Universe 1 Year 2

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MacSim II Simulation N°1 Year 2 Country 1 : BELGIUM 
30/01/2018 10:41:29 Page 1.0
Main Objectives 
Year 1 Year 2
Target function 
Target function 
-0.089 -0.149 Shock effects 
0.000 0.020 Domestic Policies only 
0.000 0.005 Other Country policies 
-0.089 -0.124 Total 
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.327 -0.340 Shock effects 
0.000 0.066 Domestic Policies only 
0.000 0.010 Other Country policies 
-0.327 -0.264 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.327 -0.013 Shock effects 
0.000 0.064 Domestic Policies only 
0.000 0.010 Other Country policies 
-0.327 0.061 Total 
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.045 0.124 Shock effects 
0.000 -0.011 Domestic Policies only 
0.000 0.000 Other Country policies 
0.045 0.114 Total 
Prices 
Consumer price index level: deviation from benchmark (in %) 
-0.077 -0.087 Shock effects 
0.000 -0.070 Domestic Policies only 
0.000 -0.015 Other Country policies 
-0.077 -0.172 Total 
MacSim II Simulation N°1 Year 2 Country 1 : BELGIUM 
30/01/2018 10:41:30 Page 1.1
Main Objectives ....
Prices rate: deviation from benchmark (in points) 
-0.078 -0.010 Shock effects 
0.000 -0.070 Domestic Policies only 
0.000 -0.015 Other Country policies 
-0.078 -0.096 Total 
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.124 -0.187 Shock effects 
0.000 -0.104 Domestic Policies only 
0.000 0.009 Other Country policies 
-0.124 -0.282 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
-0.105 -0.120 Shock effects 
0.000 -0.103 Domestic Policies only 
0.000 0.015 Other Country policies 
-0.105 -0.207 Total 
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.152 -0.362 Shock effects 
0.000 -0.046 Domestic Policies only 
0.000 -0.005 Other Country policies 
-0.152 -0.412 Total 
MacSim II Simulation N°1 Year 2 Country 1 : BELGIUM 
30/01/2018 10:41:30 Page 2.0
Demand 
Year 1 Year 2
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
-0.025 -0.141 Shock effects 
0.000 0.031 Domestic Policies only 
0.000 0.009 Other Country policies 
-0.025 -0.101 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
-0.025 -0.116 Shock effects 
0.000 0.031 Domestic Policies only 
0.000 0.009 Other Country policies 
-0.025 -0.076 Total 
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.937 1.357 Shock effects 
0.000 0.151 Domestic Policies only 
0.000 0.213 Other Country policies 
-0.937 1.720 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-1.053 2.183 Shock effects 
0.000 0.143 Domestic Policies only 
0.000 0.201 Other Country policies 
-1.053 2.529 Total 
Public demand in volume 
Public demand in volume : deviation from benchmark (in %) 
0.000 0.000 Shock effects 
0.000 0.178 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.178 Total 
MacSim II Simulation N°1 Year 2 Country 1 : BELGIUM 
30/01/2018 10:41:30 Page 2.1
Demand ....
Growth rate of public demand in volume: deviation from benchmark (in points) 
0.000 0.000 Shock effects 
0.000 0.182 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.182 Total 
Domestic demand in volume 
Domestic demand : deviation from benchmark (in %) 
-0.144 0.041 Shock effects 
0.000 0.101 Domestic Policies only 
0.000 0.026 Other Country policies 
-0.144 0.169 Total 
Growth rate of domestic demand : deviation from benchmark (in points) 
-0.147 0.186 Shock effects 
0.000 0.101 Domestic Policies only 
0.000 0.026 Other Country policies 
-0.147 0.313 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
-0.009 0.118 Shock effects 
0.000 0.008 Domestic Policies only 
0.000 0.025 Other Country policies 
-0.009 0.151 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
-0.010 0.130 Shock effects 
0.000 0.008 Domestic Policies only 
0.000 0.026 Other Country policies 
-0.010 0.164 Total 
MacSim II Simulation N°1 Year 2 Country 1 : BELGIUM 
30/01/2018 10:41:30 Page 2.2
Demand ....
MacSim II Simulation N°1 Year 2 Country 1 : BELGIUM 
30/01/2018 10:41:30 Page 3.0
Unemployment rate : deviation from benchmark (in points) 
Year 1 Year 2
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.327 -0.340 Shock effects 
0.000 0.066 Domestic Policies only 
0.000 0.010 Other Country policies 
-0.327 -0.264 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.327 -0.013 Shock effects 
0.000 0.064 Domestic Policies only 
0.000 0.010 Other Country policies 
-0.327 0.061 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.132 0.370 Shock effects 
0.000 0.043 Domestic Policies only 
0.000 0.036 Other Country policies 
0.132 0.449 Total 
Growth rate of imports in volume: deviation from benchmark (in points) 
0.143 0.249 Shock effects 
0.000 0.045 Domestic Policies only 
0.000 0.038 Other Country policies 
0.143 0.332 Total 
MacSim II Simulation N°1 Year 2 Country 1 : BELGIUM 
30/01/2018 10:41:30 Page 4.0
Labour Market 
Year 1 Year 2
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.045 0.124 Shock effects 
0.000 -0.011 Domestic Policies only 
0.000 0.000 Other Country policies 
0.045 0.114 Total 
Total employment, in thousands 
Total employment : deviation from benchmark (in %) 
-0.130 -0.346 Shock effects 
0.000 0.031 Domestic Policies only 
0.000 -0.002 Other Country policies 
-0.130 -0.317 Total 
Growth rate of total employment: deviation from benchmark (in points) 
-0.127 -0.211 Shock effects 
0.000 0.031 Domestic Policies only 
0.000 -0.002 Other Country policies 
-0.127 -0.182 Total 
Private sector employment, in thousands 
Private sector employment: deviation from benchmark (in %) 
-0.164 -0.441 Shock effects 
0.000 0.024 Domestic Policies only 
0.000 -0.002 Other Country policies 
-0.164 -0.420 Total 
Growth rate of private sector employment :deviation from benchmark (in points) 
-0.159 -0.268 Shock effects 
0.000 0.023 Domestic Policies only 
0.000 -0.002 Other Country policies 
-0.159 -0.247 Total 
MacSim II Simulation N°1 Year 2 Country 1 : BELGIUM 
30/01/2018 10:41:30 Page 4.1
Labour Market ....
Public sector employment in thousands 
Public sector employment : deviation from benchmark (in %) 
0.000 0.000 Shock effects 
0.000 0.060 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.060 Total 
Growth rate of public sector employment : deviation from benchmark (in points) 
0.000 0.000 Shock effects 
0.000 0.060 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.060 Total 
MacSim II Simulation N°1 Year 2 Country 1 : BELGIUM 
30/01/2018 10:41:30 Page 5.0
External trade 
Year 1 Year 2
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.152 -0.362 Shock effects 
0.000 -0.046 Domestic Policies only 
0.000 -0.005 Other Country policies 
-0.152 -0.412 Total 
Export to import ratio: deviation from benchmark (in points) 
-0.157 -0.356 Shock effects 
0.000 -0.046 Domestic Policies only 
0.000 -0.005 Other Country policies 
-0.157 -0.406 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
-0.009 0.118 Shock effects 
0.000 0.008 Domestic Policies only 
0.000 0.025 Other Country policies 
-0.009 0.151 Total 
Growth rateof exports in volume : deviation from benchmark (in points) 
-0.010 0.130 Shock effects 
0.000 0.008 Domestic Policies only 
0.000 0.026 Other Country policies 
-0.010 0.164 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.132 0.370 Shock effects 
0.000 0.043 Domestic Policies only 
0.000 0.036 Other Country policies 
0.132 0.449 Total 
MacSim II Simulation N°1 Year 2 Country 1 : BELGIUM 
30/01/2018 10:41:30 Page 5.1
External trade ....
Growth rate of imports in volume: deviation from benchmark (in points) 
0.143 0.249 Shock effects 
0.000 0.045 Domestic Policies only 
0.000 0.038 Other Country policies 
0.143 0.332 Total 
MacSim II Simulation N°1 Year 2 Country 1 : BELGIUM 
30/01/2018 10:41:30 Page 6.0
Public finance 
Year 1 Year 2
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.124 -0.187 Shock effects 
0.000 -0.104 Domestic Policies only 
0.000 0.009 Other Country policies 
-0.124 -0.282 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
-0.105 -0.120 Shock effects 
0.000 -0.103 Domestic Policies only 
0.000 0.015 Other Country policies 
-0.105 -0.207 Total 
Public spending in value 
Public spending : deviation from benchmark (in points of GDP) 
0.154 0.138 Shock effects 
0.000 0.099 Domestic Policies only 
0.000 -0.018 Other Country policies 
0.154 0.218 Total 
Fiscal revenue in value 
Public revenue in value : deviation from benchmark (in points of GDP) 
0.050 0.018 Shock effects 
0.000 -0.004 Domestic Policies only 
0.000 -0.003 Other Country policies 
0.050 0.011 Total 
MacSim II Simulation N°1 Year 2 Country 1 : BELGIUM 
30/01/2018 10:41:30 Page 7.0
Prices 
Year 1 Year 2
Consumer price index 
Consumer price index level: deviation from benchmark (in %) 
-0.077 -0.087 Shock effects 
0.000 -0.070 Domestic Policies only 
0.000 -0.015 Other Country policies 
-0.077 -0.172 Total 
Prices rate: deviation from benchmark (in points) 
-0.078 -0.010 Shock effects 
0.000 -0.070 Domestic Policies only 
0.000 -0.015 Other Country policies 
-0.078 -0.096 Total 
Salary rate 
Private sector salaries : deviation from benchmark (in %) 
-0.209 -0.388 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.209 -0.405 Total 
Growth rate of private sector salaries: deviation from benchmark (in points) 
-0.210 -0.178 Shock effects 
0.000 -0.009 Domestic Policies only 
0.000 -0.008 Other Country policies 
-0.210 -0.194 Total 
Public sector salaries : deviation from benchmark (in %) 
-0.209 -0.388 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.209 -0.385 Total 
MacSim II Simulation N°1 Year 2 Country 1 : BELGIUM 
30/01/2018 10:41:30 Page 7.1
Prices ....
Growth rate of public sector salaries: deviation from benchmark (in points) 
-0.210 -0.178 Shock effects 
0.000 0.011 Domestic Policies only 
0.000 -0.008 Other Country policies 
-0.210 -0.174 Total 
Short term interest rates 
Short term interest rate : deviation from benchmark (in points) 
-0.332 -0.179 Shock effects 
0.000 0.007 Domestic Policies only 
0.000 -0.057 Other Country policies 
-0.332 -0.230 Total 
Long term interest rate 
Long term interest rate : deviation from benchmark (in points) 
-0.167 -0.251 Shock effects 
0.000 -0.026 Domestic Policies only 
0.000 -0.033 Other Country policies 
-0.167 -0.310 Total 
MacSim II Simulation N°1 Year 2 Country 1 : BELGIUM 
30/01/2018 10:41:30 Page 8.0
Households 
Year 1 Year 2
Household disposable income in purchasing power 
Household disposable income : deviation from benchmark (in %) 
-0.168 -0.316 Shock effects 
0.000 0.085 Domestic Policies only 
0.000 0.004 Other Country policies 
-0.168 -0.227 Total 
Growth rate of household disposable income : deviation from benchmark (in points) 
-0.168 -0.148 Shock effects 
0.000 0.084 Domestic Policies only 
0.000 0.004 Other Country policies 
-0.168 -0.059 Total 
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
-0.025 -0.141 Shock effects 
0.000 0.031 Domestic Policies only 
0.000 0.009 Other Country policies 
-0.025 -0.101 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
-0.025 -0.116 Shock effects 
0.000 0.031 Domestic Policies only 
0.000 0.009 Other Country policies 
-0.025 -0.076 Total 
Savings rate 
Savings rate : deviation from benchmark (in points) 
-0.127 -0.156 Shock effects 
0.000 0.047 Domestic Policies only 
0.000 -0.004 Other Country policies 
-0.127 -0.113 Total 
MacSim II Simulation N°1 Year 2 Country 1 : BELGIUM 
30/01/2018 10:41:30 Page 8.1
Households ....
MacSim II Simulation N°1 Year 2 Country 1 : BELGIUM 
30/01/2018 10:41:30 Page 9.0
Firms
Year 1 Year 2
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.937 1.357 Shock effects 
0.000 0.151 Domestic Policies only 
0.000 0.213 Other Country policies 
-0.937 1.720 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-1.053 2.183 Shock effects 
0.000 0.143 Domestic Policies only 
0.000 0.201 Other Country policies 
-1.053 2.529 Total 
Margin rate 
Margin rate : deviation from benchmark (in points) 
-0.011 0.068 Shock effects 
0.000 0.020 Domestic Policies only 
0.000 0.003 Other Country policies 
-0.011 0.091 Total 
Profit rate 
Corporate profit rate : deviation from benchmark (in points) 
-0.049 -0.081 Shock effects 
0.000 0.009 Domestic Policies only 
0.000 -0.004 Other Country policies 
-0.049 -0.075 Total 
Production capacity utilization rate 
Production capacity utilization rate: deviation from benchmark (in points) 
-0.066 0.039 Shock effects 
0.000 0.009 Domestic Policies only 
0.000 0.002 Other Country policies 
-0.066 0.050 Total 
MacSim II Simulation N°1 Year 2 Country 1 : BELGIUM 
30/01/2018 10:41:30 Page 9.1
Firms....
MacSim II Simulation N°1 Year 2 Country 2 : GERMANY 
30/01/2018 10:41:30 Page 1.0
Main Objectives 
Year 1 Year 2
Target function 
Target function 
-0.072 -0.085 Shock effects 
0.000 0.010 Domestic Policies only 
0.000 0.004 Other Country policies 
-0.072 -0.070 Total 
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.283 -0.263 Shock effects 
0.000 0.015 Domestic Policies only 
0.000 0.017 Other Country policies 
-0.283 -0.232 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.285 0.020 Shock effects 
0.000 0.015 Domestic Policies only 
0.000 0.017 Other Country policies 
-0.285 0.052 Total 
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.039 0.109 Shock effects 
0.000 -0.003 Domestic Policies only 
0.000 0.000 Other Country policies 
0.039 0.105 Total 
Prices 
Consumer price index level: deviation from benchmark (in %) 
-0.087 -0.190 Shock effects 
0.000 -0.036 Domestic Policies only 
0.000 -0.008 Other Country policies 
-0.087 -0.234 Total 
MacSim II Simulation N°1 Year 2 Country 2 : GERMANY 
30/01/2018 10:41:30 Page 1.1
Main Objectives ....
Prices rate: deviation from benchmark (in points) 
-0.087 -0.104 Shock effects 
0.000 -0.036 Domestic Policies only 
0.000 -0.008 Other Country policies 
-0.087 -0.148 Total 
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.071 -0.095 Shock effects 
0.000 -0.018 Domestic Policies only 
0.000 0.007 Other Country policies 
-0.071 -0.106 Total 
Government balance in value 
Governmentbalance : deviation from benchmark (in points of GDP) 
-0.094 -0.157 Shock effects 
0.000 -0.019 Domestic Policies only 
0.000 0.004 Other Country policies 
-0.094 -0.172 Total 
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.131 -0.275 Shock effects 
0.000 -0.008 Domestic Policies only 
0.000 -0.005 Other Country policies 
-0.131 -0.287 Total 
MacSim II Simulation N°1 Year 2 Country 2 : GERMANY 
30/01/2018 10:41:30 Page 2.0
Demand 
Year 1 Year 2
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
-0.017 -0.079 Shock effects 
0.000 0.007 Domestic Policies only 
0.000 0.006 Other Country policies 
-0.017 -0.066 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
-0.017 -0.064 Shock effects 
0.000 0.007 Domestic Policies only 
0.000 0.006 Other Country policies 
-0.017 -0.051 Total 
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.358 1.058 Shock effects 
0.000 0.090 Domestic Policies only 
0.000 0.153 Other Country policies 
-0.358 1.302 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-0.276 1.422 Shock effects 
0.000 0.090 Domestic Policies only 
0.000 0.153 Other Country policies 
-0.276 1.667 Total 
Public demand in volume 
Public demand in volume : deviation from benchmark (in %) 
0.000 0.000 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.000 Total 
MacSim II Simulation N°1 Year 2 Country 2 : GERMANY 
30/01/2018 10:41:30 Page 2.1
Demand ....
Growth rate of public demand in volume: deviation from benchmark (in points) 
0.000 0.000 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.000 Total 
Domestic demand in volume 
Domestic demand : deviation from benchmark (in %) 
-0.103 0.112 Shock effects 
0.000 0.019 Domestic Policies only 
0.000 0.029 Other Country policies 
-0.103 0.160 Total 
Growth rate of domestic demand : deviation from benchmark (in points) 
-0.100 0.220 Shock effects 
0.000 0.020 Domestic Policies only 
0.000 0.030 Other Country policies 
-0.100 0.269 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
-0.118 -0.105 Shock effects 
0.000 -0.002 Domestic Policies only 
0.000 0.026 Other Country policies 
-0.118 -0.081 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
-0.125 0.013 Shock effects 
0.000 -0.003 Domestic Policies only 
0.000 0.027 Other Country policies 
-0.125 0.038 Total 
MacSim II Simulation N°1 Year 2 Country 2 : GERMANY 
30/01/2018 10:41:30 Page 2.2
Demand ....
MacSim II Simulation N°1 Year 2 Country 2 : GERMANY 
30/01/2018 10:41:30 Page 3.0
Unemployment rate : deviation from benchmark (in points) 
Year 1 Year 2
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.283 -0.263 Shock effects 
0.000 0.015 Domestic Policies only 
0.000 0.017 Other Country policies 
-0.283 -0.232 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.285 0.020 Shock effects 
0.000 0.015 Domestic Policies only 
0.000 0.017 Other Country policies 
-0.285 0.052 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.165 0.393 Shock effects 
0.000 0.012 Domestic Policies only 
0.000 0.042 Other Country policies 
0.165 0.446 Total 
Growth rate of imports in volume: deviation from benchmark (in points) 
0.172 0.239 Shock effects 
0.000 0.012 Domestic Policies only 
0.000 0.044 Other Country policies 
0.172 0.295 Total 
MacSim II Simulation N°1 Year 2 Country 2 : GERMANY 
30/01/2018 10:41:30 Page 4.0
Labour Market 
Year 1 Year 2
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.039 0.109 Shock effects 
0.000 -0.003 Domestic Policies only 
0.000 0.000 Other Country policies 
0.039 0.105 Total 
Total employment, in thousands 
Total employment : deviation from benchmark (in %) 
-0.119 -0.315 Shock effects 
0.000 0.010 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.119 -0.305 Total 
Growth rate of total employment: deviation from benchmark (in points) 
-0.121 -0.198 Shock effects 
0.000 0.010 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.121 -0.188 Total 
Private sector employment, in thousands 
Private sector employment: deviation from benchmark (in %) 
-0.148 -0.392 Shock effects 
0.000 -0.002 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.148 -0.394 Total 
Growth rate of private sector employment :deviation from benchmark (in points) 
-0.150 -0.246 Shock effects 
0.000 -0.003 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.150 -0.248 Total 
MacSim II Simulation N°1 Year 2 Country 2 : GERMANY 
30/01/2018 10:41:30 Page 4.1
Labour Market ....
Public sector employment in thousands 
Public sector employment : deviation from benchmark (in %) 
0.000 0.000 Shock effects 
0.000 0.060 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.060 Total 
Growth rate of public sector employment : deviation from benchmark (in points) 
0.000 0.000 Shock effects 
0.000 0.060 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.060 Total 
MacSim II Simulation N°1 Year 2 Country 2 : GERMANY 
30/01/2018 10:41:30 Page 5.0
External trade 
Year 1 Year 2
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.131 -0.275 Shock effects 
0.000 -0.008 Domestic Policies only 
0.000 -0.005 Other Country policies 
-0.131 -0.287 Total 
Export to import ratio: deviation from benchmark (in points) 
-0.219 -0.445 Shock effects 
0.000 -0.014 Domestic Policies only 
0.000 -0.007 Other Country policies 
-0.219 -0.466 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
-0.118 -0.105 Shock effects 
0.000 -0.002 Domestic Policies only 
0.000 0.026 Other Country policies 
-0.118 -0.081 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
-0.125 0.013 Shock effects 
0.000 -0.003 Domestic Policies only 
0.000 0.027 Other Country policies 
-0.125 0.038 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.165 0.393 Shock effects 
0.000 0.012 Domestic Policies only 
0.000 0.042 Other Country policies 
0.165 0.446 Total 
MacSim II Simulation N°1 Year 2 Country 2 : GERMANY 
30/01/2018 10:41:30 Page 5.1
External trade ....
Growth rate of imports in volume: deviation from benchmark (in points) 
0.172 0.239 Shock effects 
0.000 0.012 Domestic Policies only 
0.000 0.044 Other Country policies 
0.172 0.295 Total 
MacSim II Simulation N°1 Year 2 Country 2 : GERMANY 
30/01/2018 10:41:30 Page 6.0
Public finance 
Year 1 Year 2
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.071 -0.095 Shock effects 
0.000 -0.018 Domestic Policies only 
0.000 0.007 Other Country policies 
-0.071 -0.106 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
-0.094 -0.157 Shock effects 
0.000 -0.019 Domestic Policies only 
0.000 0.004 Other Country policies 
-0.094 -0.172 Total 
Public spending in value 
Public spending : deviation from benchmark (in points of GDP) 
0.126 0.140 Shock effects 
0.000 0.003 Domestic Policies only 
0.000 -0.006 Other Country policies 
0.126 0.136 Total 
Fiscal revenue in value 
Public revenue in value : deviation from benchmark (in points of GDP) 
0.032 -0.017 Shock effects 
0.000-0.016 Domestic Policies only 
0.000 -0.003 Other Country policies 
0.032 -0.036 Total 
MacSim II Simulation N°1 Year 2 Country 2 : GERMANY 
30/01/2018 10:41:30 Page 7.0
Prices 
Year 1 Year 2
Consumer price index 
Consumer price index level: deviation from benchmark (in %) 
-0.087 -0.190 Shock effects 
0.000 -0.036 Domestic Policies only 
0.000 -0.008 Other Country policies 
-0.087 -0.234 Total 
Prices rate: deviation from benchmark (in points) 
-0.087 -0.104 Shock effects 
0.000 -0.036 Domestic Policies only 
0.000 -0.008 Other Country policies 
-0.087 -0.148 Total 
Salary rate 
Private sector salaries : deviation from benchmark (in %) 
-0.192 -0.392 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.192 -0.402 Total 
Growth rate of private sector salaries: deviation from benchmark (in points) 
-0.199 -0.205 Shock effects 
0.000 -0.010 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.199 -0.216 Total 
Public sector salaries : deviation from benchmark (in %) 
-0.192 -0.392 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.192 -0.402 Total 
MacSim II Simulation N°1 Year 2 Country 2 : GERMANY 
30/01/2018 10:41:30 Page 7.1
Prices ....
Growth rate of public sector salaries: deviation from benchmark (in points) 
-0.199 -0.205 Shock effects 
0.000 -0.010 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.199 -0.216 Total 
Short term interest rates 
Short term interest rate : deviation from benchmark (in points) 
-0.337 -0.188 Shock effects 
0.000 -0.014 Domestic Policies only 
0.000 -0.045 Other Country policies 
-0.337 -0.247 Total 
Long term interest rate 
Long term interest rate : deviation from benchmark (in points) 
-0.186 -0.287 Shock effects 
0.000 -0.012 Domestic Policies only 
0.000 -0.024 Other Country policies 
-0.186 -0.323 Total 
MacSim II Simulation N°1 Year 2 Country 2 : GERMANY 
30/01/2018 10:41:30 Page 8.0
Households 
Year 1 Year 2
Household disposable income in purchasing power 
Household disposable income : deviation from benchmark (in %) 
-0.165 -0.290 Shock effects 
0.000 0.022 Domestic Policies only 
0.000 0.008 Other Country policies 
-0.165 -0.261 Total 
Growth rate of household disposable income : deviation from benchmark (in points) 
-0.170 -0.128 Shock effects 
0.000 0.022 Domestic Policies only 
0.000 0.008 Other Country policies 
-0.170 -0.098 Total 
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
-0.017 -0.079 Shock effects 
0.000 0.007 Domestic Policies only 
0.000 0.006 Other Country policies 
-0.017 -0.066 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
-0.017 -0.064 Shock effects 
0.000 0.007 Domestic Policies only 
0.000 0.006 Other Country policies 
-0.017 -0.051 Total 
Savings rate 
Savings rate : deviation from benchmark (in points) 
-0.129 -0.185 Shock effects 
0.000 0.013 Domestic Policies only 
0.000 0.002 Other Country policies 
-0.129 -0.170 Total 
MacSim II Simulation N°1 Year 2 Country 2 : GERMANY 
30/01/2018 10:41:30 Page 8.1
Households ....
MacSim II Simulation N°1 Year 2 Country 2 : GERMANY 
30/01/2018 10:41:30 Page 9.0
Firms
Year 1 Year 2
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.358 1.058 Shock effects 
0.000 0.090 Domestic Policies only 
0.000 0.153 Other Country policies 
-0.358 1.302 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-0.276 1.422 Shock effects 
0.000 0.090 Domestic Policies only 
0.000 0.153 Other Country policies 
-0.276 1.667 Total 
Margin rate 
Margin rate : deviation from benchmark (in points) 
-0.007 0.100 Shock effects 
0.000 0.003 Domestic Policies only 
0.000 0.004 Other Country policies 
-0.007 0.107 Total 
Profit rate 
Corporate profit rate : deviation from benchmark (in points) 
-0.024 -0.126 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 -0.004 Other Country policies 
-0.024 -0.123 Total 
Production capacity utilization rate 
Production capacity utilization rate: deviation from benchmark (in points) 
-0.054 0.041 Shock effects 
0.000 0.002 Domestic Policies only 
0.000 0.004 Other Country policies 
-0.054 0.046 Total 
MacSim II Simulation N°1 Year 2 Country 2 : GERMANY 
30/01/2018 10:41:30 Page 9.1
Firms....
MacSim II Simulation N°1 Year 2 Country 3 : FRANCE 
30/01/2018 10:41:30 Page 1.0
Main Objectives 
Year 1 Year 2
Target function 
Target function 
-0.024 0.004 Shock effects 
0.000 0.024 Domestic Policies only 
0.000 0.003 Other Country policies 
-0.024 0.031 Total 
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.176 -0.105 Shock effects 
0.000 0.070 Domestic Policies only 
0.000 0.013 Other Country policies 
-0.176 -0.023 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.173 0.070 Shock effects 
0.000 0.068 Domestic Policies only 
0.000 0.012 Other Country policies 
-0.173 0.151 Total 
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.028 0.072 Shock effects 
0.000 -0.009 Domestic Policies only 
0.000 0.000 Other Country policies 
0.028 0.063 Total 
Prices 
Consumer price index level: deviation from benchmark (in %) 
-0.138 -0.287 Shock effects 
0.000 -0.076 Domestic Policies only 
0.000 -0.006 Other Country policies 
-0.138 -0.369 Total 
MacSim II Simulation N°1 Year 2 Country 3 : FRANCE 
30/01/2018 10:41:30 Page 1.1
Main Objectives ....
Prices rate: deviation from benchmark (in points) 
-0.141 -0.153 Shock effects 
0.000 -0.077 Domestic Policies only 
0.000 -0.006 Other Country policies 
-0.141 -0.236 Total 
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.038 -0.036 Shock effects 
0.000 -0.104 Domestic Policies only 
0.000 0.006 Other Country policies 
-0.038 -0.134 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
-0.130 -0.277 Shock effects 
0.000 -0.113 Domestic Policies only 
0.000 -0.004 Other Country policies 
-0.130 -0.394 Total 
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.082 -0.159 Shock effects 
0.000 -0.041 Domestic Policies only 
0.000 -0.004 Other Country policies 
-0.082 -0.204 Total 
MacSim II Simulation N°1 Year 2 Country 3 : FRANCE 
30/01/2018 10:41:30 Page 2.0
Demand 
Year 1 Year 2
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
0.002 -0.015 Shock effects 
0.000 0.036 Domestic Policies only 
0.000 0.005 Other Country policies 
0.002 0.025 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
0.002 -0.018 Shock effects 
0.000 0.036 Domestic Policies only 
0.000 0.005 Other Country policies 
0.002 0.023 Total 
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.089 1.354 Shock effects 
0.000 0.193 Domestic Policies only 
0.000 0.143 Other Country policies 
-0.089 1.690 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-0.063 0.916 Shock effects 
0.000 0.122 Domestic Policies only 
0.000 0.091 Other Country policies 
-0.063 1.130 Total 
Public demand in volume 
Public demand in volume : deviation from benchmark (in %) 
0.000 0.000 Shock effects 
0.000 0.260 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.260 Total 
MacSim II Simulation N°1 Year2 Country 3 : FRANCE 
30/01/2018 10:41:30 Page 2.1
Demand ....
Growth rate of public demand in volume: deviation from benchmark (in points) 
0.000 0.000 Shock effects 
0.000 0.267 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.267 Total 
Domestic demand in volume 
Domestic demand : deviation from benchmark (in %) 
-0.029 0.165 Shock effects 
0.000 0.124 Domestic Policies only 
0.000 0.021 Other Country policies 
-0.029 0.310 Total 
Growth rate of domestic demand : deviation from benchmark (in points) 
-0.027 0.185 Shock effects 
0.000 0.118 Domestic Policies only 
0.000 0.020 Other Country policies 
-0.027 0.323 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
-0.093 -0.044 Shock effects 
0.000 -0.015 Domestic Policies only 
0.000 0.015 Other Country policies 
-0.093 -0.044 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
-0.103 0.052 Shock effects 
0.000 -0.016 Domestic Policies only 
0.000 0.015 Other Country policies 
-0.103 0.052 Total 
MacSim II Simulation N°1 Year 2 Country 3 : FRANCE 
30/01/2018 10:41:31 Page 2.2
Demand ....
MacSim II Simulation N°1 Year 2 Country 3 : FRANCE 
30/01/2018 10:41:31 Page 3.0
Unemployment rate : deviation from benchmark (in points) 
Year 1 Year 2
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.176 -0.105 Shock effects 
0.000 0.070 Domestic Policies only 
0.000 0.013 Other Country policies 
-0.176 -0.023 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.173 0.070 Shock effects 
0.000 0.068 Domestic Policies only 
0.000 0.012 Other Country policies 
-0.173 0.151 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.208 0.425 Shock effects 
0.000 0.078 Domestic Policies only 
0.000 0.028 Other Country policies 
0.208 0.531 Total 
Growth rate of imports in volume: deviation from benchmark (in points) 
0.216 0.222 Shock effects 
0.000 0.079 Domestic Policies only 
0.000 0.029 Other Country policies 
0.216 0.330 Total 
MacSim II Simulation N°1 Year 2 Country 3 : FRANCE 
30/01/2018 10:41:31 Page 4.0
Labour Market 
Year 1 Year 2
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.028 0.072 Shock effects 
0.000 -0.009 Domestic Policies only 
0.000 0.000 Other Country policies 
0.028 0.063 Total 
Total employment, in thousands 
Total employment : deviation from benchmark (in %) 
-0.084 -0.209 Shock effects 
0.000 0.027 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.084 -0.182 Total 
Growth rate of total employment: deviation from benchmark (in points) 
-0.083 -0.128 Shock effects 
0.000 0.028 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.083 -0.100 Total 
Private sector employment, in thousands 
Private sector employment: deviation from benchmark (in %) 
-0.107 -0.267 Shock effects 
0.000 0.021 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.107 -0.245 Total 
Growth rate of private sector employment :deviation from benchmark (in points) 
-0.106 -0.163 Shock effects 
0.000 0.022 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.106 -0.141 Total 
MacSim II Simulation N°1 Year 2 Country 3 : FRANCE 
30/01/2018 10:41:31 Page 4.1
Labour Market ....
Public sector employment in thousands 
Public sector employment : deviation from benchmark (in %) 
0.000 0.000 Shock effects 
0.000 0.050 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.050 Total 
Growth rate of public sector employment : deviation from benchmark (in points) 
0.000 0.000 Shock effects 
0.000 0.050 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.050 Total 
MacSim II Simulation N°1 Year 2 Country 3 : FRANCE 
30/01/2018 10:41:31 Page 5.0
External trade 
Year 1 Year 2
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.082 -0.159 Shock effects 
0.000 -0.041 Domestic Policies only 
0.000 -0.004 Other Country policies 
-0.082 -0.204 Total 
Export to import ratio: deviation from benchmark (in points) 
-0.203 -0.389 Shock effects 
0.000 -0.103 Domestic Policies only 
0.000 -0.011 Other Country policies 
-0.203 -0.502 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
-0.093 -0.044 Shock effects 
0.000 -0.015 Domestic Policies only 
0.000 0.015 Other Country policies 
-0.093 -0.044 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
-0.103 0.052 Shock effects 
0.000 -0.016 Domestic Policies only 
0.000 0.015 Other Country policies 
-0.103 0.052 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.208 0.425 Shock effects 
0.000 0.078 Domestic Policies only 
0.000 0.028 Other Country policies 
0.208 0.531 Total 
MacSim II Simulation N°1 Year 2 Country 3 : FRANCE 
30/01/2018 10:41:31 Page 5.1
External trade ....
Growth rate of imports in volume: deviation from benchmark (in points) 
0.216 0.222 Shock effects 
0.000 0.079 Domestic Policies only 
0.000 0.029 Other Country policies 
0.216 0.330 Total 
MacSim II Simulation N°1 Year 2 Country 3 : FRANCE 
30/01/2018 10:41:31 Page 6.0
Public finance 
Year 1 Year 2
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.038 -0.036 Shock effects 
0.000 -0.104 Domestic Policies only 
0.000 0.006 Other Country policies 
-0.038 -0.134 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
-0.130 -0.277 Shock effects 
0.000 -0.113 Domestic Policies only 
0.000 -0.004 Other Country policies 
-0.130 -0.394 Total 
Public spending in value 
Public spending : deviation from benchmark (in points of GDP) 
0.145 0.250 Shock effects 
0.000 0.098 Domestic Policies only 
0.000 0.003 Other Country policies 
0.145 0.351 Total 
Fiscal revenue in value 
Public revenue in value : deviation from benchmark (in points of GDP) 
0.015 -0.027 Shock effects 
0.000 -0.014 Domestic Policies only 
0.000 -0.002 Other Country policies 
0.015 -0.043 Total 
MacSim II Simulation N°1 Year 2 Country 3 : FRANCE 
30/01/2018 10:41:31 Page 7.0
Prices 
Year 1 Year 2
Consumer price index 
Consumer price index level: deviation from benchmark (in %) 
-0.138 -0.287 Shock effects 
0.000 -0.076 Domestic Policies only 
0.000 -0.006 Other Country policies 
-0.138 -0.369 Total 
Prices rate: deviation from benchmark (in points) 
-0.141 -0.153 Shock effects 
0.000 -0.077 Domestic Policies only 
0.000 -0.006 Other Country policies 
-0.141 -0.236 Total 
Salary rate 
Private sector salaries : deviation from benchmark (in %) 
-0.176 -0.340 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.176 -0.352 Total 
Growth rate of private sector salaries: deviation from benchmark (in points) 
-0.184 -0.171 Shock effects 
0.000 -0.012 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.184 -0.184 Total 
Public sector salaries : deviation from benchmark (in %) 
-0.176 -0.340 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.176 -0.352 Total 
MacSim II Simulation N°1 Year 2 Country 3 : FRANCE 
30/01/2018 10:41:31 Page 7.1
Prices ....
Growth rate of public sector salaries: deviation from benchmark (in points) 
-0.184 -0.171 Shock effects 
0.000 -0.012 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.184 -0.184 Total 
Short term interest rates 
Short term interest rate : deviation from benchmark (in points) 
-0.340 -0.194 Shock effects 
0.000 -0.012 DomesticPolicies only 
0.000 -0.038 Other Country policies 
-0.340 -0.244 Total 
Long term interest rate 
Long term interest rate : deviation from benchmark (in points) 
-0.222 -0.285 Shock effects 
0.000 -0.029 Domestic Policies only 
0.000 -0.020 Other Country policies 
-0.222 -0.334 Total 
MacSim II Simulation N°1 Year 2 Country 3 : FRANCE 
30/01/2018 10:41:31 Page 8.0
Households 
Year 1 Year 2
Household disposable income in purchasing power 
Household disposable income : deviation from benchmark (in %) 
-0.086 -0.132 Shock effects 
0.000 0.130 Domestic Policies only 
0.000 0.005 Other Country policies 
-0.086 0.003 Total 
Growth rate of household disposable income : deviation from benchmark (in points) 
-0.088 -0.047 Shock effects 
0.000 0.133 Domestic Policies only 
0.000 0.005 Other Country policies 
-0.088 0.091 Total 
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
0.002 -0.015 Shock effects 
0.000 0.036 Domestic Policies only 
0.000 0.005 Other Country policies 
0.002 0.025 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
0.002 -0.018 Shock effects 
0.000 0.036 Domestic Policies only 
0.000 0.005 Other Country policies 
0.002 0.023 Total 
Savings rate 
Savings rate : deviation from benchmark (in points) 
-0.078 -0.102 Shock effects 
0.000 0.082 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.078 -0.020 Total 
MacSim II Simulation N°1 Year 2 Country 3 : FRANCE 
30/01/2018 10:41:31 Page 8.1
Households ....
MacSim II Simulation N°1 Year 2 Country 3 : FRANCE 
30/01/2018 10:41:31 Page 9.0
Firms
Year 1 Year 2
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.089 1.354 Shock effects 
0.000 0.193 Domestic Policies only 
0.000 0.143 Other Country policies 
-0.089 1.690 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-0.063 0.916 Shock effects 
0.000 0.122 Domestic Policies only 
0.000 0.091 Other Country policies 
-0.063 1.130 Total 
Margin rate 
Margin rate : deviation from benchmark (in points) 
0.002 0.074 Shock effects 
0.000 0.010 Domestic Policies only 
0.000 0.003 Other Country policies 
0.002 0.086 Total 
Profit rate 
Corporate profit rate : deviation from benchmark (in points) 
0.001 0.132 Shock effects 
0.000 0.006 Domestic Policies only 
0.000 0.001 Other Country policies 
0.001 0.138 Total 
Production capacity utilization rate 
Production capacity utilization rate: deviation from benchmark (in points) 
-0.035 0.037 Shock effects 
0.000 0.009 Domestic Policies only 
0.000 0.003 Other Country policies 
-0.035 0.049 Total 
MacSim II Simulation N°1 Year 2 Country 3 : FRANCE 
30/01/2018 10:41:31 Page 9.1
Firms....
MacSim II Simulation N°1 Year 2 Country 4 : UNITED KINGDOM 
30/01/2018 10:41:31 Page 1.0
Main Objectives 
Year 1 Year 2
Target function 
Target function 
-0.064 -0.055 Shock effects 
0.000 0.013 Domestic Policies only 
0.000 0.003 Other Country policies 
-0.064 -0.038 Total 
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.114 -0.067 Shock effects 
0.000 0.076 Domestic Policies only 
0.000 0.020 Other Country policies 
-0.114 0.030 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.113 0.048 Shock effects 
0.000 0.076 Domestic Policies only 
0.000 0.020 Other Country policies 
-0.113 0.144 Total 
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.014 0.016 Shock effects 
0.000 -0.009 Domestic Policies only 
0.000 -0.003 Other Country policies 
0.014 0.004 Total 
Prices 
Consumer price index level: deviation from benchmark (in %) 
0.078 0.104 Shock effects 
0.000 -0.056 Domestic Policies only 
0.000 0.014 Other Country policies 
0.078 0.061 Total 
MacSim II Simulation N°1 Year 2 Country 4 : UNITED KINGDOM 
30/01/2018 10:41:31 Page 1.1
Main Objectives ....
Prices rate: deviation from benchmark (in points) 
0.078 0.027 Shock effects 
0.000 -0.057 Domestic Policies only 
0.000 0.014 Other Country policies 
0.078 -0.017 Total 
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.049 -0.050 Shock effects 
0.000 -0.166 Domestic Policies only 
0.000 0.004 Other Country policies 
-0.049 -0.213 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
-0.032 -0.007 Shock effects 
0.000 -0.183 Domestic Policies only 
0.000 0.009 Other Country policies 
-0.032 -0.181 Total 
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.082 -0.056 Shock effects 
0.000 -0.068 Domestic Policies only 
0.000 0.009 Other Country policies 
-0.082 -0.114 Total 
MacSim II Simulation N°1 Year 2 Country 4 : UNITED KINGDOM 
30/01/2018 10:41:31 Page 2.0
Demand 
Year 1 Year 2
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
-0.032 -0.067 Shock effects 
0.000 0.060 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.032 -0.007 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
-0.033 -0.036 Shock effects 
0.000 0.061 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.033 0.026 Total 
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.315 -0.387 Shock effects 
0.000 0.294 Domestic Policies only 
0.000 0.043 Other Country policies 
-0.315 -0.049 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-0.241 -0.045 Shock effects 
0.000 0.182 Domestic Policies only 
0.000 0.027 Other Country policies 
-0.241 0.165 Total 
Public demand in volume 
Public demand in volume : deviation from benchmark (in %) 
0.000 0.000 Shock effects 
0.000 0.271 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.271 Total 
MacSim II Simulation N°1 Year 2 Country 4 : UNITED KINGDOM 
30/01/2018 10:41:31 Page 2.1
Demand ....
Growth rate of public demand in volume: deviation from benchmark (in points) 
0.000 0.000 Shock effects 
0.000 0.277 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.277 Total 
Domestic demand in volume 
Domestic demand : deviation from benchmark (in %) 
-0.071 -0.077 Shock effects 
0.000 0.157 Domestic Policies only 
0.000 0.004 Other Country policies 
-0.071 0.084 Total 
Growth rate of domestic demand : deviation from benchmark (in points) 
-0.069 -0.006 Shock effects 
0.000 0.151 Domestic Policies only 
0.000 0.004 Other Country policies 
-0.069 0.150 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
0.048 0.233 Shock effects 
0.000 -0.033 Domestic Policies only 
0.000 0.036 Other Country policies 
0.048 0.236 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
0.051 0.196 Shock effects 
0.000 -0.035 Domestic Policies only 
0.000 0.038 Other Country policies 
0.051 0.199 Total 
MacSim II Simulation N°1 Year 2 Country 4 : UNITED KINGDOM 
30/01/2018 10:41:31 Page 2.2
Demand ....
MacSim II Simulation N°1 Year 2 Country 4 : UNITED KINGDOM 
30/01/2018 10:41:31 Page 3.0
Unemployment rate : deviation from benchmark (in points) 
Year 1 Year 2
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.114 -0.067 Shock effects 
0.000 0.076 Domestic Policies only 
0.000 0.020 Other Country policies 
-0.114 0.030 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.113 0.048 Shock effects 
0.000 0.076 Domestic Policies only0.000 0.020 Other Country policies 
-0.113 0.144 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.154 0.247 Shock effects 
0.000 0.115 Domestic Policies only 
0.000 0.003 Other Country policies 
0.154 0.365 Total 
Growth rate of imports in volume: deviation from benchmark (in points) 
0.156 0.092 Shock effects 
0.000 0.114 Domestic Policies only 
0.000 0.003 Other Country policies 
0.156 0.209 Total 
MacSim II Simulation N°1 Year 2 Country 4 : UNITED KINGDOM 
30/01/2018 10:41:31 Page 4.0
Labour Market 
Year 1 Year 2
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.014 0.016 Shock effects 
0.000 -0.009 Domestic Policies only 
0.000 -0.003 Other Country policies 
0.014 0.004 Total 
Total employment, in thousands 
Total employment : deviation from benchmark (in %) 
-0.041 -0.043 Shock effects 
0.000 0.028 Domestic Policies only 
0.000 0.008 Other Country policies 
-0.041 -0.007 Total 
Growth rate of total employment: deviation from benchmark (in points) 
-0.041 -0.002 Shock effects 
0.000 0.028 Domestic Policies only 
0.000 0.008 Other Country policies 
-0.041 0.035 Total 
Private sector employment, in thousands 
Private sector employment: deviation from benchmark (in %) 
-0.051 -0.054 Shock effects 
0.000 0.023 Domestic Policies only 
0.000 0.010 Other Country policies 
-0.051 -0.021 Total 
Growth rate of private sector employment :deviation from benchmark (in points) 
-0.051 -0.003 Shock effects 
0.000 0.023 Domestic Policies only 
0.000 0.010 Other Country policies 
-0.051 0.031 Total 
MacSim II Simulation N°1 Year 2 Country 4 : UNITED KINGDOM 
30/01/2018 10:41:31 Page 4.1
Labour Market ....
Public sector employment in thousands 
Public sector employment : deviation from benchmark (in %) 
0.000 0.000 Shock effects 
0.000 0.050 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.050 Total 
Growth rate of public sector employment : deviation from benchmark (in points) 
0.000 0.000 Shock effects 
0.000 0.050 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.050 Total 
MacSim II Simulation N°1 Year 2 Country 4 : UNITED KINGDOM 
30/01/2018 10:41:31 Page 5.0
External trade 
Year 1 Year 2
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.082 -0.056 Shock effects 
0.000 -0.068 Domestic Policies only 
0.000 0.009 Other Country policies 
-0.082 -0.114 Total 
Export to import ratio: deviation from benchmark (in points) 
-0.175 -0.120 Shock effects 
0.000 -0.148 Domestic Policies only 
0.000 0.019 Other Country policies 
-0.175 -0.249 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
0.048 0.233 Shock effects 
0.000 -0.033 Domestic Policies only 
0.000 0.036 Other Country policies 
0.048 0.236 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
0.051 0.196 Shock effects 
0.000 -0.035 Domestic Policies only 
0.000 0.038 Other Country policies 
0.051 0.199 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.154 0.247 Shock effects 
0.000 0.115 Domestic Policies only 
0.000 0.003 Other Country policies 
0.154 0.365 Total 
MacSim II Simulation N°1 Year 2 Country 4 : UNITED KINGDOM 
30/01/2018 10:41:31 Page 5.1
External trade ....
Growth rate of imports in volume: deviation from benchmark (in points) 
0.156 0.092 Shock effects 
0.000 0.114 Domestic Policies only 
0.000 0.003 Other Country policies 
0.156 0.209 Total 
MacSim II Simulation N°1 Year 2 Country 4 : UNITED KINGDOM 
30/01/2018 10:41:31 Page 6.0
Public finance 
Year 1 Year 2
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.049 -0.050 Shock effects 
0.000 -0.166 Domestic Policies only 
0.000 0.004 Other Country policies 
-0.049 -0.213 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
-0.032 -0.007 Shock effects 
0.000 -0.183 Domestic Policies only 
0.000 0.009 Other Country policies 
-0.032 -0.181 Total 
Public spending in value 
Public spending : deviation from benchmark (in points of GDP) 
0.052 0.017 Shock effects 
0.000 0.124 Domestic Policies only 
0.000 -0.012 Other Country policies 
0.052 0.129 Total 
Fiscal revenue in value 
Public revenue in value : deviation from benchmark (in points of GDP) 
0.020 0.009 Shock effects 
0.000 -0.059 Domestic Policies only 
0.000 -0.003 Other Country policies 
0.020 -0.052 Total 
MacSim II Simulation N°1 Year 2 Country 4 : UNITED KINGDOM 
30/01/2018 10:41:31 Page 7.0
Prices 
Year 1 Year 2
Consumer price index 
Consumer price index level: deviation from benchmark (in %) 
0.078 0.104 Shock effects 
0.000 -0.056 Domestic Policies only 
0.000 0.014 Other Country policies 
0.078 0.061 Total 
Prices rate: deviation from benchmark (in points) 
0.078 0.027 Shock effects 
0.000 -0.057 Domestic Policies only 
0.000 0.014 Other Country policies 
0.078 -0.017 Total 
Salary rate 
Private sector salaries : deviation from benchmark (in %) 
0.000 0.000 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.000 Total 
Growth rate of private sector salaries: deviation from benchmark (in points) 
-0.009 0.018 Shock effects 
0.000 -0.002 Domestic Policies only 
0.000 0.019 Other Country policies 
-0.009 0.034 Total 
Public sector salaries : deviation from benchmark (in %) 
0.000 0.000 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.000 Total 
MacSim II Simulation N°1 Year 2 Country 4 : UNITED KINGDOM 
30/01/2018 10:41:31 Page 7.1
Prices ....
Growth rate of public sector salaries: deviation from benchmark (in points) 
-0.009 0.018 Shock effects 
0.000 0.008 Domestic Policies only 
0.000 0.019 Other Country policies 
-0.009 0.044 Total 
Short term interest rates 
Short term interest rate : deviation from benchmark (in points) 
0.080 0.039 Shock effects 
0.000 -0.046 Domestic Policies only 
0.000 0.029 Other Country policies 
0.080 0.021 Total 
Long term interest rate 
Long term interest rate : deviation from benchmark (in points) 
0.074 0.037 Shock effects 
0.000 -0.054 Domestic Policies only 
0.000 0.019 Other Country policies 
0.074 0.002 Total 
MacSim II Simulation N°1 Year 2 Country 4 : UNITED KINGDOM 
30/01/2018 10:41:31 Page 8.0
Households 
Year 1 Year 2
Household disposable income in purchasing power 
Household disposable income : deviation from benchmark (in %) 
-0.095 -0.095 Shock effects 
0.000 0.211 Domestic Policies only 
0.000 0.011 Other Country policies 
-0.095 0.126 Total 
Growth rate of household disposable income : deviation from benchmark (in points) 
-0.097 0.000 Shock effects 
0.000 0.218 Domestic Policies only 
0.000 0.011 Other Country policies 
-0.097 0.230 Total 
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
-0.032 -0.067 Shock effects 
0.000 0.060 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.032 -0.007 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
-0.033 -0.036 Shock effects 
0.000 0.061 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.033 0.026 Total 
Savings rate 
Savings rate : deviation from benchmark (in points) 
-0.061 -0.027 Shock effects 
0.000 0.143 Domestic Policies only 
0.000 0.010 Other Country policies 
-0.061 0.126 Total 
MacSim II Simulation N°1 Year 2 Country 4 : UNITED KINGDOM 
30/01/2018 10:41:31 Page 8.1
Households ....
MacSim II SimulationN°1 Year 2 Country 4 : UNITED KINGDOM 
30/01/2018 10:41:31 Page 9.0
Firms
Year 1 Year 2
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.315 -0.387 Shock effects 
0.000 0.294 Domestic Policies only 
0.000 0.043 Other Country policies 
-0.315 -0.049 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-0.241 -0.045 Shock effects 
0.000 0.182 Domestic Policies only 
0.000 0.027 Other Country policies 
-0.241 0.165 Total 
Margin rate 
Margin rate : deviation from benchmark (in points) 
-0.012 0.011 Shock effects 
0.000 0.018 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.012 0.030 Total 
Profit rate 
Corporate profit rate : deviation from benchmark (in points) 
-0.011 -0.053 Shock effects 
0.000 0.002 Domestic Policies only 
0.000 0.002 Other Country policies 
-0.011 -0.048 Total 
Production capacity utilization rate 
Production capacity utilization rate: deviation from benchmark (in points) 
-0.021 0.018 Shock effects 
0.000 0.011 Domestic Policies only 
0.000 0.004 Other Country policies 
-0.021 0.033 Total 
MacSim II Simulation N°1 Year 2 Country 4 : UNITED KINGDOM 
30/01/2018 10:41:31 Page 9.1
Firms....
MacSim II Simulation N°1 Year 2 Country 5 : ITALY 
30/01/2018 10:41:32 Page 1.0
Main Objectives 
Year 1 Year 2
Target function 
Target function 
0.014 0.051 Shock effects 
0.000 0.025 Domestic Policies only 
0.000 0.005 Other Country policies 
0.014 0.082 Total 
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.174 -0.105 Shock effects 
0.000 0.021 Domestic Policies only 
0.000 0.020 Other Country policies 
-0.174 -0.064 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.179 0.068 Shock effects 
0.000 0.020 Domestic Policies only 
0.000 0.020 Other Country policies 
-0.179 0.108 Total 
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.027 0.065 Shock effects 
0.000 -0.004 Domestic Policies only 
0.000 0.000 Other Country policies 
0.027 0.060 Total 
Prices 
Consumer price index level: deviation from benchmark (in %) 
-0.225 -0.385 Shock effects 
0.000 -0.064 Domestic Policies only 
0.000 -0.007 Other Country policies 
-0.225 -0.456 Total 
MacSim II Simulation N°1 Year 2 Country 5 : ITALY 
30/01/2018 10:41:32 Page 1.1
Main Objectives ....
Prices rate: deviation from benchmark (in points) 
-0.228 -0.162 Shock effects 
0.000 -0.065 Domestic Policies only 
0.000 -0.007 Other Country policies 
-0.228 -0.234 Total 
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.012 -0.019 Shock effects 
0.000 0.011 Domestic Policies only 
0.000 0.006 Other Country policies 
-0.012 -0.003 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
0.320 0.848 Shock effects 
0.000 0.063 Domestic Policies only 
0.000 0.040 Other Country policies 
0.320 0.952 Total 
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.020 -0.070 Shock effects 
0.000 0.019 Domestic Policies only 
0.000 -0.002 Other Country policies 
-0.020 -0.053 Total 
MacSim II Simulation N°1 Year 2 Country 5 : ITALY 
30/01/2018 10:41:32 Page 2.0
Demand 
Year 1 Year 2
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
0.008 0.012 Shock effects 
0.000 -0.008 Domestic Policies only 
0.000 0.007 Other Country policies 
0.008 0.011 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
0.008 0.004 Shock effects 
0.000 -0.009 Domestic Policies only 
0.000 0.007 Other Country policies 
0.008 0.003 Total 
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.095 0.553 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.105 Other Country policies 
-0.095 0.659 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-0.098 0.482 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.078 Other Country policies 
-0.098 0.561 Total 
Public demand in volume 
Public demand in volume : deviation from benchmark (in %) 
0.000 0.000 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.000 Total 
MacSim II Simulation N°1 Year 2 Country 5 : ITALY 
30/01/2018 10:41:32 Page 2.1
Demand ....
Growth rate of public demand in volume: deviation from benchmark (in points) 
0.000 0.000 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.000 Total 
Domestic demand in volume 
Domestic demand : deviation from benchmark (in %) 
-0.046 0.114 Shock effects 
0.000 -0.002 Domestic Policies only 
0.000 0.027 Other Country policies 
-0.046 0.139 Total 
Growth rate of domestic demand : deviation from benchmark (in points) 
-0.047 0.151 Shock effects 
0.000 -0.002 Domestic Policies only 
0.000 0.026 Other Country policies 
-0.047 0.175 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
-0.055 -0.035 Shock effects 
0.000 0.016 Domestic Policies only 
0.000 0.025 Other Country policies 
-0.055 0.006 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
-0.062 0.022 Shock effects 
0.000 0.017 Domestic Policies only 
0.000 0.028 Other Country policies 
-0.062 0.067 Total 
MacSim II Simulation N°1 Year 2 Country 5 : ITALY 
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Demand ....
MacSim II Simulation N°1 Year 2 Country 5 : ITALY 
30/01/2018 10:41:32 Page 3.0
Unemployment rate : deviation from benchmark (in points) 
Year 1 Year 2
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.174 -0.105 Shock effects 
0.000 0.021 Domestic Policies only 
0.000 0.020 Other Country policies 
-0.174 -0.064 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.179 0.068 Shock effects 
0.000 0.020 Domestic Policies only 
0.000 0.020 Other Country policies 
-0.179 0.108 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.272 0.464 Shock effects 
0.000 -0.032 Domestic Policies only 
0.000 0.039 Other Country policies 
0.272 0.472 Total 
Growth rate of imports in volume: deviation from benchmark (in points) 
0.300 0.195 Shock effects 
0.000 -0.032 Domestic Policies only 
0.000 0.039 Other Country policies 
0.300 0.203 Total 
MacSim II Simulation N°1 Year 2 Country 5 : ITALY 
30/01/2018 10:41:32 Page 4.0
Labour Market 
Year 1 Year 2
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.027 0.065 Shock effects 
0.000 -0.004 Domestic Policies only 
0.000 0.000 Other Country policies 
0.027 0.060 Total 
Total employment, in thousands 
Total employment : deviation from benchmark (in %) 
-0.083 -0.191 Shock effects 
0.000 0.012 Domestic Policies only 
0.000 0.003 Other Country policies 
-0.083 -0.176 Total 
Growth rate of total employment: deviation from benchmark (in points) 
-0.081 -0.108 Shock effects 
0.000 0.012 Domestic Policies only 
0.000 0.003 Other Country policies 
-0.081 -0.093 Total 
Private sector employment, in thousands 
Private sector employment: deviation from benchmark (in %) 
-0.097 -0.223 Shock effects 
0.000 0.014 Domestic Policies only 
0.000 0.003 Other Country policies 
-0.097 -0.206 Total 
Growth rate of private sector employment :deviation from benchmark (in points) 
-0.094 -0.126 Shock effects 
0.000 0.013 Domestic Policies only 
0.000 0.003 Other Country policies 
-0.094 -0.109 Total 
MacSim II Simulation N°1Year 2 Country 5 : ITALY 
30/01/2018 10:41:32 Page 4.1
Labour Market ....
Public sector employment in thousands 
Public sector employment : deviation from benchmark (in %) 
0.000 0.000 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.000 Total 
Growth rate of public sector employment : deviation from benchmark (in points) 
0.000 0.000 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.000 Total 
MacSim II Simulation N°1 Year 2 Country 5 : ITALY 
30/01/2018 10:41:32 Page 5.0
External trade 
Year 1 Year 2
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.020 -0.070 Shock effects 
0.000 0.019 Domestic Policies only 
0.000 -0.002 Other Country policies 
-0.020 -0.053 Total 
Export to import ratio: deviation from benchmark (in points) 
-0.058 -0.203 Shock effects 
0.000 0.056 Domestic Policies only 
0.000 -0.007 Other Country policies 
-0.058 -0.154 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
-0.055 -0.035 Shock effects 
0.000 0.016 Domestic Policies only 
0.000 0.025 Other Country policies 
-0.055 0.006 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
-0.062 0.022 Shock effects 
0.000 0.017 Domestic Policies only 
0.000 0.028 Other Country policies 
-0.062 0.067 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.272 0.464 Shock effects 
0.000 -0.032 Domestic Policies only 
0.000 0.039 Other Country policies 
0.272 0.472 Total 
MacSim II Simulation N°1 Year 2 Country 5 : ITALY 
30/01/2018 10:41:32 Page 5.1
External trade ....
Growth rate of imports in volume: deviation from benchmark (in points) 
0.300 0.195 Shock effects 
0.000 -0.032 Domestic Policies only 
0.000 0.039 Other Country policies 
0.300 0.203 Total 
MacSim II Simulation N°1 Year 2 Country 5 : ITALY 
30/01/2018 10:41:32 Page 6.0
Public finance 
Year 1 Year 2
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.012 -0.019 Shock effects 
0.000 0.011 Domestic Policies only 
0.000 0.006 Other Country policies 
-0.012 -0.003 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
0.320 0.848 Shock effects 
0.000 0.063 Domestic Policies only 
0.000 0.040 Other Country policies 
0.320 0.952 Total 
Public spending in value 
Public spending : deviation from benchmark (in points of GDP) 
-0.310 -0.880 Shock effects 
0.000 -0.067 Domestic Policies only 
0.000 -0.043 Other Country policies 
-0.310 -0.990 Total 
Fiscal revenue in value 
Public revenue in value : deviation from benchmark (in points of GDP) 
0.010 -0.032 Shock effects 
0.000 -0.003 Domestic Policies only 
0.000 -0.003 Other Country policies 
0.010 -0.038 Total 
MacSim II Simulation N°1 Year 2 Country 5 : ITALY 
30/01/2018 10:41:32 Page 7.0
Prices 
Year 1 Year 2
Consumer price index 
Consumer price index level: deviation from benchmark (in %) 
-0.225 -0.385 Shock effects 
0.000 -0.064 Domestic Policies only 
0.000 -0.007 Other Country policies 
-0.225 -0.456 Total 
Prices rate: deviation from benchmark (in points) 
-0.228 -0.162 Shock effects 
0.000 -0.065 Domestic Policies only 
0.000 -0.007 Other Country policies 
-0.228 -0.234 Total 
Salary rate 
Private sector salaries : deviation from benchmark (in %) 
-0.222 -0.385 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.222 -0.409 Total 
Growth rate of private sector salaries: deviation from benchmark (in points) 
-0.230 -0.170 Shock effects 
0.000 -0.027 Domestic Policies only 
0.000 0.003 Other Country policies 
-0.230 -0.195 Total 
Public sector salaries : deviation from benchmark (in %) 
-0.222 -0.385 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.000 Other Country policies 
-0.222 -0.409 Total 
MacSim II Simulation N°1 Year 2 Country 5 : ITALY 
30/01/2018 10:41:32 Page 7.1
Prices ....
Growth rate of public sector salaries: deviation from benchmark (in points) 
-0.230 -0.170 Shock effects 
0.000 -0.027 Domestic Policies only 
0.000 0.003 Other Country policies 
-0.230 -0.195 Total 
Short term interest rates 
Short term interest rate : deviation from benchmark (in points) 
-0.343 -0.196 Shock effects 
0.000 -0.028 Domestic Policies only 
0.000 -0.034 Other Country policies 
-0.343 -0.258 Total 
Long term interest rate 
Long term interest rate : deviation from benchmark (in points) 
-0.277 -0.239 Shock effects 
0.000 -0.054 Domestic Policies only 
0.000 -0.019 Other Country policies 
-0.277 -0.311 Total 
MacSim II Simulation N°1 Year 2 Country 5 : ITALY 
30/01/2018 10:41:32 Page 8.0
Households 
Year 1 Year 2
Household disposable income in purchasing power 
Household disposable income : deviation from benchmark (in %) 
-0.065 -0.071 Shock effects 
0.000 -0.040 Domestic Policies only 
0.000 0.011 Other Country policies 
-0.065 -0.099 Total 
Growth rate of household disposable income : deviation from benchmark (in points) 
-0.066 -0.006 Shock effects 
0.000 -0.040 Domestic Policies only 
0.000 0.011 Other Country policies 
-0.066 -0.035 Total 
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
0.008 0.012 Shock effects 
0.000 -0.008 Domestic Policies only 
0.000 0.007 Other Country policies 
0.008 0.011 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
0.008 0.004 Shock effects 
0.000 -0.009 Domestic Policies only 
0.000 0.007 Other Country policies 
0.008 0.003 Total 
Savings rate 
Savings rate : deviation from benchmark (in points) 
-0.066 -0.075 Shock effects 
0.000 -0.028 Domestic Policies only 
0.000 0.004 Other Country policies 
-0.066 -0.100 Total 
MacSim II Simulation N°1 Year 2 Country 5 : ITALY 
30/01/2018 10:41:32 Page 8.1
Households ....
MacSim II Simulation N°1 Year 2 Country 5 : ITALY 
30/01/2018 10:41:32 Page 9.0
Firms
Year 1 Year 2
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.095 0.553 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.105 Other Country policies 
-0.095 0.659 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-0.098 0.482 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.078 Other Country policies 
-0.098 0.561 Total 
Margin rate 
Margin rate : deviation from benchmark (in points) 
0.005 0.048 Shock effects 
0.000 0.016 Domestic Policies only 
0.000 0.003 Other Country policies 
0.005 0.066 Total 
Profit rate 
Corporate profit rate : deviation from benchmark (in points) 
0.048 0.133 Shock effects 
0.000 0.012 Domestic Policies only 
0.000 0.006 Other Country policies 
0.048 0.151 Total 
Production capacity utilization rate 
Production capacity utilization rate: deviation from benchmark (in points) 
-0.035 0.033 Shock effects 
0.000 0.003 Domestic Policies only 
0.000 0.004 Other Country policies 
-0.035 0.040 Total 
MacSim II Simulation N°1 Year 2 Country 5 : ITALY 
30/01/2018 10:41:32 Page 9.1
Firms....
MacSim II Simulation N°1 Year 2 Country 6 : JAPAN 
30/01/2018 10:41:32 Page 1.0
Main Objectives 
Year 1 Year 2
Target function 
Target function 
-0.032 -0.027 Shock effects 
0.000 0.009 Domestic Policies only 
0.000 0.003 Other Country policies 
-0.032 -0.014 Total 
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.097 -0.048 Shock effects 
0.000 0.014 Domestic Policies only 
0.0000.014 Other Country policies 
-0.097 -0.020 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.095 0.048 Shock effects 
0.000 0.014 Domestic Policies only 
0.000 0.014 Other Country policies 
-0.095 0.075 Total 
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.013 0.022 Shock effects 
0.000 -0.001 Domestic Policies only 
0.000 -0.002 Other Country policies 
0.013 0.019 Total 
Prices 
Consumer price index level: deviation from benchmark (in %) 
-0.003 0.005 Shock effects 
0.000 -0.028 Domestic Policies only 
0.000 0.004 Other Country policies 
-0.003 -0.019 Total 
MacSim II Simulation N°1 Year 2 Country 6 : JAPAN 
30/01/2018 10:41:32 Page 1.1
Main Objectives ....
Prices rate: deviation from benchmark (in points) 
-0.003 0.008 Shock effects 
0.000 -0.029 Domestic Policies only 
0.000 0.004 Other Country policies 
-0.003 -0.016 Total 
Primary Government balance in value 
Primary Government balance : deviation from benchmark (in points of GDP) 
-0.033 -0.032 Shock effects 
0.000 -0.011 Domestic Policies only 
0.000 0.004 Other Country policies 
-0.033 -0.039 Total 
Government balance in value 
Government balance : deviation from benchmark (in points of GDP) 
-0.036 -0.036 Shock effects 
0.000 -0.016 Domestic Policies only 
0.000 0.005 Other Country policies 
-0.036 -0.047 Total 
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.047 -0.055 Shock effects 
0.000 -0.003 Domestic Policies only 
0.000 0.005 Other Country policies 
-0.047 -0.053 Total 
MacSim II Simulation N°1 Year 2 Country 6 : JAPAN 
30/01/2018 10:41:32 Page 2.0
Demand 
Year 1 Year 2
Household consumption in volume 
Household consumption in volume: deviation from benchmark (in %) 
-0.014 -0.040 Shock effects 
0.000 0.007 Domestic Policies only 
0.000 0.001 Other Country policies 
-0.014 -0.032 Total 
Growth rate of household consumption in volume: deviation from benchmark (in points) 
-0.015 -0.026 Shock effects 
0.000 0.007 Domestic Policies only 
0.000 0.001 Other Country policies 
-0.015 -0.018 Total 
Corporate investment in volume 
Corporate investment in volume (in %): deviation from the benchmark 
-0.192 0.038 Shock effects 
0.000 0.090 Domestic Policies only 
0.000 0.033 Other Country policies 
-0.192 0.161 Total 
Growth rate of corporate investment in volume : deviation from benchmark (in points) 
-0.170 0.175 Shock effects 
0.000 0.068 Domestic Policies only 
0.000 0.025 Other Country policies 
-0.170 0.268 Total 
Public demand in volume 
Public demand in volume : deviation from benchmark (in %) 
0.000 0.000 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.000 Total 
MacSim II Simulation N°1 Year 2 Country 6 : JAPAN 
30/01/2018 10:41:32 Page 2.1
Demand ....
Growth rate of public demand in volume: deviation from benchmark (in points) 
0.000 0.000 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.000 Total 
Domestic demand in volume 
Domestic demand : deviation from benchmark (in %) 
-0.057 -0.017 Shock effects 
0.000 0.019 Domestic Policies only 
0.000 0.007 Other Country policies 
-0.057 0.009 Total 
Growth rate of domestic demand : deviation from benchmark (in points) 
-0.056 0.039 Shock effects 
0.000 0.018 Domestic Policies only 
0.000 0.007 Other Country policies 
-0.056 0.064 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
-0.020 0.156 Shock effects 
0.000 -0.010 Domestic Policies only 
0.000 0.045 Other Country policies 
-0.020 0.191 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
-0.020 0.184 Shock effects 
0.000 -0.010 Domestic Policies only 
0.000 0.047 Other Country policies 
-0.020 0.221 Total 
MacSim II Simulation N°1 Year 2 Country 6 : JAPAN 
30/01/2018 10:41:32 Page 2.2
Demand ....
MacSim II Simulation N°1 Year 2 Country 6 : JAPAN 
30/01/2018 10:41:32 Page 3.0
Unemployment rate : deviation from benchmark (in points) 
Year 1 Year 2
GDP in volume 
GDP : Deviation from benchmark (in %) 
-0.097 -0.048 Shock effects 
0.000 0.014 Domestic Policies only 
0.000 0.014 Other Country policies 
-0.097 -0.020 Total 
GDP growth rate : Deviation from benchmark (in %) 
-0.095 0.048 Shock effects 
0.000 0.014 Domestic Policies only 
0.000 0.014 Other Country policies 
-0.095 0.075 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.244 0.380 Shock effects 
0.000 0.015 Domestic Policies only 
0.000 0.006 Other Country policies 
0.244 0.401 Total 
Growth rate of imports in volume: deviation from benchmark (in points) 
0.248 0.132 Shock effects 
0.000 0.015 Domestic Policies only 
0.000 0.006 Other Country policies 
0.248 0.153 Total 
MacSim II Simulation N°1 Year 2 Country 6 : JAPAN 
30/01/2018 10:41:32 Page 4.0
Labour Market 
Year 1 Year 2
Unemployment rate 
Unemployment rate : deviation from benchmark (in points) 
0.013 0.022 Shock effects 
0.000 -0.001 Domestic Policies only 
0.000 -0.002 Other Country policies 
0.013 0.019 Total 
Total employment, in thousands 
Total employment : deviation from benchmark (in %) 
-0.041 -0.062 Shock effects 
0.000 0.003 Domestic Policies only 
0.000 0.006 Other Country policies 
-0.041 -0.053 Total 
Growth rate of total employment: deviation from benchmark (in points) 
-0.041 -0.020 Shock effects 
0.000 0.003 Domestic Policies only 
0.000 0.006 Other Country policies 
-0.041 -0.011 Total 
Private sector employment, in thousands 
Private sector employment: deviation from benchmark (in %) 
-0.045 -0.067 Shock effects 
0.000 0.004 Domestic Policies only 
0.000 0.006 Other Country policies 
-0.045 -0.057 Total 
Growth rate of private sector employment :deviation from benchmark (in points) 
-0.044 -0.022 Shock effects 
0.000 0.004 Domestic Policies only 
0.000 0.006 Other Country policies 
-0.044 -0.012 Total 
MacSim II Simulation N°1 Year 2 Country 6 : JAPAN 
30/01/2018 10:41:32 Page 4.1
Labour Market ....
Public sector employment in thousands 
Public sector employment : deviation from benchmark (in %) 
0.000 0.000 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.000 Total 
Growth rate of public sector employment : deviation from benchmark (in points) 
0.000 0.000 Shock effects 
0.000 0.000 Domestic Policies only 
0.000 0.000 Other Country policies 
0.000 0.000 Total 
MacSim II Simulation N°1 Year 2 Country 6 : JAPAN 
30/01/2018 10:41:32 Page 5.0
External trade 
Year 1 Year 2
Current account in value 
Trade balance: deviation from benchmark (in points of GDP) 
-0.047 -0.055 Shock effects 
0.000 -0.003 Domestic Policies only 
0.000 0.005 Other Country policies 
-0.047 -0.053 Total 
Export to import ratio: deviation from benchmark (in points) 
-0.270 -0.315 Shock effects 
0.000 -0.019 Domestic Policies only 
0.000 0.030 Other Country policies 
-0.270 -0.304 Total 
Exports in volume 
Exports in volume : deviation from benchmark (in %) 
-0.020 0.156 Shock effects 
0.000 -0.010 Domestic Policies only 
0.000 0.045 Other Country policies 
-0.020 0.191 Total 
Growth rate of exports in volume : deviation from benchmark (in points) 
-0.020 0.184 Shock effects 
0.000 -0.010 Domestic Policies only 
0.000 0.047 Other Country policies 
-0.020 0.221 Total 
Imports in volume 
Imports in volume: deviation from benchmark (in %) 
0.244 0.380 Shock effects 
0.000 0.015 Domestic Policies only 
0.000 0.006 Other Country policies 
0.244 0.401 Total 
MacSim II Simulation N°1 Year 2 Country 6 : JAPAN