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Monetary and Real Shocks in a Monetary Union: The Swiss Case

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  • Thomas Jordan
  • Carlos Lenz

Abstract

We analyze to what extent real and monetary shocks affect price levels and real exchange rates in seven Swiss regions. A structural time series model is set up and estimated using the Kalman filter under two assumptions on the persistence of monetary shocks. We find that the variability of changes in price levels is mainly due to real shocks. The variance of monetary shocks is small but the monetary component of inflation differences across regions differs from zero with some persistence. As the Swiss case shows, this does not seem to be a major obstacle to forming a monetary union.

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Bibliographic Info

Paper provided by Universitaet Bern, Departement Volkswirtschaft in its series Diskussionsschriften with number dp9403.

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Date of creation: Mar 1994
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Handle: RePEc:ube:dpvwib:dp9403

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