The metathesis reaction of cycloolefins results in polymers consisting of open chain molecules showing a most probable molecular weight distribution. Beside the polymer residual monomer and/or a homologous series of cyclic oligomers are formed by a "back-biting" reaction. The relation between acyclic polymer and cyclic oligomers can be aiscussed in terms of a ring chain equilibrium. The equilibrium, however, is not established instantaneously: the reaction may be kinetically hindered. The oligoner concentration in the kinetically controlled regime is proportional to Gvhen the thermodynamic equilibrium is established the oligomer distribution is determined by a ring chain equilibrium. From the Jacobson-Stockmayer plots a characteristic ratio of 5,8 is derived for polyoctenylene and of 13,9 for polynorbornene.The Casey carbene (CO)5W=C(QHg)2 is more active as catalyst than carbenes of the Fischer type such as (CG)5W=C(OCH3)CgH5; Fischer carbenes are only active with respect to strained olefins. Consequently, in the presence of the latter carbene only polymers are observed; the "back-biting" reaction to yield the cyclic oligomers does not occur.The corresponding chromium carbenes (C0)5Cr=C(R)C6H promote the metathesis reaction of vinylethers. Cyclic vinylethers, e.g. 2,3-aihyarofuran and 2,3,4,5-tetrahydrooxepin-2-y1 acetate are polymerized in a fully head-to-tail fashion.