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Swiss Monetary Policy 2000-2009

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  • Hans Genberg
  • Stefan Gerlach

Abstract

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 inflation targeting strategies and review the SNB's policy decisions since its introduction. Empirical results indicate that in setting policy the SNB reacts in much the same way as inflation targeting central banks. The recent sharp reduction in the policy rate is consistent with the estimated reaction function until the second quarter of 2009 when the zero bound became binding, while the deterioration of economic conditions still called for further monetary easing. This may explain the unconventional monetary policy measures adopted since then.

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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: 131-165

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Handle: RePEc:ses:arsjes:2010-i-5

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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: Inflation targeting; SNB; empirical reaction functions; Taylor rule;

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  1. Yanliang Miao, 2009. "In Search of Successful Inflation Targeting," IMF Working Papers 09/148, International Monetary Fund.
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Cited by:
  1. Nikolay Markov & Thomas Nitschka, 2013. "Estimating Taylor Rules for Switzerland: Evidence from 2000 to 2012," Working Papers 2013-08, Swiss National Bank.

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