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

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  • Jordan, Thomas J
  • Lenz, Carlos

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.

Suggested Citation

  • Jordan, Thomas J & Lenz, Carlos, 1995. "Monetary and Real Shocks in a Monetary Union: The Swiss Case," Empirical Economics, Springer, vol. 20(4), pages 635-649.
  • Handle: RePEc:spr:empeco:v:20:y:1995:i:4:p:635-49
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    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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