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{"sheet":"ReadMe","index":0,"n_rows":43,"n_cols":11,"rows_kept":43,"cut":false,"hidden":false,"merged":[[38,1,40,15],[15,1,18,15],[42,1,43,15],[6,0,9,15],[0,0,2,17]]}
["MCD Fiscal Multiplier Template "]
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[]
[]
["Instructions for using this template: "]
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["This template projects real GDP by “impacting” a baseline with fiscal measures (shocks). The template is based on a recent one developed by FAD, but is better tailored to the econometric work done in MCD and the specific needs of our department. Instructions on how to use the template are provided below."]
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[]
[]
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[null,null,"Cells Highlighted in orange indicate user inputs.  "]
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[null,"1)  Make sure that macros are enabled in excel."]
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[null,"2)  Set up basic assumptions on sheet 1 by selecting options from the drop down menus.  Required user inputs include: country name, current year, choice for real baseline GDP, country group, and multiplier persistence assumptions.  The recommended choice for baseline GDP is the trend of real GDP estimated using an HP filter, but if you prefer to use your own baseline GDP, please follow the instructions on sheet 3. "]
[]
[]
[]
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[null,"3)  Enter the consolidation path on sheet 1 by entering fiscal measures in percent of GDP (non-cumulative measures).  An example:"]
[]
[null,null,"To enter the following cumulative path for subsidy measures:"]
[]
[null,null,null,null,null,{"$f":"Current_Year","v":2014},{"$f":"F25+1","v":2015},{"$f":"G25+1","v":2016},{"$f":"H25+1","v":2017},{"$f":"I25+1","v":2018},{"$f":"J25+1","v":2019}]
[]
[null,null,null,"Subsidy measures",null,-1,-2,-3,-4,-4,-4]
[]
[]
[null,null,"Simply enter the following on sheet 1:  "]
[]
[null,null,null,null,null,{"$f":"Current_Year","v":2014},{"$f":"F32+1","v":2015},{"$f":"G32+1","v":2016},{"$f":"H32+1","v":2017},{"$f":"I32+1","v":2018},{"$f":"J32+1","v":2019}]
[]
[null,null,null,"Subsidy measures",null,{"$f":"F27","v":-1},{"$f":"G27-F27","v":-1},{"$f":"H27-G27","v":-1},{"$f":"I27-H27","v":-1},{"$f":"J27-I27","v":0},{"$f":"K27-J27","v":0}]
[]
[]
[null,"4)  Refresh sheet 2 by using the EcXL add-in in Excel. "]
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[null,"5)  Sheet 4 shows customized multiplier estimates based on user inputs.  The options that the user inputs on sheet 1 will change both the size and persistence of the estimated fiscal multipliers. "]
[]
[]
[]
[null,"6) Sheets 6 and 7 are output sheets that show the impact of the fiscal measures specified by the user on real output."]

{"sheet":"Characteristics","index":1,"n_rows":87,"n_cols":6,"rows_kept":87,"cut":false,"hidden":false,"merged":[]}
["Country Characteristics"]
["Countries","ISO Code","Ctry Code","Group","Oil Exporter?"]
["Afghanistan","AFG",512,"IMPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"NO"}]
["Algeria","DZA",612,"EXPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"YES"}]
["Armenia","ARM",911,"IMPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"NO"}]
["Azerbaijan","AZE",912,"EXPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"YES"}]
["Bahrain","BHR",419,"EXPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"YES"}]
["Djibouti","DJI",611,"IMPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"NO"}]
["Egypt","EGY",469,"IMPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"NO"}]
["Georgia","GEO",915,"IMPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"NO"}]
["Iran","IRN",429,"EXPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"YES"}]
["Iraq","IRQ",433,"EXPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"YES"}]
["Jordan","JOR",439,"IMPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"NO"}]
["Kazakhstan","KAZ",916,"EXPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"YES"}]
["Kuwait","KWT",443,"EXPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"YES"}]
["Kyrgyz Republic","KGZ",917,"IMPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"NO"}]
["Lebanon","LBN",446,"IMPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"NO"}]
["Libya","LBY",672,"EXPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"YES"}]
["Mauritania","MRT",682,"IMPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"NO"}]
["Morocco","MAR",686,"IMPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"NO"}]
["Oman","OMN",449,"EXPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"YES"}]
["Pakistan","PAK",564,"IMPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"NO"}]
["Qatar","QAT",453,"EXPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"YES"}]
["Saudi Arabia","SAU",456,"EXPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"YES"}]
["Sudan","SDN",732,"EXPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"YES"}]
["Syria","SYR",463,"IMPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"NO"}]
["Tajikistan","TJK",923,"IMPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"NO"}]
["Tunisia","TUN",744,"IMPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"NO"}]
["Turkmenistan","TKM",925,"EXPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"YES"}]
["United Arab Emirates","ARE",466,"EXPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"YES"}]
["Uzbekistan","UZB",927,"EXPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"YES"}]
["West Bank and Gaza","WBG",487,"IMPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"NO"}]
["Yemen","YEM",474,"EXPOIL",{"$f":"IF(Codes[[#This Row],[Group]]=\"EXPOIL\",\"YES\",\"NO\")","v":"YES"}]
[]
[]
["Multipliers"]
["Group","Government Consumption","Subsidies and Transfers","Capital Expenditure","Tax Revenue"]
["MCD",0.74569934697453055,0.48365856462704365,1.0766258826077597,-0.43376681109569698]
["GCC",1.2088757032675657,0.71719497175939784,1.3647875883205327,-0.43376681109569698]
["MENAP Oil Importers",1.0187494571037412,0.56477485658162951,1.2249441993070844,-0.43376681109569698]
["MENAP Oil Exporters",0.66534145913129872,0.43288920478053,0.99871403133168135,-0.43376681109569698]
["ACTs",0.72381700201283772,0.48162800561469854,1.2241533337419803,-0.43376681109569698]
["More Open to Trade",0.41148899092200791,0.32336270174807258,1.0178265138940779,-0.43376681109569698]
["Less Open to Trade",1.0319751953513747,0.42501039072713481,1.2145888708154233,-0.43376681109569698]
["High Income",0.77392858906660067,0.73564805502595032,1.0881689630945095,-0.43376681109569698]
["Low Income",0.8367359685225404,0.51643500030423817,1.1129058537532492,-0.43376681109569698]
["More Flexible Exchange Rate",0.37182458279996955,0.24560593651543614,0.55734479031780437,-0.43376681109569698]
["Less Flexible Exchange Rate",1.0885197315574293,0.71350579676803427,1.2583502994659399,-0.43376681109569698]
[]
[]
["Impulse Response Functions"]
["Descriptor","Year 1","Year 2","Year 3","Year 4","Year 5"]
["GCC - Capital Expenditure",0.99326207816661005,1.3647875883205327,1.2055623696831375,0.66722948762337175,0.18955383171118512]
["GCC - Subsidies and Transfers",0.29636155857826363,0.54530526778400501,0.71719497175939784,0.62235927301435356,0.33785217677922053]
["GCC - Government Consumption",0.16708038175242776,0.94351274401370966,1.2088757032675657,0.88454319751285282,0.39313031000571241]
["MCD - Capital Expenditure",0.65793803937140871,1.0766258826077597,1.0566883662631714,0.73768810474976132,0.40871908506405691]
["MCD - Subsidies and Transfers",0.13021576739958868,0.35344279722745503,0.48365856462704365,0.47125706296994002,0.3782458005416624]
["MCD - Government Consumption",0.26268954268420958,0.61859150374023553,0.74569934697453055,0.66096078481833387,0.49148366050594056]
["MENAP Oil Importers - Government Consumption",0.65152581558960176,0.98321168534430836,1.0187494571037412,0.87659837006600982,0.639679891669791]
["MENAP Oil Importers - Subsidies and Transfers",0.18246572289560337,0.45181988526530364,0.56477485658162951,0.56477485658162951,0.45181988526530364]
["MENAP Oil Importers - Capital Expenditure",0.92698479947563128,1.2249441993070844,1.0097512994288127,0.64557869963481462,0.33106599981272544]
["MENAP Oil Exporters - Capital Expenditure",0.5898445285717312,0.97860569513037221,0.99871403133168135,0.66357509464319764,0.31503060048717463]
["MENAP Oil Exporters - Government Consumption",4.8014332102258667E-2,0.44584736952097337,0.66534145913129872,0.64476388823033071,0.51443927252419996]
["MENAP Oil Exporters - Subsidies and Transfers",9.4539021733678966E-2,0.30352001714496935,0.43288920478053,0.43288920478053,0.3682046109627497]
["ACTs - Capital Expenditure",0.37666256422830163,0.62777094038050274,0.98873923109929185,1.1927647867229552,1.2241533337419803]
["ACTs - Subsidies and Transfers",0.11875759042554211,0.2309175369385541,0.32328455171397574,0.42884685431445763,0.47503036170216845]
["ACTs - Government Consumption",0.2613783618379692,0.44233261234117865,0.58307480717700821,0.71376398809599284,0.72381700201283772]
["High Income - Government Consumption",0.24795770329318273,0.69127602130220633,0.77392858906660067,0.56354023475723347,0.28552705227699832]
["High Income - Subsidies and Transfers",0.44956270029363632,0.73564805502595032,0.6947787186356198,0.48459356005677684,0.25105449496917354]
["High Income - Capital Expenditure",0.75661748215165125,1.0881689630945095,0.97765180278022346,0.51858052147472722,9.3514520265934431E-2]
["Low Income - Capital Expenditure",0.8193922219941504,1.1129058537532492,1.0639869151267325,0.91723009924718335,0.74601381405437583]
["Low Income - Subsidies and Transfers",0.13628145841361841,0.30125375017747225,0.42318979191597295,0.51643500030423817,0.50926229196667927]
["Low Income - Government Consumption",0.42353302110400198,0.66112471586966159,0.7850856000952231,0.8367359685225404,0.76442545272429618]
["More Open to Trade - Government Consumption",0.10153624451322273,0.34736083649260402,0.41148899092200791,0.37408090083818896,0.27788866919408323]
["More Open to Trade - Subsidies and Transfers",7.2756607893316325E-2,0.23443795876735257,0.32336270174807258,0.30719456666066891,0.2546481276266071]
["More Open to Trade - Capital Expenditure",0.31687051847645825,0.89299873388820039,1.0178265138940779,0.84498804927055537,0.59533248925880033]
["Less Open to Trade - Capital Expenditure",1.1133731315808049,1.2145888708154233,0.88563771830291294,0.51873066357742048,0.26569131549087388]
["Less Open to Trade - Government Consumption",0.32375692403180378,0.64751384806360757,0.97127077209541113,1.0319751953513747,0.87009673333547255]
["Less Open to Trade - Subsidies and Transfers",8.9475871732028395E-2,0.31316555106209931,0.42501039072713481,0.42501039072713481,0.31316555106209931]
["Less Flexible Exchange Rate - Subsidies and Transfers",0.18703550012365949,0.45719788919116755,0.68579683378675149,0.71350579676803427,0.56110650037097842]
["Less Flexible Exchange Rate - Capital Expenditure",0.51224879447286065,1.0356334323038268,1.2583502994659399,1.0690409623781436,0.65701475812823418]
["Less Flexible Exchange Rate - Government Consumption",0.39847597315941619,0.80667087249345215,1.0885197315574293,1.04964402685895,0.76779516779497259]
["More Flexible Exchange Rate - Government Consumption",-0.16078900877836519,0.21103557402160431,0.29143007841078694,0.37182458279996955,0.37182458279996955]
["More Flexible Exchange Rate - Subsidies and Transfers",-0.10782699651897196,9.5846219127975085E-2,0.17971166086495327,0.23362515912443924,0.24560593651543614]
["More Flexible Exchange Rate - Capital Expenditure",0.21140664460330516,0.55734479031780437,0.54773539738129062,0.37476632452404091,0.24023482341284677]
["MCD - Tax Revenue",-0.38927790739357426,-0.31142232591485941,-0.43376681109569698,-0.30030009998932872,-0.18907784073402176]
["MENAP Oil Importers - Tax Revenue",-0.44164208556313345,-0.31743024899850214,-0.71766838904009178,-0.42784077038928547,-0.31743024899850214]

{"sheet":"1. Assumptions","index":2,"n_rows":39,"n_cols":9,"rows_kept":39,"cut":false,"hidden":false,"merged":[[36,1,36,2],[32,1,32,2],[22,3,25,8],[3,3,3,8],[7,3,9,8],[13,3,13,8],[14,3,14,8],[18,3,18,8],[20,3,20,8],[33,1,33,2],[34,1,34,2],[35,1,35,2]]}
[]
[null,"Basic Assumptions:"]
[]
[null,"Assumption:","Inputs:","Instructions:"]
[]
[null,"Country and Date:"]
[]
[null,"Country:","Egypt","Choose country from drop-down menu.  Enter the first year of your projection period."]
[null,"Country Code:",{"$f":"VLOOKUP($C$8,Codes[#All],3,FALSE)","v":469}]
[null,"Current Year:",2014]
[]
[null,"Data:"]
[]
[null,"Real Baseline GDP:","Potential GDP (HP Filter)","GDP variable used to compute the fiscal impact of measures."]
[null,"Oil Exporter:",{"$f":"VLOOKUP(C8,Codes[#All],5,FALSE)","v":"NO"},"Oil exporter updates automatically. "]
[]
[null,"Multiplier Assumptions:"]
[]
[null,"Country Group","MCD","Choose a country group."]
[]
[null,"Persistence","User-Defined","Modify assumptions on the persistence of multipliers."]
[]
[null,"Government Consumption","Short Persistence (3 Years)","Enter user-defined persistence options (this only applies if users select the \"User-Defined\" option in the previous step. "]
[null,"Subsidies","Short Persistence (3 Years)"]
[null,"Capital","Long Persistence (5 Years)"]
[null,"Taxes","Short Persistence (3 Years)"]
[]
[]
[]
[null,"Non-Cumulative Fiscal Measures in percent of GDP (in percent of Non-Hydrocarbon GDP for Oil Exporters)"]
[]
[null,null,null,{"$f":"Current_Year","v":2014},{"$f":"D32+1","v":2015},{"$f":"E32+1","v":2016},{"$f":"F32+1","v":2017},{"$f":"G32+1","v":2018},{"$f":"H32+1","v":2019}]
[]
[null,"Government Consumption (Wages, Purchase of Goods and Services, etc)",null,0,0,0,0,0,0]
[null,"Subsidies ",null,0,-1.5,-1,-0.5,0,0]
[null,"Capital Expenditure",null,0,0,0,0,0,0]
[null,"Tax Revenue",null,0,1,1,0.5,0,0]
[]
[null,"Deficit Reducing Measures",null,{"$f":"(-D34)+(-D35)+(-D36)+(+D37)","v":0},2.5,2,1,0,0]

{"sheet":"2. Input_Data","index":3,"n_rows":31,"n_cols":28,"rows_kept":31,"cut":false,"hidden":false,"merged":[[0,0,0,1]]}
["Refresh this page to update MCD REO data. ",null,"EcDatabase","Series_Code","Country","Indicator.Descriptor","Indicator.Unit","Scale",{"$f":"J1-1","v":2000},2001,2002,2003,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,{"$f":"Current_Year","v":2014},{"$f":"W1+1","v":2015},{"$f":"X1+1","v":2016},{"$f":"Y1+1","v":2017},{"$f":"Z1+1","v":2018},{"$f":"AA1+1","v":2019}]
[]
["Fiscal Balance in Percent of GDP:"]
[]
["Unadjusted Balance","GGB_GDP.A","\\\\MCD\\REO\\MCDREO",{"$f":"cc&B5","v":"469GGB_GDP.A"},"Egypt","Overall fiscal balance, Gen govt, percent of GDP","Percent of GDP","Units",-1.2239030559409381,-2.2352941176470589,-11.347334389020849,-9.0243137724550895,-8.2535792293426749,-8.4064961741838449,-9.1807060427213862,-7.5474360896885067,-8.0040134003350083,-6.8962065495106497,-8.2840784021216649,-9.784027935813274,-10.516334687551787,-14.189602463925169,-12.421850069900364,-13.265447260127425,-13.679370102095998,-14.260520961388176,-14.118678355140734,-12.852501835038302]
["Balance Including Measures",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"W5+'1. Assumptions'!D39","v":-12.421850069900364},{"$f":"X5+'1. Assumptions'!E39","v":-10.765447260127425},{"$f":"Y5+'1. Assumptions'!F39","v":-11.679370102095998},{"$f":"Z5+'1. Assumptions'!G39","v":-13.260520961388176},{"$f":"AA5+'1. Assumptions'!H39","v":-14.118678355140734},{"$f":"AB5+'1. Assumptions'!I39","v":-12.852501835038302}]
[]
["Baseline Assumptions: "]
[]
["Real GDP",{"$f":"IF(Oil_X=\"YES\",\"NGDPXO_R.A\",\"NGDP_R.A\")","v":"NGDP_R.A"},"\\\\MCD\\REO\\MCDREO",{"$f":"cc&B10","v":"469NGDP_R.A"},"Egypt","Gross domestic product, constant prices, market prices","National currency","Billions",354.70269370460102,367.20272397094396,378.9,391,407,425.2,454.3,486.5,521.31531954887203,545.67951127819595,573.76691729323306,583.95676691729295,596.89003759398497,609.41246743346801,628.48306374635001,655.08681223547705,682.12344676637497,709.25618423181606,737.80327330139289,767.47278768067395]
["Nominal GDP",{"$f":"IF(Oil_X=\"YES\",\"NGDPXO.A\",\"NGDP.A\")","v":"NGDP.A"},"\\\\MCD\\REO\\MCDREO",{"$f":"cc&B11","v":"469NGDP.A"},"Egypt","Gross domestic product, current prices, market prices","National currency","Billions",340.1,358.7,378.9,417.5,485.3,538.5,617.70000000000005,744.8,895.5,1042.2,1206.5999999999999,1371,1575.5459000000001,1753.3,1991.4529667202401,2276.6577528082003,2621.3989627757901,3024.2278391724503,3494.4134339459501,4045.6830747060799]
["REO Potential Real GDP",{"$f":"IF(Oil_X=\"YES\",\"NPGDPXO_R.A\",\"NPGDP_R.A\")","v":"NPGDP_R.A"},"\\\\MCD\\REO\\MCDREO",{"$f":"cc&B12","v":"469NPGDP_R.A"},"Egypt","Potential real gross domestic product, constant prices in national currency","Billions of national currency","Billions",".",".",".",".",".",".",".",484.22314403513298,513.54966902692502,543.39135689992406,574.96808503751299,593.29292904404201,610.42034885319401,626.21506623537903,642.210747520636,661.21946179621307,683.33296863892895,708.95217035933501,737.65769715192198,767.45908293458501]
[]
["Baseline GDP",null,null,null,null,null,null,null,{"$f":"TRANSPOSE('3. Potential'!$H$10:$H$29)","v":{"$error":"#NAME?"}},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[]
["Real GDP Growth",null,null,null,null,null,null,null,{"$f":"IFERROR(100*((I10-H10)/H10),\".\")","v":"."},3.5240866472677714,3.1855090568395665,3.1934547373977362,4.0920716112531972,4.4717444717444685,6.8438381937911625,7.0878274268104748,7.1562835660579704,4.6735997995239877,5.1472348575531761,1.7759562841529599,2.2147651006711913,2.0979458611773674,3.1293413462966302,4.2330096105603365,4.1271834550653939,3.9776872638031411,4.0249334026598182,4.0213313565987727]
["Baseline Growth",null,null,null,null,null,null,null,{"$f":"IFERROR(100*((I14-H14)/H14),\".\")","v":"."},".",".",".",".",".",".",".",".",".",".",".",{"$f":"IFERROR(100*((U14-T14)/T14),\".\")","v":"."},".",".",".",".",".",".","."]
[]
["Fiscal Measures in National Currency:"]
[]
["Government Consumption (Wages, Goods and Services)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IFERROR(('1. Assumptions'!D34/100)*W$11,\".\")","v":0},{"$f":"IFERROR(('1. Assumptions'!E34/100)*X$11,\".\")","v":0},{"$f":"IFERROR(('1. Assumptions'!F34/100)*Y$11,\".\")","v":0},{"$f":"IFERROR(('1. Assumptions'!G34/100)*Z$11,\".\")","v":0},{"$f":"IFERROR(('1. Assumptions'!H34/100)*AA$11,\".\")","v":0},{"$f":"IFERROR(('1. Assumptions'!I34/100)*AB$11,\".\")","v":0}]
["Subsidies",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IFERROR(('1. Assumptions'!D35/100)*W$11,\".\")","v":0},{"$f":"IFERROR(('1. Assumptions'!E35/100)*X$11,\".\")","v":-34.149866292123001},{"$f":"IFERROR(('1. Assumptions'!F35/100)*Y$11,\".\")","v":-26.213989627757901},{"$f":"IFERROR(('1. Assumptions'!G35/100)*Z$11,\".\")","v":-15.121139195862252},{"$f":"IFERROR(('1. Assumptions'!H35/100)*AA$11,\".\")","v":0},{"$f":"IFERROR(('1. Assumptions'!I35/100)*AB$11,\".\")","v":0}]
["Capital Expenditure",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IFERROR(('1. Assumptions'!D36/100)*W$11,\".\")","v":0},{"$f":"IFERROR(('1. Assumptions'!E36/100)*X$11,\".\")","v":0},{"$f":"IFERROR(('1. Assumptions'!F36/100)*Y$11,\".\")","v":0},{"$f":"IFERROR(('1. Assumptions'!G36/100)*Z$11,\".\")","v":0},{"$f":"IFERROR(('1. Assumptions'!H36/100)*AA$11,\".\")","v":0},{"$f":"IFERROR(('1. Assumptions'!I36/100)*AB$11,\".\")","v":0}]
["Tax Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IFERROR(('1. Assumptions'!D37/100)*W$11,\".\")","v":0},{"$f":"IFERROR(('1. Assumptions'!E37/100)*X$11,\".\")","v":22.766577528082003},{"$f":"IFERROR(('1. Assumptions'!F37/100)*Y$11,\".\")","v":26.213989627757901},{"$f":"IFERROR(('1. Assumptions'!G37/100)*Z$11,\".\")","v":15.121139195862252},{"$f":"IFERROR(('1. Assumptions'!H37/100)*AA$11,\".\")","v":0},{"$f":"IFERROR(('1. Assumptions'!I37/100)*AB$11,\".\")","v":0}]
[]
["Fiscal Measures in Real National Currency (Deflated by GDP Deflator):"]
[]
["Government Consumption (Wages, Goods and Services)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IFERROR(W21*(W$10/W$11),\".\")","v":0},0,0,0,0,0]
["Subsidies",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,-9.8263021835321549,-6.82123446766375,-3.5462809211590804,0,0]
["Capital Expenditure",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0,0]
["Tax Revenue",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,6.5508681223547711,6.82123446766375,3.5462809211590804,0,0]

{"sheet":"3. Potential","index":4,"n_rows":35,"n_cols":8,"rows_kept":35,"cut":false,"hidden":false,"merged":[[2,6,2,7],[32,0,33,12],[34,0,35,12]]}
[null,"Real GDP","Potential GDP (HP Filter)","Potential GDP (MCD REO)","Own (Enter on Sheet 3)"]
[]
[null,"Real GDP","Real Potential GDP *","MCD REO","Desk Input (OWN Baseline GDP)",null,"For Use in Analysis:"]
[]
[]
[]
["Indicator.Descriptor","Gross domestic product, constant prices, market prices"]
["Indicator.Unit","National currency"]
["Scale","Billions"]
[{"$f":"A11-1","v":2000},{"$f":"TRANSPOSE('2. Input_Data'!$I$10:$AB$10)","v":354.70269370460102},{"$f":"[7]!hp($B$10:$B$29,100)","v":{"$error":"#NAME?"}},{"$f":"TRANSPOSE('2. Input_Data'!$I$12:$AB$12)","v":"."},{"$f":"C10","v":{"$error":"#NAME?"}},null,{"$f":"A10","v":2000},{"$f":"HLOOKUP('1. Assumptions'!$C$14,'3. Potential'!$A$1:$E$29,MATCH(G10,'3. Potential'!$A$1:$A$29,0),FALSE)","v":{"$error":"#NAME?"}}]
[2001,367.20272397094396,{"$error":"#NAME?"},".",{"$f":"C11","v":{"$error":"#NAME?"}},null,{"$f":"A11","v":2001},{"$f":"HLOOKUP('1. Assumptions'!$C$14,'3. Potential'!$A$1:$E$29,MATCH(G11,'3. Potential'!$A$1:$A$29,0),FALSE)","v":{"$error":"#NAME?"}}]
[2002,378.9,{"$error":"#NAME?"},".",{"$error":"#NAME?"},null,2002,{"$f":"HLOOKUP('1. Assumptions'!$C$14,'3. Potential'!$A$1:$E$29,MATCH(G12,'3. Potential'!$A$1:$A$29,0),FALSE)","v":{"$error":"#NAME?"}}]
[2003,391,{"$error":"#NAME?"},".",{"$error":"#NAME?"},null,2003,{"$f":"HLOOKUP('1. Assumptions'!$C$14,'3. Potential'!$A$1:$E$29,MATCH(G13,'3. Potential'!$A$1:$A$29,0),FALSE)","v":{"$error":"#NAME?"}}]
[2004,407,{"$error":"#NAME?"},".",{"$error":"#NAME?"},null,2004,{"$f":"HLOOKUP('1. Assumptions'!$C$14,'3. Potential'!$A$1:$E$29,MATCH(G14,'3. Potential'!$A$1:$A$29,0),FALSE)","v":{"$error":"#NAME?"}}]
[2005,425.2,{"$error":"#NAME?"},".",{"$error":"#NAME?"},null,2005,{"$f":"HLOOKUP('1. Assumptions'!$C$14,'3. Potential'!$A$1:$E$29,MATCH(G15,'3. Potential'!$A$1:$A$29,0),FALSE)","v":{"$error":"#NAME?"}}]
[2006,454.3,{"$error":"#NAME?"},".",{"$error":"#NAME?"},null,2006,{"$f":"HLOOKUP('1. Assumptions'!$C$14,'3. Potential'!$A$1:$E$29,MATCH(G16,'3. Potential'!$A$1:$A$29,0),FALSE)","v":{"$error":"#NAME?"}}]
[2007,486.5,{"$error":"#NAME?"},484.22314403513298,{"$error":"#NAME?"},null,2007,{"$f":"HLOOKUP('1. Assumptions'!$C$14,'3. Potential'!$A$1:$E$29,MATCH(G17,'3. Potential'!$A$1:$A$29,0),FALSE)","v":{"$error":"#NAME?"}}]
[2008,521.31531954887203,{"$error":"#NAME?"},513.54966902692502,{"$error":"#NAME?"},null,2008,{"$f":"HLOOKUP('1. Assumptions'!$C$14,'3. Potential'!$A$1:$E$29,MATCH(G18,'3. Potential'!$A$1:$A$29,0),FALSE)","v":{"$error":"#NAME?"}}]
[2009,545.67951127819595,{"$error":"#NAME?"},543.39135689992406,{"$error":"#NAME?"},null,2009,{"$f":"HLOOKUP('1. Assumptions'!$C$14,'3. Potential'!$A$1:$E$29,MATCH(G19,'3. Potential'!$A$1:$A$29,0),FALSE)","v":{"$error":"#NAME?"}}]
[2010,573.76691729323306,{"$error":"#NAME?"},574.96808503751299,{"$error":"#NAME?"},null,2010,{"$f":"HLOOKUP('1. Assumptions'!$C$14,'3. Potential'!$A$1:$E$29,MATCH(G20,'3. Potential'!$A$1:$A$29,0),FALSE)","v":{"$error":"#NAME?"}}]
[2011,583.95676691729295,{"$error":"#NAME?"},593.29292904404201,{"$error":"#NAME?"},null,2011,{"$f":"HLOOKUP('1. Assumptions'!$C$14,'3. Potential'!$A$1:$E$29,MATCH(G21,'3. Potential'!$A$1:$A$29,0),FALSE)","v":{"$error":"#NAME?"}}]
[2012,596.89003759398497,{"$error":"#NAME?"},610.42034885319401,{"$error":"#NAME?"},null,2012,{"$f":"HLOOKUP('1. Assumptions'!$C$14,'3. Potential'!$A$1:$E$29,MATCH(G22,'3. Potential'!$A$1:$A$29,0),FALSE)","v":{"$error":"#NAME?"}}]
[2013,609.41246743346801,{"$error":"#NAME?"},626.21506623537903,{"$error":"#NAME?"},null,2013,{"$f":"HLOOKUP('1. Assumptions'!$C$14,'3. Potential'!$A$1:$E$29,MATCH(G23,'3. Potential'!$A$1:$A$29,0),FALSE)","v":{"$error":"#NAME?"}}]
[{"$f":"Current_Year","v":2014},628.48306374635001,{"$error":"#NAME?"},642.210747520636,{"$error":"#NAME?"},null,2014,{"$f":"HLOOKUP('1. Assumptions'!$C$14,'3. Potential'!$A$1:$E$29,MATCH(G24,'3. Potential'!$A$1:$A$29,0),FALSE)","v":{"$error":"#NAME?"}}]
[{"$f":"A24+1","v":2015},655.08681223547705,{"$error":"#NAME?"},661.21946179621307,{"$error":"#NAME?"},null,2015,{"$f":"HLOOKUP('1. Assumptions'!$C$14,'3. Potential'!$A$1:$E$29,MATCH(G25,'3. Potential'!$A$1:$A$29,0),FALSE)","v":{"$error":"#NAME?"}}]
[{"$f":"A25+1","v":2016},682.12344676637497,{"$error":"#NAME?"},683.33296863892895,{"$error":"#NAME?"},null,2016,{"$f":"HLOOKUP('1. Assumptions'!$C$14,'3. Potential'!$A$1:$E$29,MATCH(G26,'3. Potential'!$A$1:$A$29,0),FALSE)","v":{"$error":"#NAME?"}}]
[{"$f":"A26+1","v":2017},709.25618423181606,{"$error":"#NAME?"},708.95217035933501,{"$error":"#NAME?"},null,2017,{"$f":"HLOOKUP('1. Assumptions'!$C$14,'3. Potential'!$A$1:$E$29,MATCH(G27,'3. Potential'!$A$1:$A$29,0),FALSE)","v":{"$error":"#NAME?"}}]
[{"$f":"A27+1","v":2018},737.80327330139289,{"$error":"#NAME?"},737.65769715192198,{"$error":"#NAME?"},null,2018,{"$f":"HLOOKUP('1. Assumptions'!$C$14,'3. Potential'!$A$1:$E$29,MATCH(G28,'3. Potential'!$A$1:$A$29,0),FALSE)","v":{"$error":"#NAME?"}}]
[{"$f":"A28+1","v":2019},767.47278768067395,{"$error":"#NAME?"},767.45908293458501,{"$error":"#NAME?"},null,2019,{"$f":"HLOOKUP('1. Assumptions'!$C$14,'3. Potential'!$A$1:$E$29,MATCH(G29,'3. Potential'!$A$1:$A$29,0),FALSE)","v":{"$error":"#NAME?"}}]
[]
["*Instructions for using the HP filter to calculate baseline GDP:"]
["1. Copy the HPfilter add in (http://www.web-reg.de/hp_addin.html) to your C drive: C:\\Users\\username\\My Local documents\\Hpfilter\\"]
["2. Check that the add-in is included and activated in Excel by first navigating to excel options and then to the add-ins tab.  Select \"Excel Add-ins\" from the drop down menu at the bottom of the screen and click \"Go…\".  Browse for the add-in in the folder from step 1.  Finally, make sure that the add-in is enabled in excel. "]
[]
["3. To recalculate the array, first select cells C10:C29 and press delete.  Enter =hp($B$10:$B$29,100) in C10 and drag the formula through cell C29.  Then select cell C10:C29 again and press F2.  Finally, press Ctrl+Shift+Enter to recalculate the array. "]

{"sheet":"4. Multipliers","index":5,"n_rows":55,"n_cols":9,"rows_kept":55,"cut":false,"hidden":false,"merged":[[19,3,19,4],[49,3,49,8],[0,0,1,8]]}
[{"$f":"\"Multipliers for \"&'1. Assumptions'!C19&\" Country Group\"","v":"Multipliers for MCD Country Group"}]
[]
[]
[null,null,"This section displays panel estimated dynamic multipliers over a five year period. "]
[]
[]
[null,null,null,null,"Year 1","Year 2","Year 3","Year 4","Year 5"]
[null,null,null,"Government Consumption",{"$f":"VLOOKUP('1. Assumptions'!$C$19&\" - \"&'4. Multipliers'!$D8,Characteristics!$A$52:$F$87,MATCH('4. Multipliers'!E$7,Characteristics!$A$52:$F$52,0),FALSE)","v":0.26268954268420958},{"$f":"VLOOKUP('1. Assumptions'!$C$19&\" - \"&'4. Multipliers'!$D8,Characteristics!$A$52:$F$87,MATCH('4. Multipliers'!F$7,Characteristics!$A$52:$F$52,0),FALSE)","v":0.61859150374023553},{"$f":"VLOOKUP('1. Assumptions'!$C$19&\" - \"&'4. Multipliers'!$D8,Characteristics!$A$52:$F$87,MATCH('4. Multipliers'!G$7,Characteristics!$A$52:$F$52,0),FALSE)","v":0.74569934697453055},{"$f":"VLOOKUP('1. Assumptions'!$C$19&\" - \"&'4. Multipliers'!$D8,Characteristics!$A$52:$F$87,MATCH('4. Multipliers'!H$7,Characteristics!$A$52:$F$52,0),FALSE)","v":0.66096078481833387},{"$f":"VLOOKUP('1. Assumptions'!$C$19&\" - \"&'4. Multipliers'!$D8,Characteristics!$A$52:$F$87,MATCH('4. Multipliers'!I$7,Characteristics!$A$52:$F$52,0),FALSE)","v":0.49148366050594056}]
[null,null,null,"Subsidies and Transfers",{"$f":"VLOOKUP('1. Assumptions'!$C$19&\" - \"&'4. Multipliers'!$D9,Characteristics!$A$52:$F$87,MATCH('4. Multipliers'!E$7,Characteristics!$A$52:$F$52,0),FALSE)","v":0.13021576739958868},{"$f":"VLOOKUP('1. Assumptions'!$C$19&\" - \"&'4. Multipliers'!$D9,Characteristics!$A$52:$F$87,MATCH('4. Multipliers'!F$7,Characteristics!$A$52:$F$52,0),FALSE)","v":0.35344279722745503},{"$f":"VLOOKUP('1. Assumptions'!$C$19&\" - \"&'4. Multipliers'!$D9,Characteristics!$A$52:$F$87,MATCH('4. Multipliers'!G$7,Characteristics!$A$52:$F$52,0),FALSE)","v":0.48365856462704365},{"$f":"VLOOKUP('1. Assumptions'!$C$19&\" - \"&'4. Multipliers'!$D9,Characteristics!$A$52:$F$87,MATCH('4. Multipliers'!H$7,Characteristics!$A$52:$F$52,0),FALSE)","v":0.47125706296994002},{"$f":"VLOOKUP('1. Assumptions'!$C$19&\" - \"&'4. Multipliers'!$D9,Characteristics!$A$52:$F$87,MATCH('4. Multipliers'!I$7,Characteristics!$A$52:$F$52,0),FALSE)","v":0.3782458005416624}]
[null,null,null,"Capital Expenditure",{"$f":"VLOOKUP('1. Assumptions'!$C$19&\" - \"&'4. Multipliers'!$D10,Characteristics!$A$52:$F$87,MATCH('4. Multipliers'!E$7,Characteristics!$A$52:$F$52,0),FALSE)","v":0.65793803937140871},{"$f":"VLOOKUP('1. Assumptions'!$C$19&\" - \"&'4. Multipliers'!$D10,Characteristics!$A$52:$F$87,MATCH('4. Multipliers'!F$7,Characteristics!$A$52:$F$52,0),FALSE)","v":1.0766258826077597},{"$f":"VLOOKUP('1. Assumptions'!$C$19&\" - \"&'4. Multipliers'!$D10,Characteristics!$A$52:$F$87,MATCH('4. Multipliers'!G$7,Characteristics!$A$52:$F$52,0),FALSE)","v":1.0566883662631714},{"$f":"VLOOKUP('1. Assumptions'!$C$19&\" - \"&'4. Multipliers'!$D10,Characteristics!$A$52:$F$87,MATCH('4. Multipliers'!H$7,Characteristics!$A$52:$F$52,0),FALSE)","v":0.73768810474976132},{"$f":"VLOOKUP('1. Assumptions'!$C$19&\" - \"&'4. Multipliers'!$D10,Characteristics!$A$52:$F$87,MATCH('4. Multipliers'!I$7,Characteristics!$A$52:$F$52,0),FALSE)","v":0.40871908506405691}]
[null,null,null,"Tax Revenue",{"$f":"Characteristics!B86","v":-0.38927790739357426},{"$f":"Characteristics!C86","v":-0.31142232591485941},{"$f":"Characteristics!D86","v":-0.43376681109569698},{"$f":"Characteristics!E86","v":-0.30030009998932872},{"$f":"Characteristics!F86","v":-0.18907784073402176}]
[]
[]
[]
[]
[null,null,"This section computes the multipliers given user-defined persistence."]
[]
[null,null,null,{"$f":"\"Maximum Cumulative Multipliers \"","v":"Maximum Cumulative Multipliers "}]
[]
[]
[null,null,null,"Government Consumption",{"$f":"VLOOKUP('1. Assumptions'!$C$19,Multipliers[#All],MATCH('4. Multipliers'!$D21,Multipliers[#Headers],0),FALSE)","v":0.74569934697453055}]
[null,null,null,"Subsidies and Transfers",{"$f":"VLOOKUP('1. Assumptions'!$C$19,Multipliers[#All],MATCH('4. Multipliers'!$D22,Multipliers[#Headers],0),FALSE)","v":0.48365856462704365}]
[null,null,null,"Capital Expenditure",{"$f":"VLOOKUP('1. Assumptions'!$C$19,Multipliers[#All],MATCH('4. Multipliers'!$D23,Multipliers[#Headers],0),FALSE)","v":1.0766258826077597}]
[null,null,null,"Tax Revenue",{"$f":"VLOOKUP('1. Assumptions'!$C$19,Multipliers[#All],MATCH('4. Multipliers'!$D24,Multipliers[#Headers],0),FALSE)","v":-0.43376681109569698}]
[]
[]
[null,null,null,"Persistence Assumptions"]
[]
[]
[null,null,null,null,"No Persistence","Short Persistence (3 Years)","Long Persistence (5 Years)","Permanent"]
[null,null,null,"Government Consumption",{"$f":"IF('1. Assumptions'!C23=\"No Persistence\",1,0)","v":0},{"$f":"IF('1. Assumptions'!C23=\"Short Persistence (3 Years)\",1,0)","v":1},{"$f":"IF('1. Assumptions'!C23=\"Long Persistence (5 Years)\",1,0)","v":0},{"$f":"IF('1. Assumptions'!C23=\"Permanent\",1,0)","v":0}]
[null,null,null,"Subsidies and Transfers",{"$f":"IF('1. Assumptions'!C24=\"No Persistence\",1,0)","v":0},{"$f":"IF('1. Assumptions'!C24=\"Short Persistence (3 Years)\",1,0)","v":1},{"$f":"IF('1. Assumptions'!C24=\"Long Persistence (5 Years)\",1,0)","v":0},{"$f":"IF('1. Assumptions'!C24=\"Permanent\",1,0)","v":0}]
[null,null,null,"Capital Expenditure",{"$f":"IF('1. Assumptions'!C25=\"No Persistence\",1,0)","v":0},{"$f":"IF('1. Assumptions'!C25=\"Short Persistence (3 Years)\",1,0)","v":0},{"$f":"IF('1. Assumptions'!C25=\"Long Persistence (5 Years)\",1,0)","v":1},{"$f":"IF('1. Assumptions'!C25=\"Permanent\",1,0)","v":0}]
[null,null,null,"Tax Revenue",{"$f":"IF('1. Assumptions'!C26=\"No Persistence\",1,0)","v":0},{"$f":"IF('1. Assumptions'!C26=\"Short Persistence (3 Years)\",1,0)","v":1},{"$f":"IF('1. Assumptions'!C26=\"Long Persistence (5 Years)\",1,0)","v":0},{"$f":"IF('1. Assumptions'!C26=\"Permanent\",1,0)","v":0}]
[]
[]
[null,null,null,"Multiplier path persistence assumption"]
[null,null,null,"Note: relevant multiplier is premultiplied by this in each year"]
[]
[]
[null,null,null,null,"Year 1","Year 2","Year 3","Year 4","Year 5"]
[null,null,null,"1. No Persistence (Initial effect only)",1,0,0,0,0]
[null,null,null,"2. Short persistence (3 years)",0.8,1,0.5,0,0]
[null,null,null,"3. Long persistence (5 years)",0.8,1,0.6,0.3,0]
[null,null,null,"4. Permanent",0.8,1,{"$f":"F45-($F$45-$I$45)/3","v":0.73333333333333339},{"$f":"G45-($F$45-$I$45)/3","v":0.46666666666666673},0.2]
[]
[]
[null,null,null,"Cumulative multipliers given assumptions"]
[]
[]
[null,null,null,null,"Year 1","Year 2","Year 3","Year 4","Year 5"]
[null,null,null,"Government Consumption",{"$f":"$E$21*($E$31*E$42+$F$31*E$43+$G$31*E$44+$H$31*E$45)","v":0.59655947757962446},{"$f":"$E$21*($E$31*F$42+$F$31*F$43+$G$31*F$44+$H$31*F$45)","v":0.74569934697453055},{"$f":"$E$21*($E$31*G$42+$F$31*G$43+$G$31*G$44+$H$31*G$45)","v":0.37284967348726528},{"$f":"$E$21*($E$31*H$42+$F$31*H$43+$G$31*H$44+$H$31*H$45)","v":0},{"$f":"$E$21*($E$31*I$42+$F$31*I$43+$G$31*I$44+$H$31*I$45)","v":0}]
[null,null,null,"Subsidies and Transfers",{"$f":"$E$22*($E$32*E$42+$F$32*E$43+$G$32*E$44+$H$32*E$45)","v":0.38692685170163493},{"$f":"$E$22*($E$32*F$42+$F$32*F$43+$G$32*F$44+$H$32*F$45)","v":0.48365856462704365},{"$f":"$E$22*($E$32*G$42+$F$32*G$43+$G$32*G$44+$H$32*G$45)","v":0.24182928231352183},{"$f":"$E$22*($E$32*H$42+$F$32*H$43+$G$32*H$44+$H$32*H$45)","v":0},{"$f":"$E$22*($E$32*I$42+$F$32*I$43+$G$32*I$44+$H$32*I$45)","v":0}]
[null,null,null,"Capital Expenditure",{"$f":"$E$23*($E$33*E$42+$F$33*E$43+$G$33*E$44+$H$33*E$45)","v":0.86130070608620779},{"$f":"$E$23*($E$33*F$42+$F$33*F$43+$G$33*F$44+$H$33*F$45)","v":1.0766258826077597},{"$f":"$E$23*($E$33*G$42+$F$33*G$43+$G$33*G$44+$H$33*G$45)","v":0.64597552956465576},{"$f":"$E$23*($E$33*H$42+$F$33*H$43+$G$33*H$44+$H$33*H$45)","v":0.32298776478232788},{"$f":"$E$23*($E$33*I$42+$F$33*I$43+$G$33*I$44+$H$33*I$45)","v":0}]
[null,null,null,"Tax Revenue",{"$f":"$E$24*($E$34*E$42+$F$34*E$43+$G$34*E$44+$H$34*E$45)","v":-0.34701344887655761},{"$f":"$E$24*($E$34*F$42+$F$34*F$43+$G$34*F$44+$H$34*F$45)","v":-0.43376681109569698},{"$f":"$E$24*($E$34*G$42+$F$34*G$43+$G$34*G$44+$H$34*G$45)","v":-0.21688340554784849},{"$f":"$E$24*($E$34*H$42+$F$34*H$43+$G$34*H$44+$H$34*H$45)","v":0},{"$f":"$E$24*($E$34*I$42+$F$34*I$43+$G$34*I$44+$H$34*I$45)","v":0}]

{"sheet":"5. Impact","index":6,"n_rows":57,"n_cols":9,"rows_kept":57,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Impact on Output of Fiscal Measures"]
[]
[null,null,"Multipliers:"]
[]
[null,null,null,"Year 1","Year 2","Year 3","Year 4","Year 5"]
[null,null,"Government Consumption",{"$f":"IF('1. Assumptions'!$C$21=\"Panel Model Estimated\",'4. Multipliers'!E8,'4. Multipliers'!E52)","v":0.59655947757962446},{"$f":"IF('1. Assumptions'!$C$21=\"Panel Model Estimated\",'4. Multipliers'!F8,'4. Multipliers'!F52)","v":0.74569934697453055},{"$f":"IF('1. Assumptions'!$C$21=\"Panel Model Estimated\",'4. Multipliers'!G8,'4. Multipliers'!G52)","v":0.37284967348726528},{"$f":"IF('1. Assumptions'!$C$21=\"Panel Model Estimated\",'4. Multipliers'!H8,'4. Multipliers'!H52)","v":0},{"$f":"IF('1. Assumptions'!$C$21=\"Panel Model Estimated\",'4. Multipliers'!I8,'4. Multipliers'!I52)","v":0}]
[null,null,"Subsidies ",{"$f":"IF('1. Assumptions'!$C$21=\"Panel Model Estimated\",'4. Multipliers'!E9,'4. Multipliers'!E53)","v":0.38692685170163493},{"$f":"IF('1. Assumptions'!$C$21=\"Panel Model Estimated\",'4. Multipliers'!F9,'4. Multipliers'!F53)","v":0.48365856462704365},{"$f":"IF('1. Assumptions'!$C$21=\"Panel Model Estimated\",'4. Multipliers'!G9,'4. Multipliers'!G53)","v":0.24182928231352183},{"$f":"IF('1. Assumptions'!$C$21=\"Panel Model Estimated\",'4. Multipliers'!H9,'4. Multipliers'!H53)","v":0},{"$f":"IF('1. Assumptions'!$C$21=\"Panel Model Estimated\",'4. Multipliers'!I9,'4. Multipliers'!I53)","v":0}]
[null,null,"Capital Expenditure",{"$f":"IF('1. Assumptions'!$C$21=\"Panel Model Estimated\",'4. Multipliers'!E10,'4. Multipliers'!E54)","v":0.86130070608620779},{"$f":"IF('1. Assumptions'!$C$21=\"Panel Model Estimated\",'4. Multipliers'!F10,'4. Multipliers'!F54)","v":1.0766258826077597},{"$f":"IF('1. Assumptions'!$C$21=\"Panel Model Estimated\",'4. Multipliers'!G10,'4. Multipliers'!G54)","v":0.64597552956465576},{"$f":"IF('1. Assumptions'!$C$21=\"Panel Model Estimated\",'4. Multipliers'!H10,'4. Multipliers'!H54)","v":0.32298776478232788},{"$f":"IF('1. Assumptions'!$C$21=\"Panel Model Estimated\",'4. Multipliers'!I10,'4. Multipliers'!I54)","v":0}]
[null,null,"Tax Revenue",{"$f":"IF('1. Assumptions'!$C$21=\"Panel Model Estimated\",'4. Multipliers'!E11,'4. Multipliers'!E55)","v":-0.34701344887655761},{"$f":"IF('1. Assumptions'!$C$21=\"Panel Model Estimated\",'4. Multipliers'!F11,'4. Multipliers'!F55)","v":-0.43376681109569698},{"$f":"IF('1. Assumptions'!$C$21=\"Panel Model Estimated\",'4. Multipliers'!G11,'4. Multipliers'!G55)","v":-0.21688340554784849},{"$f":"IF('1. Assumptions'!$C$21=\"Panel Model Estimated\",'4. Multipliers'!H11,'4. Multipliers'!H55)","v":0},{"$f":"IF('1. Assumptions'!$C$21=\"Panel Model Estimated\",'4. Multipliers'!I11,'4. Multipliers'!I55)","v":0}]
[]
[]
[null,null,"Fiscal Measures:"]
[]
[null,null,null,{"$f":"Current_Year","v":2014},{"$f":"D15+1","v":2015},{"$f":"E15+1","v":2016},{"$f":"F15+1","v":2017},{"$f":"G15+1","v":2018},{"$f":"H15+1","v":2019}]
[null,null,"Government Consumption",{"$f":"'2. Input_Data'!W28","v":0},{"$f":"'2. Input_Data'!X28","v":0},{"$f":"'2. Input_Data'!Y28","v":0},{"$f":"'2. Input_Data'!Z28","v":0},{"$f":"'2. Input_Data'!AA28","v":0},{"$f":"'2. Input_Data'!AB28","v":0}]
[null,null,"Subsidies ",{"$f":"'2. Input_Data'!W29","v":0},{"$f":"'2. Input_Data'!X29","v":-9.8263021835321549},{"$f":"'2. Input_Data'!Y29","v":-6.82123446766375},{"$f":"'2. Input_Data'!Z29","v":-3.5462809211590804},{"$f":"'2. Input_Data'!AA29","v":0},{"$f":"'2. Input_Data'!AB29","v":0}]
[null,null,"Capital Expenditure",{"$f":"'2. Input_Data'!W30","v":0},{"$f":"'2. Input_Data'!X30","v":0},{"$f":"'2. Input_Data'!Y30","v":0},{"$f":"'2. Input_Data'!Z30","v":0},{"$f":"'2. Input_Data'!AA30","v":0},{"$f":"'2. Input_Data'!AB30","v":0}]
[null,null,"Tax Revenue",{"$f":"'2. Input_Data'!W31","v":0},{"$f":"'2. Input_Data'!X31","v":6.5508681223547711},{"$f":"'2. Input_Data'!Y31","v":6.82123446766375},{"$f":"'2. Input_Data'!Z31","v":3.5462809211590804},{"$f":"'2. Input_Data'!AA31","v":0},{"$f":"'2. Input_Data'!AB31","v":0}]
[]
[]
[]
[]
[null,null,"Real Output Effects (Levels):",{"$f":"D15","v":2014},{"$f":"E15","v":2015},2016,2017,2018,2019]
[]
[null,null,"Government Consumption"]
[null,null,"Year 1",{"$f":"$D$16*D$7","v":0},{"$f":"$E$16*D$7","v":0},{"$f":"$F$16*D$7","v":0},{"$f":"$G$16*D$7","v":0},{"$f":"$H$16*D$7","v":0},{"$f":"$I$16*D$7","v":0}]
[null,null,"Year 2",null,{"$f":"$D$16*E$7","v":0},{"$f":"$E$16*E$7","v":0},{"$f":"$F$16*E$7","v":0},{"$f":"$G$16*E$7","v":0},{"$f":"$H$16*E$7","v":0}]
[null,null,"Year 3",null,null,{"$f":"$D$16*F$7","v":0},{"$f":"$E$16*F$7","v":0},{"$f":"$F$16*F$7","v":0},{"$f":"$G$16*F$7","v":0}]
[null,null,"Year 4",null,null,null,{"$f":"$D$16*G$7","v":0},{"$f":"$E$16*G$7","v":0},{"$f":"$F$16*G$7","v":0}]
[null,null,"Year 5",null,null,null,null,{"$f":"$D$16*H$7","v":0},{"$f":"$E$16*H$7","v":0}]
[]
[null,null,"Subsidies "]
[null,null,"Year 1",{"$f":"$D$17*D$8","v":0},{"$f":"$E$17*D$8","v":-3.8020601677429977},{"$f":"$F$17*D$8","v":-2.6393187772918125},{"$f":"$G$17*D$8","v":-1.3721513120736568},{"$f":"$H$17*D$8","v":0},{"$f":"$I$17*D$8","v":0}]
[null,null,"Year 2",null,{"$f":"$D$17*E$8","v":0},{"$f":"$E$17*E$8","v":-4.7525752096787466},{"$f":"$F$17*E$8","v":-3.2991484716147657},{"$f":"$G$17*E$8","v":-1.7151891400920709},{"$f":"$H$17*E$8","v":0}]
[null,null,"Year 3",null,null,{"$f":"$D$17*F$8","v":0},{"$f":"$E$17*F$8","v":-2.3762876048393733},{"$f":"$F$17*F$8","v":-1.6495742358073828},{"$f":"$G$17*F$8","v":-0.85759457004603545}]
[null,null,"Year 4",null,null,null,{"$f":"$D$17*G$8","v":0},{"$f":"$E$17*G$8","v":0},{"$f":"$F$17*G$8","v":0}]
[null,null,"Year 5",null,null,null,null,{"$f":"$D$17*H$8","v":0},{"$f":"$E$17*H$8","v":0}]
[]
[null,null,"Capital Expenditure"]
[null,null,"Year 1",{"$f":"$D$18*D$9","v":0},{"$f":"$E$18*D$9","v":0},{"$f":"$F$18*D$9","v":0},{"$f":"$G$18*D$9","v":0},{"$f":"$H$18*D$9","v":0},{"$f":"$I$18*D$9","v":0}]
[null,null,"Year 2",null,{"$f":"$D$18*E$9","v":0},{"$f":"$E$18*E$9","v":0},{"$f":"$F$18*E$9","v":0},{"$f":"$G$18*E$9","v":0},{"$f":"$H$18*E$9","v":0}]
[null,null,"Year 3",null,null,{"$f":"$D$18*F$9","v":0},{"$f":"$E$18*F$9","v":0},{"$f":"$F$18*F$9","v":0},{"$f":"$G$18*F$9","v":0}]
[null,null,"Year 4",null,null,null,{"$f":"$D$18*G$9","v":0},{"$f":"$E$18*G$9","v":0},{"$f":"$F$18*G$9","v":0}]
[null,null,"Year 5",null,null,null,null,{"$f":"$D$18*H$9","v":0},{"$f":"$E$18*H$9","v":0}]
[]
[null,null,"Tax Revenue"]
[null,null,"Year 1",{"$f":"$D$19*D$10","v":0},{"$f":"$E$19*D$10","v":-2.2732393402738285},{"$f":"$F$19*D$10","v":-2.3670600982196475},{"$f":"$G$19*D$10","v":-1.2306071731365482},{"$f":"$H$19*D$10","v":0},{"$f":"$I$19*D$10","v":0}]
[null,null,"Year 2",null,{"$f":"$D$19*E$10","v":0},{"$f":"$E$19*E$10","v":-2.8415491753422852},{"$f":"$F$19*E$10","v":-2.958825122774559},{"$f":"$G$19*E$10","v":-1.5382589664206852},{"$f":"$H$19*E$10","v":0}]
[null,null,"Year 3",null,null,{"$f":"$D$19*F$10","v":0},{"$f":"$E$19*F$10","v":-1.4207745876711426},{"$f":"$F$19*F$10","v":-1.4794125613872795},{"$f":"$G$19*F$10","v":-0.76912948321034258}]
[null,null,"Year 4",null,null,null,{"$f":"$D$19*G$10","v":0},{"$f":"$E$19*G$10","v":0},{"$f":"$F$19*G$10","v":0}]
[null,null,"Year 5",null,null,null,null,{"$f":"$D$19*H$10","v":0},{"$f":"$E$19*H$10","v":0}]
[]
[null,null,"Total Change in Output Relative to Baseline from Fiscal Measures"]
[]
[null,null,"Level",{"$f":"SUM(D27:D52)","v":0},{"$f":"SUM(E27:E52)","v":-6.0752995080168262},-12.600503260532491,-12.657794272110046,-6.3824349037074182,-1.626724053256378]
[null,null,"In Percent of GDP ",{"$f":"D56/'2. Input_Data'!W10*100","v":0},{"$f":"E56/'2. Input_Data'!X10*100","v":-0.92740372642901003},{"$f":"F56/'2. Input_Data'!Y10*100","v":-1.8472467586718395},{"$f":"G56/'2. Input_Data'!Z10*100","v":-1.7846575826222084},{"$f":"H56/'2. Input_Data'!AA10*100","v":-0.86505917426313605},{"$f":"I56/'2. Input_Data'!AB10*100","v":-0.21195853186826175}]

{"sheet":"6. Adjustment","index":7,"n_rows":24,"n_cols":10,"rows_kept":24,"cut":false,"hidden":false,"merged":[[15,3,15,9],[7,3,7,9],[1,1,1,9]]}
[]
[null,{"$f":"'1. Assumptions'!C8&\" - Analysis of Fiscal Measures on Output, \"&Current_Year-1&\"–\"&Current_Year+5","v":"Egypt - Analysis of Fiscal Measures on Output, 2013–2019"}]
[]
[]
[null,null,{"$f":"D5-1","v":2012},{"$f":"E5-1","v":2013},{"$f":"Current_Year","v":2014},{"$f":"E5+1","v":2015},{"$f":"F5+1","v":2016},{"$f":"G5+1","v":2017},{"$f":"H5+1","v":2018},{"$f":"I5+1","v":2019}]
[]
[]
[null,null,null,"(In Levels, unless Othewise Indicated)"]
[]
[null,"Real GDP",{"$f":"'2. Input_Data'!U10","v":596.89003759398497},{"$f":"'2. Input_Data'!V10","v":609.41246743346801},{"$f":"'2. Input_Data'!W10","v":628.48306374635001},{"$f":"'2. Input_Data'!X10","v":655.08681223547705},{"$f":"'2. Input_Data'!Y10","v":682.12344676637497},{"$f":"'2. Input_Data'!Z10","v":709.25618423181606},{"$f":"'2. Input_Data'!AA10","v":737.80327330139289},{"$f":"'2. Input_Data'!AB10","v":767.47278768067395}]
[null,"Baseline GDP",{"$f":"'2. Input_Data'!U14","v":{"$error":"#NAME?"}},{"$f":"'2. Input_Data'!V14","v":{"$error":"#NAME?"}},{"$f":"'2. Input_Data'!W14","v":{"$error":"#NAME?"}},{"$f":"'2. Input_Data'!X14","v":{"$error":"#NAME?"}},{"$f":"'2. Input_Data'!Y14","v":{"$error":"#NAME?"}},{"$f":"'2. Input_Data'!Z14","v":{"$error":"#NAME?"}},{"$f":"'2. Input_Data'!AA14","v":{"$error":"#NAME?"}},{"$f":"'2. Input_Data'!AB14","v":{"$error":"#NAME?"}}]
[null,"Total change in output relative to baseline from fiscal measures",null,null,{"$f":"'5. Impact'!D56","v":0},{"$f":"'5. Impact'!E56","v":-6.0752995080168262},{"$f":"'5. Impact'!F56","v":-12.600503260532491},{"$f":"'5. Impact'!G56","v":-12.657794272110046},{"$f":"'5. Impact'!H56","v":-6.3824349037074182},{"$f":"'5. Impact'!I56","v":-1.626724053256378}]
[null,"In Percent of GDP ",null,null,{"$f":"E12*100/E10","v":0},-0.92740372642901003,-1.8472467586718393,-1.7846575826222084,-0.86505917426313605,-0.21195853186826175]
[null,"Baseline GDP with the impact of discretionary fiscal measures",{"$f":"C11+C12","v":{"$error":"#NAME?"}},{"$f":"D11+D12","v":{"$error":"#NAME?"}},{"$f":"E11+E12","v":{"$error":"#NAME?"}},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[]
[null,null,null,"(Percent Change, unless Othewise Indicated)"]
[]
[null,"Real GDP",null,{"$f":"'2. Input_Data'!V16","v":2.0979458611773674},{"$f":"'2. Input_Data'!W16","v":3.1293413462966302},{"$f":"'2. Input_Data'!X16","v":4.2330096105603365},{"$f":"'2. Input_Data'!Y16","v":4.1271834550653939},{"$f":"'2. Input_Data'!Z16","v":3.9776872638031411},{"$f":"'2. Input_Data'!AA16","v":4.0249334026598182},{"$f":"'2. Input_Data'!AB16","v":4.0213313565987727}]
[null,"Baseline GDP",null,null,{"$f":"100*((E11-D11)/D11)","v":{"$error":"#NAME?"}},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[null,"Baseline GDP with the impact of discretionary fiscal measures",null,null,{"$f":"100*((E14-D14)/D14)","v":{"$error":"#NAME?"}},{"$f":"100*((F14-E14)/E14)","v":{"$error":"#NAME?"}},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[null,"Deficit reducing measures (in percent of GDP)",null,null,{"$f":"'1. Assumptions'!D39","v":0},{"$f":"'1. Assumptions'!E39","v":2.5},{"$f":"'1. Assumptions'!F39","v":2},{"$f":"'1. Assumptions'!G39","v":1},{"$f":"'1. Assumptions'!H39","v":0},{"$f":"'1. Assumptions'!I39","v":0}]
[]
[]
[null,"Source:  IMF WEO and IMF staff Estimated.  Multiplier Estimated from Abdallah, Davies and Fischer, 2014 (forthcoming)."]