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As part of the 2024 costing of electoral platforms, the QUEST III R&D dynamic stochastic general equilibrium model will be used to simulate the long-term effects of structural and (para-)fiscal measures proposed by the political parties. This paper summarises the characteristics of the model, presents its structure and the main transmission mechanisms and constraints. The functioning of the model is then illustrated through five stylised structural and (para-)fiscal reforms.
This study was commissioned by the Central Economic Council (CEC), and more particularly by the Special Advisory Commission ‘Construction’. It presents the sectoral results of a report that was produced in 2011 by the National Bank of Belgium and the Federal Planning Bureau. The federal government had asked both institutions to conduct a comprehensive study of a fiscal reform aiming at encouraging employment and supporting business competitiveness. As requested by the CEC, we comment here in detail the impact of a VAT increase without additional measures, on the one hand, and the impact of a VAT increase with transitional neutralization of the effect of that increase on the indexation. As regards the other measures examined, tables of results are annexed.