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Interest Rate Dynamics and Monetary Policy Implementation in Switzerland

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Author Info

  • Puriya Abbassi
  • Dieter Nautz
  • Christian Offermanns

Abstract

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 signal the policy-intended interest rate level, the SNB announces a target range for the three-month Libor. This paper investigates the working and the consequences of the SNB's unique operational framework for the behavior of Swiss money market rates before and during the financial crisis.

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Bibliographic Info

Article provided by Swiss Society of Economics and Statistics (SSES) in its journal Swiss Journal of Economics and Statistics.

Volume (Year): 146 (2010)
Issue (Month): I (March)
Pages: 313-340

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Handle: RePEc:ses:arsjes:2010-i-13

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Postal: c/o SNB/BNS, B├Ârsenstrasse 15, PO Box 2800, CH-8022 Z├╝rich
Phone: +41 (0)44 631 32 34
Fax: +41 (0)44 631 39 01
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Web page: http://www.sjes.ch
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Related research

Keywords: Implementation of Monetary Policy; Operational Targets of Monetary Policy; Three-Month Rate Targeting; Financial Crisis;

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Cited by:
  1. Marlene Amstad & Antoine Martin, 2011. "Monetary policy implementation: common goals but different practices," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 17(Nov).

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