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Why are Switzerland's foreign assets so low? The growing financial exposure of a small open economy

Switzerland's international investment position shows a puzzling feature since 1999: Large and persistent current account surpluses have failed to boost the value of Swiss foreign assets. In this paper, we link this pattern to the substantial increase in the leveraging of Switzerland's international assets and liabilities over the last twenty years, which we document in detail. We estimate the impact of exchange rate and asset prices movements on Swiss net foreign assets, and show that they led to substantial valuations losses since 1999, accounting for between one-quarter and one-half of the ...
Staff Reports , Paper 283

Disciplined discretion: the German and Swiss monetary targeting frameworks in operation

Many observers have held up the records of price stability in Germany and in Switzerland as examples of the benefits of a monetary targeting regime. These claims have been juxtaposed in recent years with econometric analyses of Bundesbank policy which have shown an absence of dependable relationship between money growth, inflation, and policy movements. We offer an analysis of actual Bundesbank and Swiss National Bank monetary policy as it operated which explains this puzzling gap between performance and presumed policy. We confirm that neither country is a monetary targeter according to a ...
Research Paper , Paper 9707

Working Paper
Inflation targeting in a small open economy: empirical results for Switzerland

This paper extends McCallum?s (1987) nominal targeting rule to a small open economy by allowing for feedback from the exchange rate. Instead of setting parameters in a McCallum-type targeting rule and simulating, the parameters are estimated using a markov switching model. We argue that a model of discrete parameter changes should be adept at capturing sudden changes in policy regime, such as changes in the degree to which monetary policy admits feedback from the exchange rate. We examine the legitimacy of an inflation targeting rule with occasional exchangerate feedback to describe Swiss ...
Working Papers , Paper 1995-014

Working Paper
Ireland and Switzerland: the jagged edges of the Great Inflation

Ireland and Switzerland both had rising inflation during the early 1970s, but their experiences diverged thereafter, so that they form a rare example of two countries whose inflation rates are poorly correlated with one another over the Great Inflation period. In addition, each of the two countries' records is anomalous in important respects relative to other economies' 1970s inflations. This paper proposes that the monetary policy neglect hypothesis can account for the anomalies, providing a consistent explanation for the Great Inflation across countries. Extensive archival evidence is ...
Working Papers , Paper 2006-016

Journal Article
Open mouth operations: a Swiss case study

Monetary Trends , Issue Jan

Working Paper
Swiss monetary policy: central bank independence and stabilization goals

Working Papers , Paper 8605

Journal Article
Money and exchange rates, 1974-79

Economic Review , Issue Spr , Pages 19-34

Conference Paper
Interest rate operating procedures of foreign central banks

Proceedings , Paper 1, pt. 1

Conference Paper
A comparison of monetary policy operating procedures in six industrial countries

Proceedings , Paper 1, pt. 1

Journal Article
Divisia monetary services indexes for Switzerland: are they useful for monetary targeting?

Review , Issue Sep , Pages 19-33



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