The Swiss Journal of Economics and Statistics is published in collaboration with the Swiss Society of Economics and Statistics (SSES) and the Swiss Academy of Humanities and Social Sciences (SAGW). The journal is fully sponsored by the SSES and the SAGW so authors are not required to pay an article processing charge.
Articles
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Citation: Swiss Journal of Economics and Statistics 2010 146:BF03399321
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The SNB’s new monetary policy framework ten years on: Panel discussion
Citation: Swiss Journal of Economics and Statistics 2010 146:BF03399319 -
Discussion of “Reaction of Swiss Term Premia to Monetary Policy Surprises” by Paul Söderlind
Citation: Swiss Journal of Economics and Statistics 2010 146:BF03399317 -
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...
Citation: Swiss Journal of Economics and Statistics 2010 146:BF03399316 -
Discussion of “The Swiss Franc Exchange Rate and Deviations from UIP: Global versus Domestic Factors” by Mathias Hoffmann and Rahel Suter
Citation: Swiss Journal of Economics and Statistics 2010 146:BF03399315 -
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...
Citation: Swiss Journal of Economics and Statistics 2010 146:BF03399313 -
Discussion of “Interest Rate Dynamics and Monetary Policy Implementation in Switzerland” by Puriya Abbassi, Dieter Nautz and Christian J. Offermanns
Citation: Swiss Journal of Economics and Statistics 2010 146:BF03399311 -
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...
Citation: Swiss Journal of Economics and Statistics 2010 146:BF03399310 -
Discussion of “Measuring the Natural Output Level by DSGE Models: An Empirical Investigation for Switzerland” by Stefan Leist and Klaus Neusser
Citation: Swiss Journal of Economics and Statistics 2010 146:BF03399309 -
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...
Citation: Swiss Journal of Economics and Statistics 2010 146:BF03399307 -
Discussion of “The Role of Monetary Aggregates in the Policy Analysis of the Swiss National Bank” by Gebhard Kirchgässner and Jürgen Wolters
Citation: Swiss Journal of Economics and Statistics 2010 146:BF03399305 -
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...
Citation: Swiss Journal of Economics and Statistics 2010 146:BF03399304 -
Discussion of “Unemployment and Monetary Policy in Switzerland” by Peter Kugler and George Sheldon
Citation: Swiss Journal of Economics and Statistics 2010 146:BF03399303 -
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...
Citation: Swiss Journal of Economics and Statistics 2010 146:BF03399301 -
Discussion of “Swiss Monetary Policy 2000–2009” by Hans Genberg and Stefan Gerlach
Citation: Swiss Journal of Economics and Statistics 2010 146:BF03399300 -
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...
Citation: Swiss Journal of Economics and Statistics 2010 146:BF03399299 -
Discussion of “Indeterminacy, Causality, and the Foundations of Monetary Policy Analysis” by Bennett T. McCallum
Citation: Swiss Journal of Economics and Statistics 2010 146:BF03399298 -
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 zt+1 must specify whether x t is influenced by the e...
Citation: Swiss Journal of Economics and Statistics 2010 146:BF03399296 -
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...
Citation: Swiss Journal of Economics and Statistics 2010 146:BF03399293 -
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...
Citation: Swiss Journal of Economics and Statistics 2009 145:BF03399292 -
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...
Citation: Swiss Journal of Economics and Statistics 2009 145:BF03399291 -
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...
Citation: Swiss Journal of Economics and Statistics 2009 145:BF03399290 -
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...
Citation: Swiss Journal of Economics and Statistics 2009 145:BF03399289 -
Armington Product Variety Growth in Small versus Large Countries
Citation: Swiss Journal of Economics and Statistics 2009 145:BF03399288 -
On the Political Substitutability between Tariffs and Subsidies
Citation: Swiss Journal of Economics and Statistics 2009 145:BF03399287 -
Taste Heterogeneity, Trade, and the Within-Industry Home Market Effect
Citation: Swiss Journal of Economics and Statistics 2009 145:BF03399286 -
The Global Crisis and the Answer of Economics
Citation: Swiss Journal of Economics and Statistics 2009 145:BF03399285 -
Interest rate setting on the Swiss Franc repo market
Repurchase agreements (repos) are secured money market transactions. The cash taker provides collateral in the form of securities and in return receives money from the cash provider. To ensure the continuous c...
Citation: Swiss Journal of Economics and Statistics 2009 145:BF03399284 -
Price-setting behaviour in Switzerland: Evidence from CPI micro data
This paper investigates price-setting behaviour of firms based on the individual price quotes underlying the Swiss consumer price index. The data set covers the years from 1993 to 2005. Six main findings emerg...
Citation: Swiss Journal of Economics and Statistics 2009 145:BF03399283 -
The up-coming crisis and the banking sector in the Baltic States
Citation: Swiss Journal of Economics and Statistics 2009 145:BF03399282 -
Targeting labour market programmes — results from a randomized experiment
We evaluate a randomized experiment of a statistical support system developed to assist caseworkers in Swiss employment offices in choosing appropriate active labour market programmes for their unemployed clie...
Citation: Swiss Journal of Economics and Statistics 2009 145:BF03399281 -
Estimating a Taylor Rule with Markov Switching Regimes for Switzerland
In this paper a Taylor rule including the exchange rate gap is estimated for Switzerland under the assumption that the parameters depend on two states governed by a Markov switching process. The estimates from...
Citation: Swiss Journal of Economics and Statistics 2009 145:BF03399280 -
Regional per Capita-Income — The Importance of Region-Specific Production Factors
Endowment with infrastructure, human and cultural capital is highly significant for regional economic performance. After clustering the regions, this hypothesis is tested for Austrian, German and Swiss NUTS 3 ...
Citation: Swiss Journal of Economics and Statistics 2009 145:BF03399279 -
The Marginal Cost of Saving a Life in Health Care: Age, Gender and Regional Differences in Switzerland
This paper estimates the marginal cost of saving a life using age- and gender-specific health care expenditures and mortality rates of the 26 Swiss cantons for the period 1997 to 2006. It shows almost triple t...
Citation: Swiss Journal of Economics and Statistics 2009 145:BF03399278 -
Retrospective Price Indices and Substitution Bias
The consumer price index (CPI) is usually computed as a fixed-weighted Laspeyres price index, with the weights updated at discrete intervals only. It is well known that the Laspeyres functional form entails a ...
Citation: Swiss Journal of Economics and Statistics 2009 145:BF03399277 -
Liberalizing the Swiss Meat Market with the EU: Welfare Effects and Impacts on Third Countries
This article analyzes the welfare effects of multilateral versus bilateral trade liberalization between Switzerland and the EU in the meat sector. A multi-market multi-region partial equilibrium model is used....
Citation: Swiss Journal of Economics and Statistics 2009 145:BF03399276 -
Measuring Capital Stocks and Capital Services in Switzerland
This paper presents estimates of the aggregate net (wealth) capital stock and aggregate capital services for Switzerland. We derive these estimates in a consistent manner using the perpetual inventory method. ...
Citation: Swiss Journal of Economics and Statistics 2009 145:BF03399275 -
Biased Estimation in a Simple Extension of a Standard Error Correction Model
This paper considers an expectations augmented version of the Engle and Granger (1987) error correction model and shows that standard inference about the adjustment coefficients can be severely biased. This bias ...
Citation: Swiss Journal of Economics and Statistics 2009 145:BF03399274 -
The Performance of Actively and Passively Managed Swiss Equity Funds
Using a Switzerland-specific Carhart model, we study the risk-adjusted performance of actively and passively managed mutual funds investing in Swiss stocks from 1989 to 2007. We also compare the performance of...
Citation: Swiss Journal of Economics and Statistics 2009 145:BF03399273 -
Do Foreigners Pay Higher Rents for the Same Quality of Housing in Geneva and Zurich?
The Geneva and Zurich housing markets are characterised by high proportions of foreigners and a large share of rental housing. This provides ideal conditions for testing whether foreigners pay more for the sam...
Citation: Swiss Journal of Economics and Statistics 2008 144:BF03399272 -
Estimation of Hedonic Models Using a Multilevel Approach: An Application for the Swiss Rental Market
This paper is an empirical application of a hedonic model to determine rents in Switzerland. Unlike traditional hedonic models, we take account of the fact that data are clustered at different levels. The resu...
Citation: Swiss Journal of Economics and Statistics 2008 144:BF03399271 -
The Impact of Housing Market Segmentation between Tourists and Residents on the Hedonic Price for Landscape Quality
Market segmentation is an important issue when estimating the implicit price for an environmental amenity from a surrogate market like property. This paper tests the hypothesis of a segmentation of the housing...
Citation: Swiss Journal of Economics and Statistics 2008 144:BF03399270 -
Valuation of Environmental Goods in Profit and Non-Profit Housing Sectors: Evidence from the Rental Market in the City of Zurich
This paper analyses the impact of electromagnetic pollution, noise and air pollution on the rent level for the aggregated and disaggregated market in the city of Zurich, Switzerland. Although there is no concl...
Citation: Swiss Journal of Economics and Statistics 2008 144:BF03399269 -
Indirect Construction of Hedonic Price Indexes for Private Properties
This paper analyzes the construction of price indexes for condominiums and single family houses in Switzerland over the period 1985 to 2004 using the indirect method. We find, that the pooling of the data, i.e...
Citation: Swiss Journal of Economics and Statistics 2008 144:BF03399268 -
Spatial Estimation of the Impact of Airport Noise on Residential Housing Prices
The paper applies spatial econometric techniques to measure the impact of airport noise on the price of single-family homes in the Zurich Airport area. We exploit a large database of geo-referenced noise measu...
Citation: Swiss Journal of Economics and Statistics 2008 144:BF03399267 -
Constant-Quality House Price Indexes for Switzerland
The measurement of house price movements is a vital topic from both academic and practical perspectives and hence has been the focus of much research. There is almost unanimous consensus in the literature that...
Citation: Swiss Journal of Economics and Statistics 2008 144:BF03399266 -
Introduction to this Volume: Applying Hedonics in the Swiss Housing Markets
Citation: Swiss Journal of Economics and Statistics 2008 144:BF03399265 -
Regional Quantity, Productivity and Efficiency Measures of the Swiss Health Care System
In Switzerland, there are substantial cantonal differences in per capita cost of the mandatory health care system. The present paper breaks these differences down into price and quantity effects revealing both...
Citation: Swiss Journal of Economics and Statistics 2008 144:BF03399262 -
Health Shocks and the Hazard Rate of Early Retirement in the ECHP
In this paper we use discrete-time proportional hazard models with internationally comparable longitudinal data from the full eight waves of the European Community Household Panel (ECHP) to study the relations...
Citation: Swiss Journal of Economics and Statistics 2008 144:BF03399257 -
Swiss DRGs: Patient Heterogeneity and Hospital Payments
In this paper, we analyze the prospective method of paying hospitals when the within-DRG variance is high. To avoid patients dumping, an outlier payment system is implemented. In the APDRG Swiss System, it con...
Citation: Swiss Journal of Economics and Statistics 2008 144:BF03399256
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