Abstract
The new macroeconomic policy model of the Nederlandsche Bank, MORKMON II, differs from its predecessor MORKMON I, which was published in 1984, in a large number of essentials. For instance, the number of diaggregated sectors has been increased from five to seven, serious attention has been paid to the public sector, and a complete model of the flows of interest and dividends has been included. Explicit attention has been given to the role of wealth in the form of share and bond holdings. The model also encompasses a separate disequilibrium module for the labour market, which makes it possible to distinguish between different unemployment regimes. An overall description of the model is followed by an analysis of its functioning and characteristics on the basis of 10 model simulations.
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