IDEAS home Printed from
   My bibliography  Save this article

Introducing the MONIAC: an early and innovative economic model


  • Tim Ng
  • Matthew Wright

    (Reserve Bank of New Zealand)


The MONIAC hydraulic computer is an example of a mechanical economic model dating to the 1940s. This article introduces the MONIAC and its creator, New Zealand economist Bill Phillips. Although the MONIAC is not used for policy analysis at the Reserve Bank, large-scale, practical macroeconomic modelling has long been part of our research and policy effort. Our modelling has evolved considerably in the nearly 40 years since macroeconomic modelling was introduced in the Bank, reflecting developments in economic theory and understanding of the New Zealand economy as it changes over time. In no small part, the improvement has been facilitated by the enormous increase in computing power in the decades since MONIAC was developed. The only working MONIAC in the Southern hemisphere is on display in the Reserve Bank Museum, on long-term loan from the New Zealand Institute of Economic Research (NZIER).

Suggested Citation

  • Tim Ng & Matthew Wright, 2007. "Introducing the MONIAC: an early and innovative economic model," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 70, December.
  • Handle: RePEc:nzb:nzbbul:december2007:5

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Arthur Grimes & Suzi Kerr & Andrew Aitken, 2003. "Housing and Economic Adjustment," Working Papers 03_09, Motu Economic and Public Policy Research.
    2. David Hargreaves & Hannah Kite & Bernard Hodgetts, 2006. "Modelling New Zealand inflation in a Phillips curve," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 69, September.
    3. Peter Abelson & Roselyne Joyeux & George Milunovich & Demi Chung, 2005. "Explaining House Prices in Australia: 1970-2003," The Economic Record, The Economic Society of Australia, vol. 81(s1), pages 96-103, August.
    Full references (including those not matched with items on IDEAS)

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nzb:nzbbul:december2007:5. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Reserve Bank of New Zealand Knowledge Centre). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.