Table 16: Individual Shocks Productivity shocks
Terms-of-trade shocks
SD
Change in SD
SD
Variable
No rule
Fiscal rule
Consumption of tradable goods (Ricardian) Consumption of tradable goods (non-Ricardian) Consumption of tradable goods Consumption of nontradable goods (Ricardian) Consumption of nontradable goods (nonRicardian) Consumption of nontradable goods
0.011
−26.7%
Fiscal rule w/p −31.6%
No rule 0.008
0.009
−29.8%
−35.5%
0.010
−28.2%
0.002
Change in SD
−23.1%
Fiscal rule w/p −26.0%
0.004
−45.0%
−50.9%
−33.4%
0.006
−31.3%
−35.2%
−37.8%
−31.7%
0.005
−7.7%
−5.9%
0.003
−39.6%
−38.9%
0.002
−56.3%
−56.0%
0.002
−41.7%
−38.3%
0.003
−19.4%
−17.8%
Private investment
0.002
−4.4%
−4.7%
0.001
−10.2%
−10.4%
Federal public investment
0.001
−100.0%
−100.0%
0.001
−100.0%
−100.0%
Local public investment
0.001
−35.1%
−71.8%
0.001
−39.8%
−69.5%
Federal primary spending
0.005
−100.0%
−100.0%
0.003
−100.0%
−100.0%
Local primary spending
0.004
−35.1%
−72.0%
0.002
−40.6%
−70.9%
Employment in the tradable sector Employment in the nontradable private sector Employment in the nontradable federal public sector Employment in the nontradable local public sector
0.007
11.4%
15.4%
0.003
−27.3%
−29.9%
0.003
−41.7%
−38.3%
0.004
−19.4%
−17.8%
0.001
−100.0%
−100.0%
0.001
−100.0%
−100.0%
0.003
−35.1%
−72.1%
0.001
−41.0%
−71.6%
Employment
0.014
−18.4%
−22.5%
0.006
−33.5%
−38.2%
Tradable output
0.013
−1.3%
−0.7%
0.004
−28.8%
−30.9%
Nontradable output
0.002
−41.7%
−38.3%
0.003
−19.4%
−17.8%
GDP
0.025
−15.7%
−19.0%
0.015
−18.1%
−20.5%
Price of the nontradable good
0.069
−18.4%
−22.5%
0.030
−33.5%
−38.2%
Wages
0.055
−18.4%
−22.5%
0.024
−33.5%
−38.2%
Interest rate
0.018
7.8%
10.3%
0.010
−11.1%
−13.1%
Debt
0.002
−18.9%
−22.7%
0.005
−6.7%
−7.4%
Total federal taxes
0.005
−21.8%
−25.5%
0.003
−22.6%
−25.1%
Total local taxes
0.004
−35.1%
−72.1%
0.002
−41.0%
−71.6%
Source: IERAL of the Mediterranean Foundation.
38
Fiscal rule