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DELFI 2.0, DNB's Macroeconomic Policy Model of the Netherlands

Robert-Paul Berben, Ide Kearney and Robert Vermeulen

DNB Occasional Studies from Netherlands Central Bank, Research Department

Abstract: This paper presents DELFI 2.0 - DNB's new macroeconomic policy model of the Netherlands. DELFI 2.0 is a medium-sized 'semi structural' macro-econometric model, which tries to strike a balance between theoretical rigour and statistical fit to the data. The model differs from its predecessor by incorporating a banking sector, an improved modelling of the pension sector and an explicit role for consumer confidence. A general overview of the structure of the model is given, including its steady state properties. The model's properties are explored in detail using various simulations, which also illustrate the interactions between the real and the financial side of the economy in model.

Date: 2018-09
New Economics Papers: this item is included in nep-mac
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