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Carlos Gustavo Machicado y Paúl Estrada
Analíti a
k
4
Revista de Análisis Estadístico
Journal of Statistical Analysis
B Dynamic Transitions
Figure B.1.
Baseline Scenario vs. C1
Figure B.2.
Baseline scenario vs. C2
C Sensitivity Analysis
In this appendix we analyze how sensitive the model’s
main results are to changes in the valuation of public con-
sumption and/or relative prices. In particular, we simulate
the effects on output growth and welfare gains as:
•
Changes in the value of public consumption. Pub-
lic consumption is related to consumption of non-
tradables by the parameter
µ
. We simulate an in-
crease in
µ
to 1. This represents a situation where
consumers weight public and private consumption
equally, as opposed to a decrease in
µ
to 0, where
public consumption is pure waste.
•
Change in relative prices (
q
xh
,
q
xa
and
q
xm
). The Boli-
vian Central Bank has computed these relative prices
for the basic exportable products of Bolivia. Accord-
ing to these calculations, we simulate a 10-percent in-
crease and decrease in the three prices.
The following figures display the results:
Figure C.3
78
Analítika,
Revista de análisis estadístico
, 2 (2012), Vol. 4(2): 57-79