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Monetary policy with forward-looking rules: The Swiss case

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Author Info
Nicolas A. Cuche () (Studienzentrum Gerzensee and University of Lausanne)

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Abstract

We estimate monetary policy rules in Switzerland for 1981-1997. In addition to an inflation gap, we find that forward-looking rules with output and exchange rate gaps nicely fit monetary aggregates as well as the call rate. We split the sample in 1990 when the Swiss National Bank replaced annual targets by medium-term targets for its official policy instrument, the monetary base. We find then that our rule best describes M0 and M1 before 1990 and only the call rate after 1990. Moreover, such small open economy rules are robust with respect to diffenernt central bank information sets.

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File URL: http://www.szgerzensee.ch/fileadmin/Dateien_Anwender/Dokumente/working_papers/wp-0010.pdf
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Publisher Info
Paper provided by Swiss National Bank, Study Center Gerzensee in its series Working Papers with number 00.10.

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Length: 35 pages
Date of creation: Sep 2000
Date of revision:
Handle: RePEc:szg:worpap:0010

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Related research
Keywords: Exchange rate; Monetary policy instrument; Output gap; Robustness; Rule; Switzerland.;

Find related papers by JEL classification:
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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  1. Marwan Elkhoury, 2005. "A Time-Varying Parameter Model of A Monetary Policy Rule for Switzerland. The Case of the Lucas and Friedman Hypothesis," HEI Working Papers 01-2006, Economics Section, The Graduate Institute of International Studies. [Downloadable!]
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This page was last updated on 2009-12-16.

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