growth rate of public sector salaries: deviation from benchmark (in points) 
-0.184 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.184 Total 
Short term interest rates 
Short term interest rate : deviation from benchmark (in points) 
-0.340 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.340 Total 
Long term interest rate 
Long term interest rate : deviation from benchmark (in points) 
-0.222 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.222 Total 
MacSim II Simulation N°1 Year 1 Country 3 : FRANCE 
30/01/2018 08:21:07 Page 8.0
Households 
Year 1
Household disposable income in purchasing power 
Household disposable income : deviation from benchmark (in %) 
-0.086 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.086 Total 
Growth rate of household disposable income : deviation from benchmark (in points) 
-0.088 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.088 Total 
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
0.002 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.002 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
0.002 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.002 Total 
Savings rate 
Savings rate : deviation from benchmark (in points) 
-0.078 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.078 Total 
MacSim II Simulation N°1 Year 1 Country 3 : FRANCE 
30/01/2018 08:21:08 Page 8.1
Households ....
MacSim II Simulation N°1 Year 1 Country 3 : FRANCE 
30/01/2018 08:21:08 Page 9.0
Firms
Year 1
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.089 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.089 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-0.063 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.063 Total 
Margin rate 
Margin rate : deviation from benchmark (in points) 
0.002 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.002 Total 
Profit rate 
Corporate profit rate : deviation from benchmark (in points) 
0.001 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.001 Total 
Production capacity utilization rate 
Production capacity utilization rate: deviation from benchmark (in points) 
-0.035 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.035 Total 
MacSim II Simulation N°1 Year 1 Country 3 : FRANCE 
30/01/2018 08:21:08 Page 9.1
Firms....
MacSim II Simulation N°1 Year 1 Country 4 : UNITED KINGDOM 
30/01/2018 08:21:08 Page 1.0
Main Objectives 
Year 1
Target function 
Target function 
-0.064 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.064 Total 
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.114 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.114 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.113 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.113 Total 
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.014 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.014 Total 
Prices 
Consumer price index level: deviation from benchmark (in %) 
0.078 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.078 Total 
MacSim II Simulation N°1 Year 1 Country 4 : UNITED KINGDOM 
30/01/2018 08:21:08 Page 1.1
Main Objectives ....
Prices rate: deviation from benchmark (in points) 
0.078 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.078 Total 
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.049 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.049 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
-0.032 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.032 Total 
Current account in value 
Trade balance: deviationfrom benchmark (in points of GDP) 
-0.082 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.082 Total 
MacSim II Simulation N°1 Year 1 Country 4 : UNITED KINGDOM 
30/01/2018 08:21:08 Page 2.0
Demand 
Year 1
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
-0.032 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.032 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
-0.033 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.033 Total 
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.315 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.315 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-0.241 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.241 Total 
Public demand in volume 
Public demand in volume : deviation from benchmark (in %) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
MacSim II Simulation N°1 Year 1 Country 4 : UNITED KINGDOM 
30/01/2018 08:21:08 Page 2.1
Demand ....
Growth rate of public demand in volume: deviation from benchmark (in points) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
Domestic demand in volume 
Domestic demand : deviation from benchmark (in %) 
-0.071 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.071 Total 
Growth rate of domestic demand : deviation from benchmark (in points) 
-0.069 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.069 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
0.048 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.048 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
0.051 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.051 Total 
MacSim II Simulation N°1 Year 1 Country 4 : UNITED KINGDOM 
30/01/2018 08:21:08 Page 2.2
Demand ....
MacSim II Simulation N°1 Year 1 Country 4 : UNITED KINGDOM 
30/01/2018 08:21:08 Page 3.0
Unemployment rate : deviation from benchmark (in points) 
Year 1
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.114 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.114 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.113 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.113 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.154 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.154 Total 
Growth rate of imports in volume: deviation from benchmark (in points) 
0.156 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.156 Total 
MacSim II Simulation N°1 Year 1 Country 4 : UNITED KINGDOM 
30/01/2018 08:21:08 Page 4.0
Labour Market 
Year 1
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.014 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.014 Total 
Total employment, in thousands 
Total employment : deviation from benchmark (in %) 
-0.041 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.041 Total 
Growth rate of total employment: deviation from benchmark (in points) 
-0.041 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.041 Total 
Private sector employment, in thousands 
Private sector employment: deviation from benchmark (in %) 
-0.051 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.051 Total 
Growth rate of private sector employment :deviation from benchmark (in points) 
-0.051 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.051 Total 
MacSim II Simulation N°1 Year 1 Country 4 : UNITED KINGDOM 
30/01/2018 08:21:08 Page 4.1
Labour Market ....
Public sector employment in thousands 
Public sector employment : deviation from benchmark (in %) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
Growth rate of public sector employment : deviation from benchmark (in points) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
MacSim II Simulation N°1 Year 1 Country 4 : UNITED KINGDOM 
30/01/2018 08:21:08 Page 5.0
External trade 
Year 1
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.082 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.082 Total 
Export to import ratio: deviation from benchmark (in points) 
-0.175 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.175 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
0.048 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.048 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
0.051 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.051 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.154 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.154 Total 
MacSim II Simulation N°1 Year 1 Country 4 : UNITED KINGDOM 
30/01/2018 08:21:08 Page 5.1
External trade ....
Growth rate of imports in volume: deviation from benchmark (in points) 
0.156 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.156 Total 
MacSim II Simulation N°1 Year 1 Country 4 : UNITED KINGDOM 
30/01/2018 08:21:08 Page 6.0
Public finance 
Year 1
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.049 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.049 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
-0.032 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.032 Total 
Public spending in value 
Public spending : deviation from benchmark (in points of GDP) 
0.052 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.052 Total 
Fiscal revenue in value 
Public revenue in value : deviation from benchmark (in points of GDP) 
0.020 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.020 Total 
MacSim II Simulation N°1 Year 1 Country 4 : UNITED KINGDOM 
30/01/2018 08:21:08 Page 7.0
Prices 
Year 1
Consumer price index 
Consumer price index level: deviation from benchmark (in %) 
0.078 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.078 Total 
Prices rate: deviation from benchmark (in points) 
0.078 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.078 Total 
Salary rate 
Private sector salaries : deviation from benchmark (in %) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
Growth rate of private sector salaries: deviation from benchmark (in points) 
-0.009 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.009 Total 
Public sector salaries : deviation from benchmark (in %) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 OtherCountry policies 
0.000 Total 
MacSim II Simulation N°1 Year 1 Country 4 : UNITED KINGDOM 
30/01/2018 08:21:08 Page 7.1
Prices ....
Growth rate of public sector salaries: deviation from benchmark (in points) 
-0.009 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.009 Total 
Short term interest rates 
Short term interest rate : deviation from benchmark (in points) 
0.080 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.080 Total 
Long term interest rate 
Long term interest rate : deviation from benchmark (in points) 
0.074 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.074 Total 
MacSim II Simulation N°1 Year 1 Country 4 : UNITED KINGDOM 
30/01/2018 08:21:08 Page 8.0
Households 
Year 1
Household disposable income in purchasing power 
Household disposable income : deviation from benchmark (in %) 
-0.095 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.095 Total 
Growth rate of household disposable income : deviation from benchmark (in points) 
-0.097 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.097 Total 
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
-0.032 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.032 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
-0.033 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.033 Total 
Savings rate 
Savings rate : deviation from benchmark (in points) 
-0.061 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.061 Total 
MacSim II Simulation N°1 Year 1 Country 4 : UNITED KINGDOM 
30/01/2018 08:21:08 Page 8.1
Households ....
MacSim II Simulation N°1 Year 1 Country 4 : UNITED KINGDOM 
30/01/2018 08:21:08 Page 9.0
Firms
Year 1
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.315 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.315 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-0.241 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.241 Total 
Margin rate 
Margin rate : deviation from benchmark (in points) 
-0.012 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.012 Total 
Profit rate 
Corporate profit rate : deviation from benchmark (in points) 
-0.011 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.011 Total 
Production capacity utilization rate 
Production capacity utilization rate: deviation from benchmark (in points) 
-0.021 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.021 Total 
MacSim II Simulation N°1 Year 1 Country 4 : UNITED KINGDOM 
30/01/2018 08:21:08 Page 9.1
Firms....
MacSim II Simulation N°1 Year 1 Country 5 : ITALY 
30/01/2018 08:21:08 Page 1.0
Main Objectives 
Year 1
Target function 
Target function 
0.014 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.014 Total 
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.174 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.174 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.179 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.179 Total 
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.027 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.027 Total 
Prices 
Consumer price index level: deviation from benchmark (in %) 
-0.225 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.225 Total 
MacSim II Simulation N°1 Year 1 Country 5 : ITALY 
30/01/2018 08:21:08 Page 1.1
Main Objectives ....
Prices rate: deviation from benchmark (in points) 
-0.228 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.228 Total 
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.012 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.012 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
0.320 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.320 Total 
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.020 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.020 Total 
MacSim II Simulation N°1 Year 1 Country 5 : ITALY 
30/01/2018 08:21:08 Page 2.0
Demand 
Year 1
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
0.008 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.008 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
0.008 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.008 Total 
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.095 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.095 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-0.098 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.098 Total 
Public demand in volume 
Public demand in volume : deviation from benchmark (in %) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
MacSim II Simulation N°1 Year 1 Country 5 : ITALY 
30/01/2018 08:21:08 Page 2.1
Demand ....
Growth rate of public demand in volume: deviation from benchmark (in points) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
Domestic demand in volume 
Domestic demand : deviation from benchmark (in %) 
-0.046 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.046 Total 
Growth rate of domestic demand : deviation from benchmark (in points) 
-0.047 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.047 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
-0.055 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.055 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
-0.062 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.062 Total 
MacSim II Simulation N°1 Year 1 Country 5 : ITALY 
30/01/2018 08:21:08 Page 2.2
Demand ....
MacSim II Simulation N°1 Year 1 Country 5 : ITALY 
30/01/2018 08:21:08 Page 3.0
Unemployment rate : deviation from benchmark (in points) 
Year 1
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.174 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.174 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.179 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.179 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.272 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.272 Total 
Growth rate of imports in volume: deviation from benchmark (in points) 
0.300 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies0.300 Total 
MacSim II Simulation N°1 Year 1 Country 5 : ITALY 
30/01/2018 08:21:08 Page 4.0
Labour Market 
Year 1
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.027 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.027 Total 
Total employment, in thousands 
Total employment : deviation from benchmark (in %) 
-0.083 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.083 Total 
Growth rate of total employment: deviation from benchmark (in points) 
-0.081 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.081 Total 
Private sector employment, in thousands 
Private sector employment: deviation from benchmark (in %) 
-0.097 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.097 Total 
Growth rate of private sector employment :deviation from benchmark (in points) 
-0.094 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.094 Total 
MacSim II Simulation N°1 Year 1 Country 5 : ITALY 
30/01/2018 08:21:08 Page 4.1
Labour Market ....
Public sector employment in thousands 
Public sector employment : deviation from benchmark (in %) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
Growth rate of public sector employment : deviation from benchmark (in points) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
MacSim II Simulation N°1 Year 1 Country 5 : ITALY 
30/01/2018 08:21:08 Page 5.0
External trade 
Year 1
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.020 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.020 Total 
Export to import ratio: deviation from benchmark (in points) 
-0.058 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.058 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
-0.055 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.055 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
-0.062 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.062 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.272 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.272 Total 
MacSim II Simulation N°1 Year 1 Country 5 : ITALY 
30/01/2018 08:21:08 Page 5.1
External trade ....
Growth rate of imports in volume: deviation from benchmark (in points) 
0.300 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.300 Total 
MacSim II Simulation N°1 Year 1 Country 5 : ITALY 
30/01/2018 08:21:08 Page 6.0
Public finance 
Year 1
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.012 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.012 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
0.320 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.320 Total 
Public spending in value 
Public spending : deviation from benchmark (in points of GDP) 
-0.310 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.310 Total 
Fiscal revenue in value 
Public revenue in value : deviation from benchmark (in points of GDP) 
0.010 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.010 Total 
MacSim II Simulation N°1 Year 1 Country 5 : ITALY 
30/01/2018 08:21:08 Page 7.0
Prices 
Year 1
Consumer price index 
Consumer price index level: deviation from benchmark (in %) 
-0.225 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.225 Total 
Prices rate: deviation from benchmark (in points) 
-0.228 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.228 Total 
Salary rate 
Private sector salaries : deviation from benchmark (in %) 
-0.222 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.222 Total 
Growth rate of private sector salaries: deviation from benchmark (in points) 
-0.230 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.230 Total 
Public sector salaries : deviation from benchmark (in %) 
-0.222 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.222 Total 
MacSim II Simulation N°1 Year 1 Country 5 : ITALY 
30/01/2018 08:21:08 Page 7.1
Prices ....
Growth rate of public sector salaries: deviation from benchmark (in points) 
-0.230 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.230 Total 
Short term interest rates 
Short term interest rate : deviation from benchmark (in points) 
-0.343 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.343 Total 
Long term interest rate 
Long term interest rate : deviation from benchmark (in points) 
-0.277 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.277 Total 
MacSim II Simulation N°1 Year 1 Country 5 : ITALY 
30/01/2018 08:21:08 Page 8.0
Households 
Year 1
Household disposable income in purchasing power 
Household disposable income : deviation from benchmark (in %) 
-0.065 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.065 Total 
Growth rate of household disposable income : deviation from benchmark (in points) 
-0.066 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.066 Total 
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
0.008 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.008 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
0.008 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.008 Total 
Savings rate 
Savings rate : deviation from benchmark (in points) 
-0.066 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.066 Total 
MacSim II Simulation N°1 Year 1 Country 5 : ITALY 
30/01/2018 08:21:08 Page 8.1
Households ....
MacSim II Simulation N°1 Year 1 Country 5 : ITALY 
30/01/2018 08:21:08 Page 9.0
Firms
Year 1
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.095 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.095 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-0.098 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.098 Total 
Margin rate 
Margin rate : deviation from benchmark (in points) 
0.005 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.005 Total 
Profit rate 
Corporate profit rate : deviation from benchmark (in points) 
0.048 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.048 Total 
Production capacity utilization rate 
Production capacity utilization rate: deviation from benchmark (in points) 
-0.035 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.035 Total 
MacSim II Simulation N°1 Year 1 Country 5 : ITALY 
30/01/2018 08:21:08 Page 9.1
Firms....
MacSim II Simulation N°1 Year 1 Country 6 : JAPAN 
30/01/2018 08:21:08 Page 1.0
Main Objectives 
Year 1
Targetfunction 
Target function 
-0.032 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.032 Total 
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.097 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.097 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.095 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.095 Total 
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.013 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.013 Total 
Prices 
Consumer price index level: deviation from benchmark (in %) 
-0.003 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.003 Total 
MacSim II Simulation N°1 Year 1 Country 6 : JAPAN 
30/01/2018 08:21:08 Page 1.1
Main Objectives ....
Prices rate: deviation from benchmark (in points) 
-0.003 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.003 Total 
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.033 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.033 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
-0.036 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.036 Total 
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.047 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.047 Total 
MacSim II Simulation N°1 Year 1 Country 6 : JAPAN 
30/01/2018 08:21:08 Page 2.0
Demand 
Year 1
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
-0.014 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.014 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
-0.015 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.015 Total 
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.192 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.192 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-0.170 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.170 Total 
Public demand in volume 
Public demand in volume : deviation from benchmark (in %) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
MacSim II Simulation N°1 Year 1 Country 6 : JAPAN 
30/01/2018 08:21:08 Page 2.1
Demand ....
Growth rate of public demand in volume: deviation from benchmark (in points) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
Domestic demand in volume 
Domestic demand : deviation from benchmark (in %) 
-0.057 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.057 Total 
Growth rate of domestic demand : deviation from benchmark (in points) 
-0.056 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.056 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
-0.020 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.020 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
-0.020 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.020 Total 
MacSim II Simulation N°1 Year 1 Country 6 : JAPAN 
30/01/2018 08:21:08 Page 2.2
Demand ....
MacSim II Simulation N°1 Year 1 Country 6 : JAPAN 
30/01/2018 08:21:08 Page 3.0
Unemployment rate : deviation from benchmark (in points) 
Year 1
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.097 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.097 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.095 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.095 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.244 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.244 Total 
Growth rate of imports in volume: deviation from benchmark (in points) 
0.248 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.248 Total 
MacSim II Simulation N°1 Year 1 Country 6 : JAPAN 
30/01/2018 08:21:08 Page 4.0
Labour Market 
Year 1
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.013 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.013 Total 
Total employment, in thousands 
Total employment : deviation from benchmark (in %) 
-0.041 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.041 Total 
Growth rate of total employment: deviation from benchmark (in points) 
-0.041 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.041 Total 
Private sector employment, in thousands 
Private sector employment: deviation from benchmark (in %) 
-0.045 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.045 Total 
Growth rate of private sector employment :deviation from benchmark (in points) 
-0.044 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.044 Total 
MacSim II Simulation N°1 Year 1 Country 6 : JAPAN 
30/01/2018 08:21:08 Page 4.1
Labour Market ....
Public sector employment in thousands 
Public sector employment : deviation from benchmark (in %) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
Growth rate of public sector employment : deviation from benchmark (in points) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
MacSim II Simulation N°1 Year 1 Country 6 : JAPAN 
30/01/2018 08:21:08 Page 5.0
External trade 
Year 1
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.047 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.047 Total 
Export to import ratio: deviation from benchmark (in points) 
-0.270 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.270 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
-0.020 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.020 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
-0.020 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.020 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.244 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.244 Total 
MacSim II Simulation N°1 Year 1 Country 6 : JAPAN 
30/01/2018 08:21:08 Page 5.1
External trade ....
Growth rate of imports in volume: deviation from benchmark (in points) 
0.248 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.248 Total 
MacSim II Simulation N°1 Year 1 Country 6 : JAPAN 
30/01/2018 08:21:08 Page 6.0
Public finance 
Year 1
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.033 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.033 Total 
Government balance in value 
Government balance: deviation from benchmark (in points of GDP) 
-0.036 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.036 Total 
Public spending in value 
Public spending : deviation from benchmark (in points of GDP) 
0.043 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.043 Total 
Fiscal revenue in value 
Public revenue in value : deviation from benchmark (in points of GDP) 
0.007 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.007 Total 
MacSim II Simulation N°1 Year 1 Country 6 : JAPAN 
30/01/2018 08:21:08 Page 7.0
Prices 
Year 1
Consumer price index 
Consumer price index level: deviation from benchmark (in %) 
-0.003 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.003 Total 
Prices rate: deviation from benchmark (in points) 
-0.003 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.003 Total 
Salary rate 
Private sector salaries : deviation from benchmark (in %) 
-0.050 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.050 Total 
Growth rate of private sector salaries: deviation from benchmark (in points) 
-0.051 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.051 Total 
Public sector salaries : deviation from benchmark (in %) 
-0.050 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.050 Total 
MacSim II Simulation N°1 Year 1 Country 6 : JAPAN 
30/01/2018 08:21:08 Page 7.1
Prices ....
Growth rate of public sector salaries: deviation from benchmark (in points) 
-0.051 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.051 Total 
Short term interest rates 
Short term interest rate : deviation from benchmark (in points) 
-0.036 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.036 Total 
Long term interest rate 
Long term interest rate : deviation from benchmark (in points) 
-0.018 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.018 Total 
MacSim II Simulation N°1 Year 1 Country 6 : JAPAN 
30/01/2018 08:21:08 Page 8.0
Households 
Year 1
Household disposable income in purchasing power 
Household disposable income : deviation from benchmark (in %) 
-0.065 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.065 Total 
Growth rate of household disposable income : deviation from benchmark (in points) 
-0.065 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.065 Total 
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
-0.014 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.014 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
-0.015 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.015 Total 
Savings rate 
Savings rate : deviation from benchmark (in points) 
-0.049 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.049 Total 
MacSim II Simulation N°1 Year 1 Country 6 : JAPAN 
30/01/2018 08:21:08 Page 8.1
Households ....
MacSim II Simulation N°1 Year 1 Country 6 : JAPAN 
30/01/2018 08:21:09 Page 9.0
Firms
Year 1
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.192 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.192 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-0.170 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.170 Total 
Margin rate 
Margin rate : deviation from benchmark (in points) 
-0.005 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.005 Total 
Profit rate 
Corporate profit rate : deviation from benchmark (in points) 
-0.009 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.009 Total 
Production capacity utilization rate 
Production capacity utilization rate: deviation from benchmark (in points) 
-0.017 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.017 Total 
MacSim II Simulation N°1 Year 1 Country 6 : JAPAN 
30/01/2018 08:21:09 Page 9.1
Firms....
MacSim II Simulation N°1 Year 1 Country 7 : LUXEMB0URG 
30/01/2018 08:21:09 Page 1.0
Main Objectives 
Year 1
Target function 
Target function 
-0.301 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.301 Total 
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.431 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.431 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.446 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.446 Total 
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.087 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.087 Total 
Prices 
Consumer price index level: deviation from benchmark (in %) 
0.187 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.187 Total 
MacSim II Simulation N°1 Year 1 Country 7 : LUXEMB0URG 
30/01/2018 08:21:09 Page 1.1
Main Objectives ....
Prices rate: deviation from benchmark (in points) 
0.204 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.204 Total 
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.136 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.136 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
-0.098 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.098 Total 
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.636 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.636 Total 
MacSim II Simulation N°1 Year 1 Country 7 : LUXEMB0URG 
30/01/2018 08:21:09 Page 2.0
Demand 
Year 1
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
-0.077 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.077 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
-0.075 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
-0.075 Total 
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
1.459 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
1.459 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
0.452 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.452 Total 
Public demand in volume 
Public demand in volume : deviation from benchmark (in %) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
MacSim II Simulation N°1 Year 1 Country 7 : LUXEMB0URG 
30/01/2018 08:21:09 Page 2.1
Demand ....
Growth rate of public demand in volume: deviation from benchmark (in points) 
0.000 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country policies 
0.000 Total 
Domestic demand in volume 
Domestic demand : deviation from benchmark (in %) 
0.197 Shock effects 
0.000 Domestic Policies only 
0.000 Other Country

Outros materiais