Yes, linked objects work in v11. Let's say you have a lovingly crafted lookup field defined in Model1.xmod. You want this in Model2.xmod, but you are not keen on re-keying that data.
Just go the Table, Calculated Fields, Import, "Look in a collection of model files", browse to the folder containing Model1.xmod, Next, and all the calculated fields will be listed. Tick the one you want to import, and click Next.
You can choose between Strong links (the lookup field stays in Model1, and Model2 just gets a pointer to Model1 so whenever Model2 is opened Monarch goes to look for Model1). Weak (avoid this - it's been deprecated in v12 and above) or None - where a brand new copy of the lookup field is created in Model2 and there is no reference to Model1.
How to manage links between models depends on your way of working, the number of coworkers curating your models, their skill level, how often the fields change, how strict your audit requirements are, your plans for automation or migration to dmod, dprj and Datawatch Server Library, and so on.
You're using v11 - which is no longer supported by Datawatch, and won't handle some more recent PDF formats, and won't handle the latest Office formats. That's fine - it still allows desktop automation, as long as you are on 11.4 or lower, and it runs on Windows 7. But you might want to consider some sort of route map to having a supportable and scale-able deployment of report mining software.
If you'd like a chat about the options please do drop me a line at firstname.lastname@example.org.