' ' Group 1: Consumption dlog(CONS) = - 0.0978 * log(CONS(-1)) + 0.098 * log(RHHDI(-1)) + 0.137 * dlog(RHHDI) + 0.190 * (dlog(GPW) - dlog(PCE)) - 0.0096 * d(LFSUR) - 0.00159 * d(R(-1)) - 0.00277 CONSPS = CONS * PCE / 100 dlog(CDUR) = dlog(CONS) - 0.6408491 * (dlog(PCDUR) - dlog(PCE)) + 0.0378296 * dlog(PD) + 0.4517152 * dlog(RHHDI) + 0.3438288 * dlog(RHHDI(-1)) - 0.0421498 * log(CDUR(-1) / CONS(-1)) - 0.0145656 * log(PCDUR(-1) * ((((1 + R(-1) / 100)^0.25) - 1) + ((1.25^0.25) - 1) - d(PCDUR(-1)) / PCDUR(-1)) / 100) + 0.0313983 * log(NFWPE(-1) / (PCE(-1) / 100)) - 0.6203775 + 0.0636941 * ( @recode(@date = @dateval("2009:04") , 1 , 0) - @recode(@date = @dateval("2010:01") , 1 , 0) ) CDURPS = (PCDUR / 100) * CDUR dlog(PD) = dlog(GPW / APH) - 0.1278181 * log(PD(-1) / (GPW(-1) / APH(-1))) + 1.54494 * (dlog(APH) - dlog(PCE)) + 0.2058841 * ( @recode(@date = @dateval("1992:03") , 1 , 0) - @recode(@date = @dateval("1992:04") , 1 , 0) ) + 0.340128 * @recode(@date = @dateval("2004:01") , 1 , 0) + 0.1437075 * ( @recode(@date = @dateval("2009:04") , 1 , 0) - @recode(@date = @dateval("2010:01") , 1 , 0) ) + 0.2732277 * ( @recode(@date = @dateval("2016:01") , 1 , 0) - @recode(@date = @dateval("2016:02") , 1 , 0) ) + 0.2217687 ' ' Group 2: Inventories ' 'Changed to enable indirect T2 fix: DINV = (GDPM + M - SDE) - CGG - CONS - VAL - IF - X INV = INV(-1) + DINV BV = BV(-1) + DINVPS SA = BV(-1) * (PINV / PINV(-1) - 1) DINVPS = DINV * PDINV / 100 DINVHH = 0.07 * DINVPS DINVCG = PSNI - CGIPS - LAIPS - IPCPS - IBPC - (NPACG + NPALA) - (KCGPSO - KPSCG) - (KLA - KGLAPC - KGLA) - (KPCPS - KPSPC) - ASSETSA + DEP + ASSETSA ' ' Group 3: Investment DB = @recode(@date <= @dateval("2011:02") , 1 , 0) * 1 / (1 + DISCO) * (IIB + (SIB / DISCO) * (1 - (1 + DISCO)^((-1) * (1 - IIB) / (SIB + 0.1 * @recode(@date >= @dateval("2011:03") , 1 , 0))))) DP = 1 / (1 + DISCO) * ((DISCO * FP + SP) / (DISCO + SP)) DV = SV / (DISCO + SV) WB = 0.31 WP = 0.54 WV = 0.14 TAFB = (1 - TCPRO * DB) / (1 - TCPRO) TAFP = (1 - TCPRO * DP) / (1 - TCPRO) TAFV = (1 - TCPRO * DV) / (1 - TCPRO) TAF = WB * TAFB + WP * TAFP + WV * TAFV WG = 0.03 CDEBT = CDEBT(-1) + d(RIC) CEQUITY = NDIV * (1 + WG) + 100 * WG RWACC = DEBTW * CDEBT + (1 - DEBTW) * CEQUITY RDELTA = 0.022 COCU = PIBUS / PGDP * @elem(PGDP , "1970Q1") / @elem(PIBUS , "1970Q1") * (DELTA + RWACC) COC = TAF * COCU KSTAR = exp(log(MSGVA) - 0.4 * log(COC) + 2.434202655) KMSXH = (IBUSX / 1000) + KMSXH(-1) * (1 - RDELTA) KGAP = log(KMSXH * 1000) - log(KSTAR) TQ = - (NWIC / 1000) / (KMSXH * (PKMSXHB / 100)) PKMSXHB = PIBUS IBUS = IF - GGI - PCIH - PCLEB - IH - IPRL IBUSX = IBUS - 17394 * @recode(@date = @dateval("2005:02") , 1 , 0) ' 'dlog(IBUSX) = 0.1992007 * dlog(IBUSX(-3)) + 1.00573 * dlog(MSGVA(-1)) - 0.0012369*CBIUD - 0.0418036*(log(IBUSX(-1)) - log(KMSXH(-2) * 1000) + KGAP(-2) + 0.0544706 * @recode(@date = @dateval("1998:01") , 1 , 0) + 0.0597525 * @recode(@date = @dateval("2005:02") , 1 , 0) - 0.0884031 GGIPS = CGIPS + LAIPS GGI = 100 * GGIPS / GGIDEF GGIX = GGI + 17394 * @recode(@date = @dateval("2005:02") , 1 , 0) GGIDEF / GGIDEF(-1) = PIF / PIF(-1) dlog(IH) = - 0.2628721 * log(IH(-1)) + 0.0214637 * log(APH(-1) / PCE(-1)) - 0.001359 * (RS(-1) - 400 * dlog(APH(-1))) + 0.076166 * log(PD(-1) * 0.845) - 0.1372628 * dlog(IH(-1)) + 2.066232 - 0.0214637 * log ( @elem(APH , "2002Q1") / 100) dlog(HIMPROV) = - 1.936849 + 0.0467091 * d(RMORT) - 0.09652566 * dlog(PD(-1)) - 0.5129925 * (log(HIMPROV(-1)) - 1.00768 * log(CONSPS(-1))) - 0.0834384 * @recode(@date = @dateval("2003:01") , 1 , 0) PCIH / PCIH(-1) = IH / IH(-1) VALPS = VAL * PIF / 100 VALHH = 0.25 * VALPS IFPS = IF * PIF / 100 PIPRL = 100 * IPRLPS / IPRL IHPS = IH * PIH / 100 'IPRLPS = IPRL * PIPRL / 100 IHHPS = 0.8456 * IHPS + 0.5674 * IPRLPS + 0.0803 * (PIBUS / 100) * IBUS PIBUS = 100 * (IFPS - IHPS - IPRLPS - (PIF * 0.9828 / 100) * (PCIH + PCLEB) - GGIPS) / IBUS ICCPS = 0.1543 * IHPS + 0.4204 * IPRLPS + 0.8331 * (PIBUS / 100) * IBUS IPCPS = (PIF * 0.9828 / 100) * (PCIH + PCLEB) + 0.0456 * (PIBUS / 100) * IBUS IFCPS = IFPS - IHHPS - ICCPS - LAIPS - CGIPS - IPCPS NETAD = (PEHC / 1000) * 1.5166 HSALL = HSALL(-1) + NETAD ' ' Group 4: The Labour Market ECG / ECG(-1) = EGG / EGG(-1) ELA / ELA(-1) = EGG / EGG(-1) dlog(EPS) = log((ET - ECG - ELA) / (ET(-1) - ECG(-1) - ELA(-1))) dlog(EMS) = - 0.0113474 + 0.4369834 * dlog(EMS(-1)) + 0.1932386 * dlog(EMS(-2)) + 0.1713792 * dlog(MSGVA(-1)) - 0.0062207 * (log(EMS(-1) / MSGVA(-1)) + 0.4 * (log(PSAVEI(-1) / PMSGVA(-1)))) - 0.0103188 * @recode(@date = @dateval("2010:04") , 1 , 0) ET = ET(-1) * ETLFS / ETLFS(-1) WRGTP = WRGTP(-1) * ET / ET(-1) WFJ = ET + WRGTP ETLFS = 1000 * (HWA / AVH) ES / ES(-1) = ET / ET(-1) ESLFS / ESLFS(-1) = ES / ES(-1) GAD = GAD1 + GAD2 + GAD3 POP16 / POP16(-1) = (GAD2 + GAD3) / (GAD2(-1) + GAD3(-1)) ULFS = ((POP16 * PART16 / 100) - ETLFS) LFSUR = 100 * ULFS / (ETLFS + ULFS) HWA = NNSGVA / PRODH 'PRODH = NNSGVA / HWA PART16 = 100 * (ULFS + ETLFS) / POP16 ER = 100 * ETLFS / POP16 ' ' Group 5: Exports of goods & services XNOG = X - XS - XOIL dlog(RPRICE) = dlog(PXNOG) + dlog(RXD) - 0.9351684 * dlog(WPG) dlog(XS) = 0.284672 * dlog(MKTGS(-1)) - 0.262193 * dlog(XS(-1)) + 0.103782 * dlog(OTLROW(-4)) + 0.092613 * dlog(WEQPR) + 0.020526 * (d(RS) - d(R)) - 0.083197 * (@recode(@date = @dateval("1991:01") , 1 , 0)) - 0.065216 * (@recode(@date = @dateval("2001:03") , 1 , 0)) + 0.090743 * (@recode(@date = @dateval("2002:03") , 1 , 0)) - 0.085737 * (@recode(@date = @dateval("2011:02") , 1 , 0)) - 0.097614 * (log(XS(-1)) - 0.930963 * log(MKTGS(-1)) + 0.087344 * log(PXS(-1) * RXD(-1) / MAJCP(-1))) + 0.589808 'Changed to enable indirect T2 fix: XPS = (PXNOG / 100) * XNOG + (PXS / 100) * XS + (PXOIL / 100) * XOIL ' ' Group 6: Imports of goods & services MC = 0.216 * CONS MCGG = 0.137 * CGG MIF = 0.270 * IF MDINV = 0.136 * (DINV - ALAD) MXS = 0.161 * XS MXG = 0.376 * (XOIL + XNOG ) MTFE = MC + MCGG + MIF + MDINV + MXS + MXG MINTY = 100 * (M ) / MTFE MGTFE = 0.156 * CONS + 0.097 * CGG + 0.203 * IF + 0.096 * DINV + 0.352 * XNOG + 0.063 * XS PMGREL = PMNOG / (0.156 * PCE+0.097 * GGFCD + 0.203 * PIF + 0.096 * PINV + 0.352 * PXNOG + 0.063 * PXS) MNOG = M - MS - MOIL MSTFE = 0.060 * CONS + 0.040 * CGG + 0.067 * IF + 0.040 * DINV + 0.024 * XNOG + 0.098 * XS PMSREL = PMS / (0.060 * PCE+0.040 * GGFCD + 0.067 * PIF + 0.040 * PINV + 0.024 * PXNOG + 0.098 * PXS) dlog(MS) = 0.819114 * dlog(MSTFE) + 0.389511 * dlog(MSTFE(-1)) - 0.525436 * dlog(MSTFE(-2)) + 0.288639 * dlog(MSTFE(-3)) - 0.477411 * dlog(PMSREL) - 0.292804 * dlog(PMSREL(-1)) - 0.271392 * dlog(MS(-1)) - 0.171294 * (log(MS(-1)) - 1.079017 * log(MSTFE(-1)) - 0.662445 * log(SPECX(-1)) + 0.112661 * ((@recode(@date >= @dateval("2007:01") , 1 , 0)) * SPECX) + 0.874335 * log(PMSREL(-1)) - 0.126418 * (@recode(@date >= @dateval("2007:01") , 1 , 0) - @recode(@date >= @dateval("2013:01") , 1 , 0))) - 0.031665 MPS = MNOG * (PMNOG / 100) + MS * (PMS / 100) + MOIL * (PMOIL / 100) ' ' Group 7: Prices and Wages OILBASE = ((@elem(PBRENT , "2009Q1") / @elem(RXD , "2009Q1")) + (@elem(PBRENT , "2009Q2") / @elem(RXD , "2009Q2")) + (@elem(PBRENT , "2009Q3") / @elem(RXD , "2009Q3")) + (@elem(PBRENT , "2009Q4") / @elem(RXD , "2009Q4"))) / 4 dlog(PSAVEI) = - 0.0282 + 0.575 * dlog(PMSGVA) + 0.250 * dlog(PMSGVA(-1)) + 0.105 * dlog(PMSGVA(-2)) + (1 - 0.575 - 0.250 - 0.105) * dlog(PMSGVA(-3)) - 0.0096 * (LFSUR - LFSUR(-1)) + 0.264 * (dlog(MSGVA) - dlog(EMS)) + 0.282 * (dlog(CPI) - dlog(PMSGVA)) - 0.04328 * (log(PSAVEI(-1)) - log(MSGVA(-1) / EMS(-1)) - log(PMSGVA(-1)) + log(1 + (EMPSC(-1) / WFP(-1))) + 0.0137 * LFSUR(-1)) EARN = WFP / (ETLFS - ESLFS) RPW = (FYEMP / PGVA) / (ETLFS - ESLFS) RCW = (FYEMP / PCE) / (ETLFS - ESLFS) ULCPS = 0.17910 * (PSAVEI * (52 / 4) * (1 + (EMPSC + NIS) / WFP) * EMS / GVA) MSGVAPSEMP = MSGVAPS - MI FYEMPMS = FYEMP - CGWS - LAWS ULCMS = 100 * 1.6715 * FYEMPMS * (1 + (MI / MSGVAPSEMP)) / MSGVA ULCPSBASE = ( @elem(ULCPS , "2009Q1") + @elem(ULCPS , "2009Q2") + @elem(ULCPS , "2009Q3") + @elem(ULCPS , "2009Q4") ) / 4 ULCMSBASE = ( @elem(ULCMS , "2009Q1") + @elem(ULCMS , "2009Q2") + @elem(ULCMS , "2009Q3") + @elem(ULCMS , "2009Q4") ) / 4 PMNOGBASE = ( @elem(PMNOG , "2009Q1") + @elem(PMNOG , "2009Q2") + @elem(PMNOG , "2009Q3") + @elem(PMNOG , "2009Q4") ) / 4 PMSBASE = ( @elem(PMS , "2009Q1") + @elem(PMS , "2009Q2") + @elem(PMS , "2009Q3") + @elem(PMS , "2009Q4") ) / 4 TXRATEBASE = ((@elem(BPAPS , "2009Q1") / @elem(GVA , "2009Q1")) + (@elem(BPAPS , "2009Q2") / @elem(GVA , "2009Q2")) + (@elem(BPAPS , "2009Q3") / @elem(GVA , "2009Q3")) + (@elem(BPAPS , "2009Q4") / @elem(GVA , "2009Q4"))) / 4 PPIYBASE = ( @elem(PPIY , "2009Q1") + @elem(PPIY , "2009Q2") + @elem(PPIY , "2009Q3") + @elem(PPIY , "2009Q4") ) / 4 CPIXBASE = ( @elem(CPIX , "2009Q1") + @elem(CPIX , "2009Q2") + @elem(CPIX , "2009Q3") + @elem(CPIX , "2009Q4") ) / 4 MCOST = 36.83 * (ULCMS / ULCMSBASE) + 24.64 * (PMNOG / PMNOGBASE) + 4.04 * (PMS / PMSBASE) + 4.85 * ((PBRENT / RXD) / OILBASE) + 1.01 * ((BPAPS / GVA) / TXRATEBASE) + 24.72 * (SCOST / 100) + 0.47 * (CCOST / 100) + 3.43 * (UTCOST / 100) SCOST = 70.54 * (ULCMS / ULCMSBASE) + 6.93 * (PMNOG / PMNOGBASE) + 6.41 * (PMS / PMSBASE) + 0.09 * ((PBRENT / RXD) / OILBASE) + 3.52 * ((BPAPS / GVA) / TXRATEBASE) + 9.78 * (PPIY / PPIYBASE) + 1.64 * (CCOST / 100) + 1.09 * (UTCOST / 100) CCOST = 40.25 * (ULCMS / ULCMSBASE) + 2.80 * (PMNOG / PMNOGBASE) + 0.90 * (PMS / PMSBASE) + 0.03 * ((PBRENT / RXD) / OILBASE) + 0.51 * ((BPAPS / GVA) / TXRATEBASE) + 27.06 * (PPIY / PPIYBASE) + 28.13 * (SCOST / 100) + 0.34 * (UTCOST / 100) UTCOST = 14.85 * (ULCMS / ULCMSBASE) + 3.04 * (PMNOG / PMNOGBASE) + 0.51 * (PMS / PMSBASE) + 51.52 * ((PBRENT / RXD) / OILBASE) + 2.90 * ((BPAPS / GVA) / TXRATEBASE) + 8.24 * (PPIY / PPIYBASE) + 16.00 * (SCOST / 100) + 2.95 * (CCOST / 100) RPCOST = 13.18 * (PMNOG / PMNOGBASE) + 4.07 * (PMS / PMSBASE) + 11.56 * ((BPAPS / GVA) / TXRATEBASE) + 7.07 * (PPIY / PPIYBASE) + 59.96 * (SCOST / 100) + 0.92 * (CCOST / 100) + 3.24 * (UTCOST / 100) ICOST = 18.40 * (PMNOG / PMNOGBASE) + 0.41 * (PMS / PMSBASE) + 0.19 * ((PBRENT / RXD) / OILBASE) + 5.63 * ((BPAPS / MSGVA) / TXRATEBASE) + 8.18 * (PPIY / PPIYBASE) + 20.76 * (SCOST / 100) + 46.42 * (CCOST / 100) XGCOST = 15.77 * (PMNOG / PMNOGBASE) + 2.92 * ((BPAPS / MSGVA) / TXRATEBASE) + 68.46 * (PPIY / PPIYBASE) + 12.80 * (SCOST / 100) + 0.05 * (UTCOST / 100) XSCOST = 7.22 * (PMS / PMSBASE) + 5.99 * ((BPAPS / MSGVA) / TXRATEBASE) + 9.29 * (PPIY / PPIYBASE) + 75.39 * (SCOST / 100) + 1.90 * (CCOST / 100) + 0.21 * (UTCOST / 100) MKGW = 100 * ( PPIY / (MCOST / 100)) / (PPIYBASE) dlog(MKR) = (dlog(CPI) - W1 * dlog(CPIRENT) - (1 - W1) * dlog(RPCOST)) / (1 - W1) CPIX = (RPCOST / 100) * (MKR / 100) * CPIXBASE PRENT = PRENT(-1) * (0.62 * ((WFP / (ETLFS - ESLFS)) / ((WFP(-1) / (ETLFS(-1) - ESLFS(-1))))) + (0.15 * (HRRPW / HRRPW(-1))) + (0.23 * (PRP / PRP(-1)))) W1 = 0.079 W4 = 0.024 W5 = 0.185 I4 = 220.6 I7 = 294.6 I9 = 295.8 I10 = 109.2 I11 = 109.4 I12 = 108.8 CPIH = CPIH(-1) * (CPI^(1 - W5) * OOH^W5) / (CPI(-1)^(1 - W5) * OOH(-1)^W5) CPIRENT = CPIRENT(-1) * (0.62 * ((WFP / (ETLFS - ESLFS)) / (WFP(-1) / (ETLFS(-1) - ESLFS(-1)))) + (0.15 * (HRRPW / HRRPW(-1))) + (0.23 * (PRP / PRP(-1)))) 'CPI = CPI(-1) * (CPIX^(1 - W1) * CPIRENT^W1) / (CPIX(-1)^(1 - W1) * CPIRENT(-1)^W1) PRMIP = PRMIP(-1) * (RMORT / RMORT(-1)) * (LHP / LHP(-1)) / (HH / HH(-1)) PR = I7 * ((1 - W4) * PRXMIP / I9 + W4 * PRMIP / I4) RPI = PR / PR(-4) * 100 - 100 dlog(PXNOG) = 0.635957 * dlog(PPIY(-1)) + 0.102727 * (dlog(WPG) - dlog(RXD)) - 0.131253 * dlog(RX) - 0.000508 * @TREND(1979Q4) + 0.100860 * @recode(@date = @dateval("1997:01") , 1 , 0) - 0.063293 * @recode(@date = @dateval("1998:01") , 1 , 0) + 0.034519 * @recode(@date = @dateval("1993:01") , 1 , 0) - 0.161370 * (log(PXNOG(-1)) + 0.330293 * log(RX(-1)) - 0.921258 * log(PPIY(-1)) - (1 - 0.921258) * log(WPG(-1) / RXD(-1))) + 0.297153 PXS / PXS(-1) = PXNOG / PXNOG(-1) dlog(PMNOG) = 0.606452 * dlog(PPIY) + 0.230808 * (dlog(WPG) - dlog(RXD)) - 0.106493 * dlog(RX) + 0.066665 * @recode(@date = @dateval("1997:01") , 1 , 0) - 0.038986 * @recode(@date = @dateval("1998:01") , 1 , 0) - 0.000538 * @TREND(1979Q4) - 0.160709 * (log(PMNOG(-1)) + 0.139917 * (log(RX(-1))) - 0.552396 * (log(PPIY(-1))) - (1 - 0.552396) * (log(WPG(-1) / RXD(-1)))) + 0.183135 PMS / PMS(-1) = PMNOG / PMNOG(-1) PINV = 100 * BV / INV PCE / PCE(-4) = CPI / CPI(-4) PIF = (GDPMPS - CGGPS - CONSPS - DINVPS - VALPS - XPS + MPS - SDEPS) * 100 / IF PCDUR / PCDUR(-1) = PMNOG / PMNOG(-1) RHF = RMORT - (1 - 0.25 * TPBRZ) * (RMORT - RDEP) * (1 - 0.001 * LHP / GPW) HD / HD(-1) = APH / APH(-1) PMSGVA = 100 * (MSGVAPS / MSGVA) ' ' Group 8: North Sea Oil ' dlog(TDOIL) = - 0.2444325 * dlog(TDOIL(-1)) + 1.896486 * dlog(NNSGVA(-1)) - 0.1077816 * (log(PBRENT / (RXD * (GDPMPS(-1) - BPAPS(-1) - (NSGVA(-1) * PBRENT(-1) / (OILBASE * RXD(-1)))) / NNSGVA(-1) ) ) - log(PBRENT(-1) / (RXD(-1) * (GDPMPS(-2) - BPAPS(-2) - (NSGVA(-2) * PBRENT(-2) / (OILBASE * RXD(-2)))) / NNSGVA(-2) ) ) ) + 0.0780697 * (@recode(@date >= @dateval("1984:01") , 1 , 0) * @recode(@date <= @dateval("1985:01") , 1 , 0)) - 0.0143727 - 0.2216107 * (@recode(@date = @dateval("1986:01") , 1 , 0) - @recode(@date = @dateval("1986:02") , 1 , 0)) - 0.2457494 * (@recode(@date = @dateval("2001:03") , 1 , 0) - @recode(@date = @dateval("2001:04") , 1 , 0)) + 0.1907036 * (@recode(@date = @dateval("2010:03") , 1 , 0) - @recode(@date = @dateval("2010:04") , 1 , 0)) - 0.4334139 * @recode(@date = @dateval("2013:01") , 1 , 0) XOIL = 1.37 * NSGVA @ADD(V) XOIL XOIL_A MOIL = TDOIL + XOIL - NSGVA dlog(PXOIL) = dlog(PBRENT) - dlog(RXD) dlog(PMOIL) = dlog(PXOIL) NSGTP / NSGTP(-1) = (NSGVA / NSGVA(-1) ) * (PBRENT / PBRENT(-1)) / (RXD / RXD(-1)) ' ' Group 9: Public Expenditure CGWS = CGWADJ * ERCG * ECG * (52 / 4000) * (1 + (1.249 * EMPSC / WFP)) LAWS = LAWADJ * ERLA * ELA * (52 / 4000) * (1 + (1.418 * EMPSC / WFP)) OSGG = RCGIM + RLAIM + 100 CGP = CGGPSPSF - (CGWS + LAWS) - LAPR - (RCGIM + RLAIM) GGFCD = 100 * CGGPS / CGG dlog(CGG) = 0.0007011 + 0.3739498 * dlog(CGGPS) + 0.1802323 * dlog(CGGPS(-1)) - 0.4198339 * dlog(CGG(-1)) CGTSUB = CGSUBP + CGSUBPR LASUBPR = (LASUBPR(-4) + LASUBPR(-3) + LASUBPR(-2) + LASUBPR(-1)) * 0.25 * (PGDP * 4) / (PGDP(-4) + PGDP(-3) + PGDP(-2) + PGDP(-1)) LATSUB = LASUBP + LASUBPR CGASC / CGASC(-1) = CGWS / CGWS(-1) CGISC / CGISC(-1) = CGWS / CGWS(-1) EESCCG / EESCCG(-1) = CGWS / CGWS(-1) LASC / LASC(-1) = LAWS / LAWS(-1) EESCLA / EESCLA(-1) = LAWS / LAWS(-1) CGNCGA = TROD ' ' Group 10: Public Sector Receipts CT = NSCTP + NNSCTP CETAX = VREC + TXFUEL + TXTOB + TXALC + CUST + CCL + AL + TXCUS VED = VEDHH + VEDCO OCT = VEDHH + BBC + PASSPORT + OHT CGC = ((1 + (ROSHT - 0.3) / 100)^0.25 - 1) * SRES(-1) + 118 PSINTR = CGNDIV + LANDIV + PCNDIV CGRENT = RNCG + HHTCG TAXCRED = MILAPM + CTC INCTAXG = TYEM + TSEOP + TCINV - INCTAC + CTC - NPISHTC PUBSTIW = TYEM + TSEOP + PRT + TCINV + CT + CGT + FCACA + BETPRF + BETLEVY + OFGEM - NPISHTC - TYPCO + PROV - LAEPS PUBSTPD = (CETAX - BETPRF) + EXDUTAC + XLAVAT + LAVAT - EUOT + TSD + ROCS + TXMIS + RFP + (NNDRA + VEDCO + LAPT + OPT + EUETS) + CIL + ENVLEVY + BANKROLL + RULC PSCR = PUBSTIW + PUBSTPD + OCT + CC + INHT + EENIC + EMPNIC + (RCGIM + RLAIM + OSPC) + PSINTR + (RNCG + HHTCG) + LARENT + PCRENT + BLEVY + LAEPS + SWISSCAP NATAXES = PUBSTIW + PUBSTPD + OCT + BLEVY + INHT + LAEPS + SWISSCAP + EENIC + EMPNIC + CC + EUOT ' ' Group 11: Balance of Payments log(RX) = log(RX(-1)) + log((1 + ROSHT(-1) / 400) / (1 + RS(-1) / 400)) RXD = RXD(-1) * RX / RX(-1) ECUPO = (ECUPO(-1) * RX / RX(-1)) d(DRES) = 0 SRES = - DRES + (1 + 0.227 * (RXD(-1) / RXD - 1) + 0.364 * (RX(-1) / RX - 1)) * SRES(-1) CIPD = ( 0.7173 * CIPD(-1) / LROW(-2) + (1 - 0.7173) * REXC / 100 ) * LROW(-1) REXC = (DLROW(-1) / LROW(-1)) * (1.83 + 1.08 * (log(WEQPR) - log(WEQPR(-4)))) + (EQLROW(-1) / LROW(-1)) * (0.63 - 0.37 * ( log(WEQPR) - log(WEQPR(-4)))) + (BLROW(-1) / LROW(-1)) * (0.17 + 0.92 * (ROLT / 4)) + (OTLROW(-1) / LROW(-1)) * (0.09 + 0.8 * ROSHT / 4) DIPD = (0.6283 * DIPD(-1) / AROW(-2) + (1 - 0.6283) * REXD / 100) * AROW(-1) REXD = (DAROW(-1) / AROW(-1)) * (-0.2287 + 10.3 * FYCPR / GDPMPS - 1.37 * @recode(@date = @dateval("1998:03") , 1 , 0)) + (EQAROW(-1) / AROW(-1)) * (0.59 + 18.1 * NDIVHH / EQHH) + (BAROW(-1) / AROW(-1)) * (-0.03 + 1.06 * RL / 4) + (OTAROW(-1) / AROW(-1)) * (0.17 + 0.07 * RS / 4 + 0.7 * ROSHT / 4) d(CGCBOP) = d(CGC) NIPD = CIPD - DIPD + CGCBOP dlog(EECOMPD) = - 0.492198 * log(EECOMPD(-1)) + 0.693337 * log(FYEMP(-1)) + 2.148955 * dlog(FYEMP) + 0.107609 * @recode(@date >= @dateval("2005:01") , 1 , 0) - 0.004629 * @TREND(1979Q4) - 5.105951 EECOMPC / EECOMPC(-1) = MAJGDP / MAJGDP(-1) EUSUBP = 0 EUSUBPR = EUSUBPR(-1) * ECUPO(-1) / ECUPO EUSF = EUSF(-1) * ECUPO(-1) / ECUPO ECNET = (1 - 0.5 * (ECUPO(-1) / ECUPO - 1)) * ECNET(-1) GNP4 = 0.010 * ((GDPMPS + NIPD + EECOMPC - EECOMPD) / ECUPO(-4)) EUVAT = 0.0325 * VREC / (0.8267 * ECUPO(-4)) BENAB = 0.012 * CGSB CGITFA = ITA ITA = 0.001115 * WFP log(HHTFA) = log(HHTFA(-1) * MAJGDP / MAJGDP(-1)) HHTA / HHTA(-1) = WFP / WFP(-1) TRANC = EUSUBP + HHTFA + EUSF + CGITFA + EUSUBPR + INSURE TRAND = TROD + ECNET + EUVAT + EUOT + HHTA + GNP4 + BENAB + ITA + INSURE TRANB = TRANC - TRAND CGKTA = 0.02351 * KCGPSO TB = XPS - MPS CB = TB + (EECOMPC - EECOMPD) + NIPD + TRANC - TRAND CBPCNT = (CB / GDPMPS) * 100 NAFROW = - (CB + (EUKT) - (CGKTA + OPSKTA) + NPAA) ' ' Group 12: Public Sector totals ' CGSUBP = PSCE - (CGWS + CGP + RCGIM + LAWS + LAPR + RLAIM) - LATSUB - (CGSB + LASBHH) - CGNCGA - ECNET - LANCGA - (CGOTR + LAOTRHH) - (DICGOP + DILAPR + DIPCOP) - EUVAT - GNP4 - CGSUBPR DEP = RCGIM + RLAIM + PCCON PSCB = PSCR - PSCE - DEP NPACG = (NPACG(-1) + NPACG(-2) + NPACG(-3) + NPACG(-4)) / 4 NPALA = (NPALA(-1) + NPALA(-2) + NPALA(-3) + NPALA(-4)) / 4 PSGI = CGIPS + LAIPS + IPCPS + IBPC + DINVCG + (NPACG + NPALA) + (KCGPSO - KPSCG) + (KLA - KGLAPC - KGLA) + (KPCPS - KPSPC) + ASSETSA TME = PSCE + DEP + PSNI CGNB = (CGWS + CGP) + CGTSUB + CGSB + CGNCGA + CGCGLA + CGOTR + GNP4 + EUVAT + DICGOP + (CGIPS + NPACG) + DINVCG + (KCGLA + KCGPC) + KCGPSO - KPSCG - (PUBSTIW + TYPCO) - (PUBSTPD - LAPT) - (OCT + LANNDR) - (INHT + LAEPS + SWISSCAP) - (EMPNIC + EENIC) - CGNDIV - CGINTRA - (RNCG + HHTCG + BLEVY) LANB = (LAWS + LAPR) + LATSUB + LASBHH + LANCGA - CGCGLA + LAOTRHH + DILAPR + (LAIPS + NPALA) - KCGLA + (KLA - KGLAPC) - KGLA - LAPT - (CC - LANNDR) - LAINTRA - LANDIV - LARENT - CIL GGNB = CGNB + LANB GGNBCY = GGNB PCNB = DIPCOP + IPCPS + IBPC - (KCGPC + KGLAPC) + (KPCPS - KPSPC) + TYPCO - OSPC - PCNDIV - PCINTRA - PCRENT PCNBCY = PCNB PSNBNSA = - PSCB + PSNI PSNBCY = PSNBNSA @ADD(V) PSNBCY PSNBCY_A SWAPS = 0 TDEF = CGNB + LANB + SWAPS CGLSFA = (LCGOS + LCGPR) + (CGMISP) PSLSFA = CGLSFA + (LALEND + LAMISE) + (PCLEND + PCMISE) CGACADJ = (EXDUTAC + NICAC + INCTAC) + FCACA + CGACRES + (ILGAC + CONACC) + MFTRAN PSACADJ = CGACADJ + LAAC + LAMFT + PCAC + PCGILT + MFTPC PSFL = CGGILTS + OFLPS + NATSAV + MKTIG PSTA = PSTA(-1) * PIF / PIF(-1) + 0.5 * (PSNI + KCGPC + KGLAPC - KLA - KCGPSO) * (1 + GGIDEF / GGIDEF(-1)) PSNW = PSTA + PSFA - PSFL LABRO = LANB + LALEND + LAMISE + LAAC + LAGILT + LAMFT - LCGLA CGNCR = CGNB + CGLSFA + CGACADJ + LCGLA + LCGPC PSNCR = PSNBNSA + PSLSFA + PSACADJ COIN / COIN(-4) = M0 / M0(-4) d(PSND) = PSNCR - ILGAC + d(FLEASGG) + d(FLEASPC) + PSNDRES GGLIQ = CGLIQ + LALIQ d(GGGD) = CGNCR + LABRO - ILGAC + d(SRES) + d(GGLIQ) + GGGDRES ' ' Group 14: Domestic financial sector d(RIC) = 0.95301 * d(RS) - 0.24897 * (RIC(-1) - RS(-1) - 1.923) dlog(EQPR) = dlog(GDPMPS) dlog(M0) = dlog(GDPMPS) M4IC / M4IC(-1) = GDPMPS / GDPMPS(-1) M4 = DEPHH + M4IC + M4OFC ' ' Group 15: Income Account WFP = ADJW * PSAVEI * (EMS - ESLFS) + (52 / 4000) * CGWADJ * ERCG * ECG + (52 / 4000) * LAWADJ * ERLA * ELA MI / MI(-1) = WFP / WFP(-1) EMPSC = EMPISC + CGASC + EMPNIC + EMPCPP FYEMP = WFP + EMPSC EMPISC = HHISC + LASC + CGISC EMPASC = EMPSC - EMPISC EMPISCPP / EMPISCPP(-1) = EMPISC / EMPISC(-1) HHISC / HHISC(-1) = WFP / WFP(-1) HHSB = 2 * HHISC OSB / OSB(-1) = PCE / PCE(-1) * GAD3 / GAD3(-1) SBHH = EMPISC + OSB + (HHSB - HHISC - EMPISCPP) + CGSB + LASBHH + EESCLA + EESCCG + CGASC - BENAB @ADD(V) SBHH SBHH_A TYWHH = TYEM + TSEOP + CC + CGT + OCT - NPISHTC @ADD(V) TYWHH TYWHH_A NMTRHH = LAOTRHH + (CGOTR - HHTCG) + (HHTFA - HHTA) + (EUSF) + 100 DIPHHx = DIPHH + DIPHHmf + DIPHHuf DIPHHmf = LHP(-1) * ((1 + (RMORT - R) / 100)^0.25 - 1) DIPHHuf = OLPE(-1) * ((1 + (RS + 6.5 - R) / 100)^0.25 - 1) FSMADJ = - @recode(@date >= @dateval("2020:03") , 1 , 0) * ( ( DIRHHf - @elem(DIRHHf , "2020Q3" )) + ( DIPHHuf - @elem(DIPHHuf , "2020Q3" )) ) DIPHH = (LHP(-1) + OLPE(-1)) * ((1 + (0.9 * R + 0.2) / 100)^0.25 - 1) DIRHHx = DIRHH - DIRHHf DIRHHf = - (0.75 * DEPHH(-1) * ((1 + (RDEP - R) / 100)^.25 - 1)) DIRHH = DEPHH(-1) * ((1 + R / 100)^.25 - 1) + DIPNSC + 0.018279 * DIPLDC + 0.014 * CIPD + 11137 * (RS / 400) DIRICx = DIRIC - DIRICf DIRICf = - ((2.75) * M4IC(-1) * (((1 + (0.9 * R - 0.2 - R) / 100)^.25) - 1)) DIRIC = M4IC(-1) * (((1 + R / 100)^0.25) - 1) + M4IC(-1) * 1.75 * (((1 + (ROSHT + 0.2) / 100)^0.25) - 1) + M4IC(-1) * 0.35 * (((1 + (RS + 0.2) / 100)^0.25) - 1) DIPICx = DIPIC + DIPICf DIPICf = STLIC * (((1 + (RIC - R) / 100)^0.25) - 1) + FXLIC * (((1 + 2.9 / 100)^0.25) - 1) DIPIC = STLIC * (((1 + R / 100)^0.25) - 1) + FXLIC * (((1 + (ROSHT - 0.3) / 100)^0.25) - 1) + BLIC * (((1 + (RL + 0.5) / 100)^0.25) - 1) WYQC / WYQC(-1) = FYCPR / FYCPR(-1) log(NDIVHH) = - 8.605599 + 0.8092696 * log(FYCPR(-4)) + 0.6597959 * log(CORP) RPIH = 0.149 * 400 * (DIPLDC + IILG + ILGUP) / (CGGILTS + MKTIG) + 0.122 * (0.5 + 400 * (DIPLDC + IILG + ILGUP) / (CGGILTS + MKTIG)) + 0.186 * ROLT + 0.301 * 400 * (NDIVHH / EQHH(-1)) + 0.176 * 400 * (NDIVHH / EQHH(-1)) + 0.043 * RS + 0.023 * ROSHT APIIH = PIHH(-1) * (0.8011 * 400 * (APIIH(-1) / PIHH(-2)) + (1 - 0.8011) * RPIH + 0.011 * @recode(@date <= @dateval("1998:04") , 1 , 0) - 0.2863) / 400 PIRHH = NDIVHH + APIIH + DIRHH + WYQC PIPHH = DIPHH EECPP = ((1 + (RL / 100))^0.25 - 1) * (PIHH(-1) * 0.729) + ((1 + 0.05)^0.25 - 1) * (PIHH(-1) * 0.271) EESC = EESCLA + EENIC + EECPP + EESCCG @ADD(V) EESC EESC_A HHDI = MI + FYEMP - EMPSC - EESC - TYWHH + NMTRHH + SBHH + (PIRHH - PIPHH + FSMADJ) - HHSB + HHISC + (EECOMPC - EECOMPD) + OSHH RHHDI = 100 * HHDI / PCE EMPCPP / EMPCPP(-1) = WFP / WFP(-1) NEAHH = EMPCPP + EECPP + EMPISCPP - OSB SVHH = HHDI + NEAHH - CONSPS SY = 100 * (SVHH / (NEAHH + HHDI)) KGHH = - INHT + 0.95 * KLA + 0.55 * KCGPSO + 0.4 * EUKT NAFHH = SVHH + KGHH - DINVHH - VALHH - NPAHH - IHHPS NAFCO = - NAFHH + CB + EUKT - CGKTA - OPSKTA + NPAA + SDEPS - SDI + PSNBCY NAFFC = - 12012 + FISIMPS - NEAHH - BLEVY NAFIC = NAFCO - NAFFC SAVCO = NAFCO + KGHH - DINVHH + DINVPS - DINVCG + VALPS - VALHH - NPAHH + IFPS - IHHPS - NPACG - CGIPS - KLA - KCGPSO - LAIPS - NPALA + INHT + KGLA - EUKT + CGKTA + OPSKTA - NPAA - IPCPS - IBPC ' ' Group 16: Gross Domestic Product TFEPS = CGGPS + CONSPS + DINVPS + VALPS + IFPS + XPS SDEPS = PGDP * SDE / 100 ' SDEPS = GDPMPS - TFEPS + MPS ' GDPMPS = TFEPS - MPS + SDEPS ' GDPMPS = PGDP * GDPM / 100 MGDPNSA = GDPMPS @ADD(V) MGDPNSA MGDPNSA_A BPAPS = (CETAX - BETPRF) + EXDUTAC + XLAVAT + LAVAT + TSD + TXMIS + ROCS - (EUSUBP + LASUBP + CGSUBP + CCLACA) + BANKROLL + BLEVY GVAPS = GDPMPS - BPAPS TFE = CGG + CONS + DINV + VAL + IF + X BPA / BPA(-1) = GDPM / GDPM(-1) GVA = GDPM - BPA PGVA = 100 * GVAPS / GVA TPRODPS = NNDRA + NIS + VEDCO + OPT + LAPT + EUETS - CGSUBPR - LASUBPR - EUSUBPR OS = GDPMPS - FYEMP - MI - BPAPS - TPRODPS - SDI RENTCO / RENTCO(-1) = GDPMPS / GDPMPS(-1) IROO = (PRENT * POP16) / 1000 OSHH = (12874 + 0.85 * IROO - DIPHHmf) FISIMGG = 0 FISIMPS = (DIRHHf + DIPHHuf + DIPHHmf) + (DIRICf + DIPICf) + FISIMGG + FISIMROW FYCPR = OS - OSHH - OSGG - OSPC - RENTCO + SA - FISIMPS OSCO = OS - OSHH - OSGG - OSPC GTPFC = FYCPR - NNSGTP - NSGTP FC = FISIMPS + GTPFC GNIPS = GDPMPS + NIPD + (EECOMPC - EECOMPD) + (EUSUBPR + EUSUBP) - (EUOT + EUVAT) NNSGVA = GVA - NSGVA GAP = NNSGVA / TRGDP * 100 - 100 GDPMAL = GDPM / POPAL TRGDPAL = TRGDP / POPAL GDPM16 = GDPM / POP16 TRGDP16 = TRGDP / POP16 ' ' Market sector GVA satellite GGVAPS = CGWS + LAWS + OSGG MSGVAPS = GVAPS - GGVAPS GGVA / GGVA(-1) = CGG / CGG(-1) MSGVA = GVA - GGVA ' ' Group 18: Financial Account and Financial Balance Sheet ' Households NAFHHNSA = NAFHH + NAFHH(-1) + NAFHH(-2) + NAFHH(-3) - NAFHHNSA(-1) - NAFHHNSA(-2) - NAFHHNSA(-3) SDLHH = 0 NLHH = NAFHHNSA - SDLHH ' ' HOUSHOLDS: FINANCIAL ASSETS GMF = (PD * APH * 0.858) / DEPHH(-1) d(DEPHHx) = 3.9056 * d(CONSPS) + exp(5.1811 * (RDEP - R)) - exp(5.1811 * (RDEP(-1) - R(-1))) + exp(0.8206 * LFSUR) - exp(0.8206 * LFSUR(-1)) + exp(106.3011 * GMF) - 0.0369 * (DEPHH(-1) - 5.5399 * CONSPS(-1) - exp(0.8479 * RDEP(-1)) - exp(1.0821 * LFSUR(-1)) + 233379.6) d(DEPHH) = (DEPHHx - DEPHHx(-1)) + DEPHHADJ NAEQHHx = 0.4560 * NLHH - 12867 NAEQHH = NAEQHHx + NAEQHHADJ EQHH = (1 + 0.844 * (EQPR / EQPR(-1) - 1) + 0.156 * ((WEQPR / WEQPR(-1)) / (RX / RX(-1)) - 1)) * EQHH(-1) + NAEQHH NAPEN = NEAHH NAINSx = 13293.71 + 0.627 * (NAINSx(-1)) - 236267.3 * (SIPT(-3)) NAINS = NAINSx + NAINSADJ PIHH = (1 + 0.200 * ((EQPR / EQPR(-1)) - 1) + 0.098 * (RX(-1) / RX - 1) + 0.170 * ((WEQPR / WEQPR(-1)) / (RX / RX(-1)) - 1) + 0.574 * (DBR / DBR(-1) - 1)) * PIHH(-1) + NAPEN + NAINS DBR = 1 / ((1 + (RL / 100))^(15)) dlog(OAHHx) = 1.6091 - 0.1607 * log(OAHHx(-1)) + 0.0169 * log(GDPMPS(-1)) - 0.57443 * (log(GDPMPS) - log(GDPMPS(-1))) + 0.001796 * @TREND(1986Q4) d(OAHH) = (OAHHx - OAHHx(-1)) + OAHHADJ GFWPE = DEPHH + EQHH + PIHH + OAHH ' ' HOUSEHOLDS: FINANCIAL LIABILITIES NAOLPEx = OLPEx(-1) * DEBTU NAOLPE = NAOLPEx + d(STUDENT) + NAOLPEADJ DEBTU = 0.0812616 + 0.4338504 * DEBTU(-1) - 0.0248383 * log(OLPEx(-1)) + 0.013581 * log(CONSPS(-1)) - 0.0014364 * LFSUR(-1) + 0.0143662 * log(PD(-1)) OLPEx = OLPEx(-1) - 0.00219 * OLPEx(-1) + NAOLPEx + NAOLPEADJ OLPE = OLPEx + STUDENT AAHH = d(OAHH) + d(DEPHH) + NAEQHH + NAPEN + NAINS ALHH = NAOLPE + d(LHP) HHRES = NLHH - ((d(DEPHHx) + NAEQHHx + NAPEN + NAINSx + d(OAHHx)) - (NAOLPEx + d(STUDENT) + d(LHP))) OAHHADJ = HHRES - DEPHHADJ - NAEQHHADJ - NAINSADJ + NAOLPEADJ ' 'AGGREGATES NFWPE = GFWPE - LHP - OLPE GPW = 0.9933 * GPW(-1) * APH / APH(-1) + .001 * IHHPS ' ' REST OF WORLD NAFROWNSA = NAFROW + NAFROW(-1) + NAFROW(-2) + NAFROW(-3) - NAFROWNSA(-1) - NAFROWNSA(-2) - NAFROWNSA(-3) SDLROW = 0 NLROW = NAFROWNSA - SDLROW ' ' EXTERNAL BALANCE SHEET: FINANCIAL ASSETS OF ROW d(DAROW) = (0.3813 * (XPS + MPS) / TFEPS + 0.7067 * ICCPS / TFEPS - 0.1872) * TFEPS EQAROW = EQAROW(-1) * (EQPR / EQPR(-1) ) + NAEQAROW NAEQAROW = ( 0.25 * (EQAROW(-1) + EQAROW(-2) + EQAROW(-3) + EQAROW(-4)) / (0.25 * (EQAROW(-1) + EQAROW(-2) + EQAROW(-3) + EQAROW(-4)) + 0.25 * (BAROW(-1) + BAROW(-2) + BAROW(-3) + BAROW(-4)))) * (AAROW - d(DAROW) - NAOTAROW) BAROW = BAROW(-1) * (0.40 / ( RX / RX(-1) ) + (1 - 0.40)) + NABAROW NABAROW = (0.25 * (BAROW(-1) + BAROW(-2) + BAROW(-3) + BAROW(-4)) / (0.25 * (EQAROW(-1) + EQAROW(-2) + EQAROW(-3) + EQAROW(-4)) + 0.25 * (BAROW(-1) + BAROW(-2) + BAROW(-3) + BAROW(-4)))) * (AAROW - d(DAROW) - NAOTAROW) OTAROW = OTAROW(-1) * (0.84 / (RX / RX(-1) ) + (1 - 0.84)) + NAOTAROW NAOTAROW = NAOTLROW AROW = DAROW + EQAROW + BAROW + OTAROW AAROW = ALROW + NLROW ' ' EXTERNAL BALANCE SHEET: FINANCIAL LIABILTIES OF ROW DLROW = DLROW(-1) / (RX / RX(-1) ) + NADLROW NADLROW = DLROW(-1) * (-0.0375 - 0.2124 * DLROW(-1) / LROW(-1) - 0.2004 * (FYCPR(-1) + FISIMPS(-1)) / EQLIC + 0.1026 * WEQPR / WEQPR(-1)) EQLROW = EQLROW(-1) * (WEQPR / WEQPR(-1) ) / ( RX / RX(-1) ) + NAEQLROW NAEQLROW = 0.196 * (NAINS + NAPEN) + 0.132 * NAEQHH + 0.003 * GDPMPS BLROW = BLROW(-1) / ( RX / RX(-1)) + NABLROW NABLROW = 0.17 * (NAINS + NAPEN) + 0.0325 * GDPMPS OTLROW = OTLROW(-1) * (0.90 / (RX / RX(-1)) + (1 - 0.90)) + NAOTLROW NAOTLROW = OTLROW(-1) * ((GDPMPS / GDPMPS(-1)) - 1) LROW = DLROW + EQLROW + BLROW + OTLROW ALROW = NADLROW + NAEQLROW + NABLROW + NAOTLROW - DRES ' ' AGGREGATES d(NIIP) = d(LROW) + d(SRES) - d(AROW) ' ' PNFC BALANCE SHEET MODEL BLIC = BLIC(-1) + NABLIC STLIC = STLIC(-1) + 0.09 * NALIC FXLIC = FXLIC(-1) * (RX(-1) / RX) + NAFXLIC EQLIC = EQLIC(-1) * (EQPR / EQPR(-1)) + NAEQLIC OLIC = OLIC(-1) + 0.04 * NALIC LIC = BLIC + STLIC + FXLIC + EQLIC + OLIC NABLIC = 0.14 * NALIC NAFXLIC = 0.07 * NALIC NAEQLIC = (1.6035 + 0.9385 * EQLIC(-1) / ( FYCPR(-1) + FISIMPS(-1) ) ) * (FYCPR + FISIMPS) - EQLIC(-1) * GDPMPS / GDPMPS(-1) NALIC = - 27362 + 1.513178 * IBUS * (PIF / 100) AIC = AIC(-1) + (NAAIC - d(M4IC)) NAAIC = AIC(-1) * (GDPMPS / GDPMPS(-1) - 1) NWIC = AIC - LIC