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International Monetary Fund. Western Hemisphere Dept.

GOVERNMENT FINANCING INSTRUMENTS A. Introduction B. General Model Description C. Optimization Problems D. Equilibrium E. Calibration F. Results G. Benchmark H. Building Resilience I. Conclusion References FIGURES 1. The Impact of ND on the Benchmark Economy 2. Fiscal Instruments TABLES 1. Model Structure 2. Parameters 3. Moment Calibration Summary 4. Tax Changes in the Fiscal Policy Experiments 5. Policy Instruments Rankings MEASURING THE SHADOW ECONOMY IN DOMINICA A. Background and Motivation B. Measuring the Shadow Economy in

Wei Guo

capital stock Source: IMF staff, based on country staff reports. Annex Table 9.2.2 . Moment Calibration Summary Parameter Moment Model=Data Preferences (percent) ψ Manufacturing share in total consumption Ye s γ Services share in total consumption Ye s Economic Indicators (percent of GDP) z a Agricultural output Ye s z e,s Services output Ye s z s Informal sector output Ye s w us Remittances Ye s Fiscal Policy (percent of GDP) τ a , τ m , τ

International Monetary Fund. Western Hemisphere Dept.

Dominica. Table 3. Dominica: Moment Calibration Summary Parameter Moment Model Data Preferences (percent) ψ Share of tradables in total consumption 35.9 35.9 ψ Share of services in total consumption 42.2 42.2 Economic Indicators (percent of GDP) z a Agricultural output 16.8 16.8 z e,s Services output 50.9 50.9 Z s > Informal sector output 3.7 3.7 w us Remittances 10.0 10.0 Fiscal Policy (percent of GDP) τ a , τ m , τ s Revenue from