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Tactics and Strategy in Monetary Policy: Benjamin Friedman's Thinking and the Swiss National Bank

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  • Gerlach, Stefan
  • Jordan, Thomas

Abstract

This paper reviews the tactics and strategy of monetary policy in Switzerland, using a selection of Benjamin Friedman?s papers to organize the discussion, and starting in the early 1970s, when his academic papers started to appear in scholarly journals. The review focuses on the SNB?s experience with monetary targets in 1975-1999, the policy strategy adopted by the SNB in 2000, and the SNB?s experiences during the financial crisis that started in August 2007. On many occasions, Benjamin Friedman?s and the SNB?s thinking converge, while on others, they diverge.

Suggested Citation

  • Gerlach, Stefan & Jordan, Thomas, 2011. "Tactics and Strategy in Monetary Policy: Benjamin Friedman's Thinking and the Swiss National Bank," CEPR Discussion Papers 8547, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:8547
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    More about this item

    Keywords

    Financial crisis; Inflation targeting; Monetary policy; Monetary targeting; Swiss national bank;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • 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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