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DELFI : DNB's Macroeconomic Policy Model of the Netherlands

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Abstract

This Occasional Study presents DELFI, a new macroeconomic model of the Dutch economy for forecasting and policy analysis. Macroeconomic modelling at de Nederlandsche Bank started some 25 years ago, when Martin Fase and his team built MORKMON, which was quite novel at the time due to the inclusion of a monetary sector. For many years, this model was used fruitfully as an instrument for forecasting, scenario analysis and policy simulation, and its acronym survived during all those years. But the times have changed and so has the economic environment. Already when MORKMON was introduced in 1984, the then president of de Nederlandsche Bank, Wim Duisenberg, noted how our understanding of the economy is never perfect. Indeed, changes in the economic environment and new insights led to various minor and major adjustments to the structure of MORKMON, up to a point where it was decided to build a completely new model. DELFI is the result of a collective effort by researchers and statisticians at the Economics & Research Division of de Nederlandsche Bank. In my view, the team has created a worthy successor of MORKMON. And while history learns that a model is never perfect or finished, I am confident ELFI is in a position to take over the prominent position that MORKMON had so many years within the set of analytical instruments of de Nederlandsche Bank.

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  • Dnb, 2011. "DELFI : DNB's Macroeconomic Policy Model of the Netherlands," DNB Occasional Studies 901, Netherlands Central Bank, Research Department.
  • Handle: RePEc:dnb:dnbocs:901
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    File URL: https://www.dnb.nl/en/binaries/DELFI_tcm47-247496.pdf
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    1. Robert-Paul Berben & Kerstin Bernoth & Mauro Mastrogiacomo, 2007. "Households' response to wealth changes: do gins or losses make a difference?," IFC Bulletins chapters,in: Bank for International Settlements (ed.), Proceedings of the IFC Conference on "Measuring the financial position of the household sector", Basel, 30-31 August 2006 - Volume 1, volume 25, pages 145-160 Bank for International Settlements.
    2. Marco Hoeberichts & Ad Stokman, 2010. "Price setting behaviour in the Netherlands: results of a survey," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 31(2-3), pages 135-149.
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    4. van der Werf, Edwin, 2008. "Production functions for climate policy modeling: An empirical analysis," Energy Economics, Elsevier, vol. 30(6), pages 2964-2979, November.
    5. Klump, Rainer & McAdam, Peter & Willman, Alpo, 2004. "Factor substitution and factor augmenting technical progress in the US: a normalized supply-side system approach," Working Paper Series 367, European Central Bank.
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    Cited by:

    1. Diederik Dicou & Saskia van Ewijk & Jan Kakes & Martijn Regelink & Guido Schotten, 2016. "Time for Transition - an exploratory study of the transition to a carbon-neutral economy," DNB Occasional Studies 1402, Netherlands Central Bank, Research Department.
    2. David-Jan Jansen, 2016. "Housing and mortgage dynamics: evidence from household surveys," DNB Working Papers 522, Netherlands Central Bank, Research Department.
    3. de Walque, Gregory & Lundvall, Henrik & Papageorgiou, Dimitris & Rysanek, Jakub & Kulikov, Dmitry & Júlio, Paulo & Lozej, Matija & Sideris, Dimitris & Maria, José R. & Micallef, Brian & Schmidt, Sebas, 2015. "Comparing fiscal multipliers across models and countries in Europe," Working Paper Series 1760, European Central Bank.
    4. Gerbert Hebbink & Mark Kruidhof & Jan Willem Slingenberg, 2014. "Bank lending and capital," DNB Occasional Studies 1203, Netherlands Central Bank, Research Department.

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