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Unemployment and monetary policy in Switzerland

Swiss Journal of Economics and Statistics volume 146, pages 185–208 (2010)Cite this article

Summary

This paper investigates the impact of the monetary policy change of the Swiss National Bank (SNB) in 1999 on the Swiss labor market on the basis of a Phillips relationship. Theoretical considerations as well as previous empirical work suggest that the SNB’s shift to a more inflation-targeted policy should have increased real-wage flexibility and lowered the NAIRU, the sacrifice ratio, and the level and persistence of inflation in Switzerland. Our results tend to confirm these expectations, although a number of the measured effects are not statistically significant.

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Authors and Affiliations

  1. Department of Economics, FAI, University of Basel, Peter Merian-Weg 6, 4653, CH-4002, Basel, Switzerland

    Peter Kugler & George Sheldon

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  1. Peter Kugler
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  2. George Sheldon
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Correspondence to Peter Kugler.

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Kugler, P., Sheldon, G. Unemployment and monetary policy in Switzerland. Swiss J Economics Statistics 146, 185–208 (2010). https://doi.org/10.1007/BF03399301

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