CESAM The CCSO annual model of the Dutch economy
نویسنده
چکیده
This paper presents CESAM, a macroeconometric model of the Dutch economy based on annual data. CESAM can be characterized as a Keynesian expenditure model including a neoclassical production model and a post-KeynesianJinancial model. This characterization holds for most of the Dutch macroeconometric models including, for instance, FREIA-KOMPAS of the Dutch Central Planning Bureau. There are, holzlever, some interestingfeatures that distinguish CESAMfrom other Dutch models: the production structure is based on a putty-clay vintage approach; the financial model is based on a system offinancial accounts and is modelled using the portfolio approach; and the institutional structure of Dutch public$nance is described in detail. The main objectives in using the model are to generate medium-term forecasts qf the Dutch economy and to anaiyse economic policy. Kqvwords: Macroeconometric model; Vintage approach; Portfolio behaviour
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