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Monetary policy spillovers: the impact of ECB conventional and unconventional monetary policies on the Swiss stock market

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  • Jürg Fausch
  • Daniel Sutter

Abstract

We examine the impact of conventional and unconventional ECB monetary policies on the Swiss stock market. Our results show that Swiss stock returns respond significantly to conventional and unconventional monetary policy measures, with conventional monetary policy having an impact only before the financial crisis. The response to unconventional policy shocks is less strong after the introduction of a minimum exchange rate regime by the Swiss National Bank (SNB). Our results are robust to simultaneity and endogeneity problems.

Suggested Citation

  • Jürg Fausch & Daniel Sutter, 2024. "Monetary policy spillovers: the impact of ECB conventional and unconventional monetary policies on the Swiss stock market," Applied Economics Letters, Taylor & Francis Journals, vol. 31(2), pages 122-127, January.
    • Handle: RePEc:taf:apeclt:v:31:y:2024:i:2:p:122-127
    DOI: 10.1080/13504851.2022.2128173
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