| Abstract: | What is now known in English as the Netherlands Bureau for Economic Policy Analysis (CPB) has been involved in econometric model building since its foundation in 1945. During the 60 years of developing and using the models reviewed in this article, CPB's model building has evolved significantly. Over this period, a shift of emphasis can be observed from econometrics and empiricism to economic theory. New questions from policymakers and new features in the national economy have guided research, while new developments in econometrics and economic theory were taken on board wherever they helped to improve the quality and scope of the analysis. Although considerable progress has been achieved in several spheres, even the most sophisticated and up‐to‐date models continue to be riddled with some longstanding limitations and weaknesses. |
