Articles

Free migration between the EU and Switzerland: Impacts on the Swiss economy and implications for monetary policy

Authors: Peter Stalder

Skilled migration and economic performances: Evidence from OECD countries

This paper investigates the effects of immigration flows and their human capital content on per capita GDP variation in 24 OECD host countries. Theoretical models concludes that the effect of immigrants in hos...

Authors: Gianluca Orefice

Who opposes immigrants’ integration into the labor market? The Swiss case

First, we spell out a political-economy model, based on segmented labor markets, which explains why a guest-worker system is preferred to a non-discriminatory immigration regime and why measures to improve the...

Authors: Tobias Müller and Silvio H. T. Tai

The effects of immigration on wages: An application of the structural skill-cell approach

This paper investigates how recent immigration inflows from 2002 to 2008 have affected wages in Switzerland. This period is of particular interest as it marks the time during which the bilateral agreement with...

Authors: Michael Gerfin and Boris Kaiser

Estimating a stock-flow model for the Swiss housing market

This paper analyzes the development of housing market imbalances, housing prices and residential investment in Switzerland within a stock-flow framework. In the long run, the desired level of residential capit...

Authors: Elizabeth Steiner

Productivity and economic growth in Switzerland 1991–2006

In this paper, we analyse the sources of economic growth in Switzerland during the period 1991–2006. The results suggest that labour input and capital input contribute 0.52 pp and 0.57 pp, respectively, to the...

Authors: Barbara Rudolf and Mathias Zurlinden

Tactical size rotation in Switzerland

The size premium, defined as the return differential between shares of small and large companies, is subject to cyclical fluctuations. This study examines the predictability of this premium for the Swiss stock...

Authors: Thorsten Hock

‘Baumol’s diseases’: The case of Switzerland

Nordhaus (2008) has developed a testing strategy for what he calls ‘Baumol’s diseases’, by which name he designates a number of by-products of structural change that are unwanted from an economic policy perspecti...

Authors: Jochen Hartwig

Interchange fees as a mechanism to raise rivals’ costs — some evidence from Switzerland

In 2004 the Swiss Competition Commission (ComCo) opened an investigation concerning multilateral agreed interchange fees in the Swiss credit card market which ended with an amicable settlement. The most import...

Authors: Samuel Rutz

Test of fiscal sustainability and causality hypotheses for Switzerland

This paper examines the causality between the Swiss federal governments revenue and expenditure over the 1900 to 2002 period by estimating the short- and long-run relation within an error-correction approach t...

Authors: Silika Prohl

International policy coordination and simple monetary policy rules

This paper studies monetary policy in an optimizing two-country model. We suppose a two-step production process that is associated with vertical trade. Prices of final consumption goods are sticky and pass-thr...

Authors: Wolfram Berger

Poverty in Tunisia: A Fuzzy measurement approach

Although poverty is widely recognised as a multidimensional phenomenon, we still believe that monetary aspect has a fundamental role and therefore deserves a special treatment. For this reason we propose an in...

Authors: Besma Belhadj and Mohamed Salah Matoussi

The SNB’s monetary policy framework ten years on: Concluding comments

Authors: Ulrich Kohli

Perspectives on monetary policy in Switzerland

Authors: Charles Wyplosz

The SNB’s new monetary policy framework ten years on: Panel discussion

Authors: Alexander Swoboda

The SNB’s new monetary policy framework ten years on: Panel discussion

Authors: Edward Nelson

Discussion of “Reaction of Swiss Term Premia to Monetary Policy Surprises” by Paul Söderlind

Authors: Carlos Lenz

Reaction of Swiss term premia to monetary policy surprises

An affine yield curve model is estimated on daily Swiss data 2002–2009. The market price of risk is modelled in terms of proxies for uncertainty, which are estimated from interest rate options. The estimated m...

Authors: Paul Söderlind

Discussion of “The Swiss Franc Exchange Rate and Deviations from UIP: Global versus Domestic Factors” by Mathias Hoffmann and Rahel Suter

Authors: Tommaso Mancini Griffoli

Discussion of “The Swiss Franc Exchange Rate and Deviations from UIP: Global versus Domestic Factors” by Mathias Hoffmann and Rahel Suter

Authors: Kevin Ross

The Swiss Franc exchange rate and deviations from uncovered interest parity: Global vs domestic factors

We examine the role of global and country-specific factors for the Swiss franc exchange rate in the period 1990–2009. Simple asset pricing theory would predict that exchange rates reflect relative movements in...

Authors: Mathias Hoffmann and Rahel Suter

Discussion of “Interest Rate Dynamics and Monetary Policy Implementation in Switzerland” by Puriya Abbassi, Dieter Nautz and Christian J. Offermanns

Authors: Dewet Moser

Discussion of “Interest Rate Dynamics and Monetary Policy Implementation in Switzerland” by Puriya Abbassi, Dieter Nautz and Christian J. Offermanns

Authors: Antoine Martin

Interest rate dynamics and monetary policy implementation in Switzerland

The maturity of the operational target of monetary policy is a distinguishing feature of the SNB’s operational framework of monetary policy. While most central banks use targets for the overnight rate to signa...

Authors: Puriya Abbassi, Dieter Nautz and Christian J. Offermanns

Discussion of “Measuring the Natural Output Level by DSGE Models: An Empirical Investigation for Switzerland” by Stefan Leist and Klaus Neusser

Authors: Jean-Marc Natal

Discussion of “Measuring the Natural Output Level by DSGE Models: An Empirical Investigation for Switzerland” by Stefan Leist and Klaus Neusser

Authors: Yvan Lengwiler

Measuring the natural output level by DSGE models: An empirical investigation for Switzerland

The output gap plays an important role in the assessment and conduct of monetary policy. Most of the current literature, however, relies on filtering procedures which use ad hoc smoothness arguments for identi...

Authors: Stefan Leist and Klaus Neusser

Discussion of “The Role of Monetary Aggregates in the Policy Analysis of the Swiss National Bank” by Gebhard Kirchgässner and Jürgen Wolters

Authors: Samuel Reynard

Discussion of “The Role of Monetary Aggregates in the Policy Analysis of the Swiss National Bank” by Gebhard Kirchgässner and Jürgen Wolters

Authors: Sylvia Kaufmann

The role of monetary aggregates in the policy analysis of the swiss national bank

Using Swiss data from 1983 to 2008, this paper investigates whether growth rates of the different measures of the quantity of money and or excess money can be used to forecast inflation. After a preliminary da...

Authors: Gebhard Kirchgässner and Jürgen Wolters

Discussion of “Unemployment and Monetary Policy in Switzerland” by Peter Kugler and George Sheldon

Authors: Attilio Zanetti

Discussion of “Unemployment and Monetary Policy in Switzerland” by Peter Kugler and George Sheldon

Authors: Marc P. Giannoni

Unemployment and monetary policy in Switzerland

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 a...

Authors: Peter Kugler and George Sheldon

Discussion of “Swiss Monetary Policy 2000–2009” by Hans Genberg and Stefan Gerlach

Authors: Marcel R. Savioz and Maja Ganarin

Swiss monetary policy 2000–2009

In January 2000 the Swiss National Bank adopted a new monetary policy framework incorporating a price stability objective defined as (any rate of) CPI inflation below 2 percent. We contrast this framework with...

Authors: Hans Genberg and Stefan Gerlach

Discussion of “Indeterminacy, Causality, and the Foundations of Monetary Policy Analysis” by Bennett T. McCallum

Authors: Katrin Assenmacher

Discussion of “Indeterminacy, Causality, and the Foundations of Monetary Policy Analysis” by Bennett McCallum

Authors: Cédric Tille

Indeterminacy, causality, and the foundations of monetary policy analysis

To be useful as a guide to behavior, a model that includes a relationship between x _t and z_t+1 must specify whether x _t is influenced by the e...

Authors: Bennett T. McCallum

Discussion of “Ten Years Experience with the Swiss National Bank Monetary Policy Strategy” by T. Jordan, M. Peytringnet and E. Rossi

Authors: Georg Rich

Discussion of “Ten Years Experience with the Swiss National Bank Monetary Policy Strategy” by T. Jordan, M. Peytringnet and E. Rossi

Authors: Marvin Goodfriend

Ten years’ experience with the Swiss National Bank’s monetary policy strategy

In December 1999 the Swiss National Bank (SNB) abandoned monetary targeting and introduced a new monetary policy strategy. The cornerstones of the new framework are an explicit definition of what the SNB consi...

Authors: Thomas J. Jordan, Michel Peytrignet and Enzo Rossi

How to Explain the High Prices in Switzerland?

This article challenges the view that a lack of competition and a high level of regulations are the main causes of Switzerland’s high prices. First, we point out a number of stylized facts which are inconsiste...

Authors: Christoph Sax and Rolf Weder

Trade and the Spillovers of Transnational Terrorism

We examine the impact of transnational terrorism diffusion on security and international trade. To counter the diffusion of transnational terrorism, targeted governments implement security measures against cou...

Authors: José de Sousa, Daniel Mirza and Thierry Verdier

The Role of Corporate Taxation in a Large Welfare State

In comparing the impact of corporate taxation and social insurance on foreign direct investment (FDI) and unemployment, the paper derives four main results: (i) the optimal size of the welfare state depends on...

Authors: Christian Keuschnigg

Adjustment Dynamics of Bilateral Trade Flows: Theory and Evidence

In this paper, I introduce a trade-promoting ‘invisible asset’ into the standard Krugman (1980) model of international trade. It can be interpreted as trust that accumulates as an externality in proportion to suc...

Authors: Benjamin Jung

Armington Product Variety Growth in Small versus Large Countries

Authors: Peter Egger, Martin Gassebner and Andrea Lassmann

On the Political Substitutability between Tariffs and Subsidies

Authors: Daniel Brou and Michele Ruta

Taste Heterogeneity, Trade, and the Within-Industry Home Market Effect

Authors: Raphael Auer

The Global Crisis and the Answer of Economics

Authors: Gebhard Kirchgässner

The up-coming crisis and the banking sector in the Baltic States

Authors: Mejra Festić, Sebastijan Repina and Alenka Kavkler