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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 considered from each country regarding the doctrines that guided 1970s policymaking. This evidence establishes that Switzerland*s better record is accounted for by the competition between monetary and nonmonetary views of inflation being resolved earlier and more decisively in favor of the monetary view. In Ireland, by contrast, nonmonetary views of inflation dominated policymaking throughout the 1970s.
AUTHORS: Nelson, Edward
DATE: 2006

Journal Article
Open mouth operations: a Swiss case study
AUTHORS: Dueker, Michael J.; Fischer, Andreas M.
DATE: 2005

Journal Article
Real output in Switzerland: new estimates for 1914-47
In this article, Felix A, Andrist, Richard G. Anderson, and Marcela Williams provide, for the first time, an estimate of the real gross domestic product of Switzerland between 1914 and 1947. The estimate is obtained from published data on three other measures of Swiss economic activity during this period: net national product, industrial production, and the transport volume of Swiss railroads. These underlying series closely represent the economic growth of Switzerland; but, they also seem unreasonably volatile as proxy measures of total production, and hence, are filtered by moving averages. Although such smoothing might reduce the accuracy of the estimates, comparisons to U.S. data suggest any such loss is small.
AUTHORS: Williams, Marcela M.; Andrist, Felix; Anderson, Richard G.
DATE: 2000

Journal Article
International liquidity provision during the financial crisis: a view from Switzerland
The authors document the provision of liquidity in Swiss francs (CHF) by the Swiss National Bank (SNB) to banks located outside Switzerland during the recent financial crisis. What makes the Swiss case special is the size of this liquidity provision?at times, 80 percent of all short-term CHF liquidity provided by the SNB?and the measures adopted to distribute this liquidity. In addition to making CHF available to other central banks via swap facilities, the SNB also allows banks outside Switzerland to directly participate in its repurchase agreement transactions. Although this policy was adopted for reasons predating the 2007-09 financial crisis, it proved tremendously helpful during the crisis by providing the European banking system direct access to the primary funding facility for CHF.
AUTHORS: Auer, Raphael; Kraenzlin, Sebastien
DATE: 2011

Journal Article
Are changes in foreign exchange reserves well correlated with official intervention?
AUTHORS: Neely, Christopher J.
DATE: 2000

Journal Article
Can a central bank influence its currency's real value? The Swiss case
AUTHORS: Belongia, Michael T.; Hermann, Werner
DATE: 1989

Journal Article
The cost of restricting corporate takeovers: a lesson from Switzerland
AUTHORS: Hermann, Werner; Santoni, G. J.
DATE: 1989

Journal Article
A guide to nominal feedback rules and their use for monetary policy
If price stability is to be sustained, monetary policy actions will inevitably resemble - in the long run - the prescriptions from nominal feedback rules, which are designed to achieve price stability. This property means that monetary policy might be well described by a nominal feedback rule in a low-inflation country such as Switzerland. In this article, Michael J. Dueker an Andreas M. Fischer provide a general description of nominal feedback rules and use one rule - with time-varying parameters - to model Swiss monetary policy actions. The authors explain how this indicator model can presage a buildup of inflationary pressures before they become obvious through other traditional policy indicators.
AUTHORS: Dueker, Michael J.; Fischer, Andreas M.
DATE: 1998



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