The Demand for Money in Switzerland 1936-1995
This paper studies money demand in Switzerland. While the existing literature typically analyzes post-1973 data, this study uses data covering six decades. We test for cointegration in a system incorporating money, prices, income, a bond yield, and a deposit rate, and find evidence of a single cointegrating vector which feeds into the real money stock. Income and interest-rate elasticities lie within the range of previous findings. Furthermore, we estimate an error-correction model for the real money stock, which additionally includes the Swiss-US interest-rate spread. This model appears stable in- and outof- sample and passes a number of diagnostic tests.
Volume (Year): 137 (2001)
Issue (Month): IV (December)
|Contact details of provider:|| Postal: c/o SNB/BNS, Börsenstrasse 15, PO Box 2800, CH-8022 Zürich|
Phone: +41 58 631 32 34
Web page: http://www.sjes.ch
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Dueker, Michael & Fischer, Andreas M., 1996.
"Inflation targeting in a small open economy: Empirical results for Switzerland,"
Journal of Monetary Economics,
Elsevier, vol. 37(1), pages 89-103, February.
- Michael J. Dueker & Andreas M. Fischer, 1995. "Inflation targeting in a small open economy: empirical results for Switzerland," Working Papers 1995-014, Federal Reserve Bank of St. Louis.
- Andreas M. Fischer & Michel Peytrignet, 1990. "Are Larger Monetary Aggregates Interesting? Some Exploratory Evidence for Switzerland Using Feedback Models," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 126(IV), pages 505-520, December.
- U. Michael Bergman & Michael D. Bordo & Lars Jonung, 1998. "Historical evidence on business cycles: the international experience," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 42(Jun), pages 65-119.
- Bergman, U. Michael & Bordo, Michael D. & Jonung, Lars, 1998. "Historical Evidence on Business Cycles: The International Experience," SSE/EFI Working Paper Series in Economics and Finance 255, Stockholm School of Economics.
- Fischer, Andreas M & Peytrignet, Michel, 1991. "The Lucas Critique in Light of Swiss Monetary Policy," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 53(4), pages 481-493, November.
- Rich, Georg, 1997. "Monetary targets as a policy rule: Lessons from the Swiss experience," Journal of Monetary Economics, Elsevier, vol. 39(1), pages 113-141, June.
- Kohli, U, 1989. "Consistent Estimation When the Left-Hand Variable is Exogenous over Part of the Sample Period," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 4(3), pages 283-293, July-Sept.
- Fischer, Andreas M, 1993. "Is Money Really Exogenous? Testing for Weak Exogeneity in Swiss Money Demand," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(2), pages 248-258, May.
- Abdur Chowdhury, 1995. "The demand for money in a small open economy: The case of Switzerland," Open Economies Review, Springer, vol. 6(2), pages 131-144, April.
- Jean-Christian Lambelet & Délia Nilles, 1987. "Statistique monétaire et demande de monnaie en Suisse," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 123(IV), pages 449-466, December. Full references (including those not matched with items on IDEAS)