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Taux négatifs: made for Switzerland

Author

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  • Jean-Pierre Danthine

    (CEPR - Center for Economic Policy Research - CEPR, UNIL - Université de Lausanne, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics)

Abstract

Une petite économie ouverte dotée d'une monnaie refuge, comme la Suisse, a besoin d'un différentiel d'intérêt négatif avec la zone euro. Sur la durée, un différentiel approprié est la seule possibilité d'éviter une surévaluation excessive du franc. Les perspectives de stagnation séculaire et de taux durablement bas rendent impérative une nouvelle appréciation de l'importance et de l'utilité des taux négatifs pour l'économie suisse. La BNS devrait être autorisée à prélever une redevance sur les retraits anormaux de papier monnaie, et être ainsi à même d'imposer des taux significativement plus bas qu'aujourd'hui afin de restaurer un différentiel d'intérêt proche de sa moyenne historique.

Suggested Citation

  • Jean-Pierre Danthine, 2017. "Taux négatifs: made for Switzerland," PSE Working Papers halshs-01571650, HAL.
  • Handle: RePEc:hal:psewpa:halshs-01571650
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01571650
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    References listed on IDEAS

    as
    1. Peter Kugler & Beatrice Weder, 2004. "International Portfolio Holdings and Swiss Franc Asset Returns," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 140(III), pages 301-325, September.
    2. Juan Carlos Suárez Serrato & Philippe Wingender, 2016. "Estimating Local Fiscal Multipliers," NBER Working Papers 22425, National Bureau of Economic Research, Inc.
    3. Kugler, Peter & Weder, Beatrice, 2005. "Why are Returns on Swiss Franc Asset so Low?," Working papers 2005/08, Faculty of Business and Economics - University of Basel.
    4. Lawrence Christiano & Martin Eichenbaum & Sergio Rebelo, 2011. "When Is the Government Spending Multiplier Large?," Journal of Political Economy, University of Chicago Press, vol. 119(1), pages 78-121.
    5. Kenneth S. Rogoff, 2016. "The Curse of Cash," Economics Books, Princeton University Press, edition 1, number 10798.
    6. Venky Venkateswaran & Laura Veldkamp & Julian Kozlowski, 2015. "The Tail that Wags the Economy: Belief-Driven Business Cycles and Persistent Stagnation," 2015 Meeting Papers 800, Society for Economic Dynamics.
    7. Peter Kugler & Beatrice Weder, 2004. "International Portfolio Holdings and Swiss Franc Asset Returns," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 140(III), pages 301-325, September.
    8. Kugler, Peter & Weder di Mauro, Beatrice, 2005. "Why Are Returns on Swiss Franc Assets So Low? Rare Events May Solve the Puzzle," CEPR Discussion Papers 5181, C.E.P.R. Discussion Papers.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    taux d'intérêt négatifs; monnaie papier; monnaie refuge;

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