- Open access
- Published:
Swiss Monetary Targeting 1974–1996: The Role of Internal Policy Analysis
Swiss Journal of Economics and Statistics volume 143, pages 283–329 (2007)
References
Baltensperger, Ernst (1984), Geldmengenpolitik und Inflationskontrolle. Möglichkeiten, Kosten, flankierende Massnahmen, Diessenhofen: Rüegger.
Baltensperger, Ernst (2007), “The National Bank’s Monetary Policy: Evolution of Policy Framework and Policy Performance”, Ch. 11 in Swiss National Bank, The Swiss National Bank 1907–2007, Zurich: Neue Zürcher Zeitung Publishing.
Bernanke, Ben S., Thomas Laubach, Frederic S. Mishkin and Adam S. Posen (1999), Inflation Targeting: Lessons from the International Experience, Princeton, NJ: Princeton University Press.
Bernanke, Ben S. and Ilian Mihov (1997), “What does the Bundesbank target?” European Economic Review 41, June, pp. 1025–1053.
Bernholz, Peter (2007), “From 1945 to 1982: the Transition from Inward Exchange Controls to Money Supply Management under Floating Exchange Rates”, Ch. 2 in Swiss National Bank, The Swiss National Bank 1907–2007, Zurich: Neue Zürcher Zeitung Publishing.
Büttler, H.-J., J.-F. Gorgerat, H. Schiltknecht and K. Schiltknecht (1979), “A Multiplier Model for Controlling the Money Stock”, Journal for Monetary Economics 5, pp. 327–341.
Büttler, Hans-Jörg, Franz Ettlin and Eveline Ruoss (1987), „Empirische Schätzungen des Wachstums der potentiellen Produktion in der Schweiz“, Geld, Währung und Konjunktur 5, March, pp. 61–71.
Capitelli, René and Peter Buomberger (1990), „Zur Geldpolitik der achtziger Jahre: Einige grundsätzliche Überlegungen“, Schweizerische Zeitschrift für Volkswirtschaft und Statistik 126, December, pp. 535–551.
Ettlin, Franz (1989), „Der schweizerische Notenumlauf 1962–1988: Eine ökonometrische Untersuchung aufgrund des Cointegrations- und Fehler-Korrektur-Ansatzes“, Geld, Währung und Konjunktur 7, September, pp. 257–268.
Fischer, Andreas M. and Michel Peytrignet (1990), “Are Larger Monetary Aggregates Interesting? Some Exploratory Evidence for Switzerland Using Feedback Models”, Schweizerische Zeitschrift für Volkswirtschaft und Statistik 126, December, pp. 505–520.
Friedman, Benjamin M. (1977), “The Inefficiency of Short-Run Monetary Targets for Monetary Policy”, Brookings Papers on Economic Activity, vol. 2, pp. 293–346.
Genberg, Hans and Ulrich Kohli (1997), “Recent Developments in Swiss Monetary Policy”, in: Bacchetta, Philippe and Walter Wasserfallen (eds), Economic Policy in Switzerland, London: Macmillan, pp. 8–29.
Jordan, Thomas J., Michel Peytrignet and Georg Rich (2001), “The Role of M3 in the Policy Analysis of the Swiss National Bank”, in: Klöckers, HansJoachim and Caroline Willeke (eds), Monetary Analysis: Tools and Applications, Frankfurt am Main: European Central Bank, August, pp. 47–62.
Kohli, Ulrich, (1985), «La demande de monnaie en Suisse: Aspects divers», Geld, Währung und Konjunktur 3, June, pp. 150–164.
Kugler, Peter and Georg Rich (2002), “Monetary Policy under Low Interest Rates: The Experience of Switzerland in the Late 1970s”, Schweizerische Zeitschrift für Volkswirtschaft und Statistik 138, September, pp. 241–269.
Laubach, Thomas and Adam S. Posen (1997), “Disciplined Discretion: Monetary Targeting in Germany and Switzerland”, Essays in Inernational Finance, No. 206, Princeton, NJ: International Finance Section, December.
McKinnon, Ronald I. (1982), “Currency Substitution and Instability in the World Dollar Standard”, American Economic Review 72, June, pp. 320–333.
McKinnon, Ronald I. (1984), An International Standard for Monetary Stabilization, Washington, DC: International Institute for Economics.
Meltzer, Alan H. (1998), “Monetarism: The Issues and the Outcome”, Atlantic Economic Journal 26, March, pp. 8–31.
OECD (1989), Economic Surveys. Switzerland, Paris.
Peytrignet, Michel (2007), “The Money Supply as an Intermediate Monetary Target”, Ch. 4.3 in Swiss National Bank, The Swiss National Bank 1907–2007, Zurich: Neue Zürcher Zeitung Publishing.
Peytrignet, Michel and Christof Stahel (1998), “Stability of Money Demand in Switzerland: A Comparison of the M2 and M3 Cases”, Empirical Economics 23, pp. 437–454.
Rich, Georg (1988), „Die Entwicklung auf den Finanzmärkten“, Presentation at a panel organised by the Swiss Association of Foreign Banks, Zurich, 22 January (mimeo).
Rich, Georg (1997), “Monetary Targets as a Policy Rule: Lessons from the Swiss Experience”, Journal of Monetary Economics 39, June, pp. 113–141.
Rich, Georg (2000), “Monetary Policy without Central Bank Money: A Swiss Perspective”, International Finance 3, November, pp. 439–469.
Rich, Georg (2002), “Inflation and Money Stock Targets: Is There Really a Difference?”, in: Dwyer Gerald P., Jin-Lung Lin, Jia-Dong Shea and Chung-Shu Wu (eds), Monetary Policy and Taiwan’s Economy, Cheltenham: Edward Elgar, pp. 13–47.
Rich, Georg and Jean-Pierre Béguelin (1985), “Swiss Monetary Policy in the 1970s and 1980s: An Experiment in Pragmatic Monetarism”, in: Monetary Policy and Monetary Regimes, Rochester: Center for Research in Government Policy & Business, Graduate School of Management, University of Rochester, pp. 76–111.
Schiltknecht, Kurt (1974), “An Econometric Model for the Financial Sector of Switzerland”, Economics Research Unit, University of Pennsylvania, 5/28/1974 (mimeo).
Schiltknecht, Kurt (1977), „Die Geldpolitik der Schweiz unter dem System flexibler Wechselkurse”, Schweizerische Zeitschrift für Volkswirtschaft und Statistik 113, March, pp. 1–26.
Schiltknecht, Kurt (1983), “Switzerland — The Pursuit of Monetary Objectives”, In: Meek, Paul (ed.), Central Bank Views on Monetary Targeting, New York: Federal Reserve Bank, pp. 72–79.
Schiltknecht, Kurt (1989), „Geldmengenpolitik und Wechselkurs — der schweizerische Weg“, In: Bub, Norbert, Dieter Duwedag and Rudolf Richter (eds), Geldwertsicherung und Wirtschaftsstabilität, Essays in honour of Helmut Schlesinger, Frankfurt am Main: F. Knapp.
Schiltknecht, Kurt (1990), „Zur aktuellen Geldpolitik der Schweizerischen Nationalbank — Ein Overkill?“, BZ Trust, Aktiengesellschaft, Zurich, 20 November.
Stalder, Peter (2001), „Ein ökonometrisches Makromodell für die Schweiz“, Quartalsheft 19, June, pp. 62–89.
Swiss National Bank (1982), 75 fahre Schweizerische Nationalbank, Zurich: SNB, May.
Swiss National Bank, Annual Report (AR), various issues.
Swiss National Bank, Geld, Währung und Konjunktur (QB), various issues.
Swiss National Bank, Monatsbericht (MB), various issues.
Vital, Christian (1978), Geldnachfragegleichungen für die Schweiz, Zurich: Verlag Industrielle Organisation.
Author information
Authors and Affiliations
Corresponding author
Additional information
Private consultant, director and head of the economic division of the Swiss National Bank until 2001. I wrote this paper in August and September 2002 as a visiting expert at the European Central Bank. I would like to thank the ECB for affording me the opportunity to do research on Swiss monetary policy. In particular, I am indebted to Vítor Gaspar, former director general of research at the ECB. I would never have embarked on this project without his encouragement and support. I am also grateful to Jean-Pierre Roth, Michel Peytrignet, Peter Stalder and Markus Zimmerli for their help with this paper. The analysis of this paper reflects my own views, which need not accord with those of the SNB.
Rights and permissions
Open Access This article is distributed under the terms of the Creative Commons Attribution 2.0 International License ( https://creativecommons.org/licenses/by/2.0 ), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
About this article
Cite this article
Rich, G. Swiss Monetary Targeting 1974–1996: The Role of Internal Policy Analysis. Swiss J Economics Statistics 143, 283–329 (2007). https://doi.org/10.1007/BF03399241
Published:
Issue Date:
DOI: https://doi.org/10.1007/BF03399241