MORKMON A Quarterly Model of the Netherlands Economy for Macro-economic Policy Analysis

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Oatil the early 1970s monetary econometrics was virtually unexplored territory in the Netherlands. The Bank's econometric research, which I have had the privilege to direct since 1971, sought to map this territory gradually and thus to obtain the el­ ements for building a monetary model for the Netherlands. As regards the research strategy, I opted for the performance of studies on specific aspects. The quarterly model MORKMON presented in this monograph may be regarded as the conclusion of this research programme. When building the model and writing this monograph, I made heavy and unre­ mitting demands on the staff of the Econometric Research and Special Studies Department. lowe a debt of gratitude to them all. The contributions made by four of them - EA. G. den Butter, A. P. Huijser, P. Kramer and we. Boeschoten - deserve special mention. Summer of 1984 M. M. G. Fase 8 Contents Foreword of the President 5 Preface 7 1 Introductory remarks 11 1. 1 Prolegomena 11 1. 2 Organization 12 2 The relationships in the monetary sector 14 2. 1 Balance sheets 14 2. 1. 1 Private sector 14 2. 1. 2 Money-creating institutions 16 2. 1. 3 Central bank 17 2. 1. 4 Government 17 2. 1. 5 Rest of the world 18 2. 2 Balance sheet constraints 19 2. 3 The monetary model in outline 22 2. 4 The behavioural equations for the monetary sector 25 2. 4.