A disequilibrium macroeconomic model of the Belgian economy : The Maribel II model of the Planning Bureau

This paper describes the Maribel II model, a model used by the Belgian Planning Bureau for analysing and simulating macroeconomic changes in the Belgian economy. Its main feature is that it is a disequilibrium model (for both the product and the labour market). During the construction of the model considerable attention was given to its theoretical underpinning. The steady state properties show that the mechanisms are mainly classical with a strong dependence on foreign influences. The multiplier analysis confirms the relatively small multipliers in Belgium and also shows the richness that a disequilibrium model provides for analysing particular policies.