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Journal Article
Switzerland's approach to monetary policy
Monetary policy as conducted by the Swiss National Bank is aimed at maintaining price stability in the medium term. Between 1980 and 1999, the Bank used the seasonally adjusted monetary base as monetary target and as indicator. Given the continually distorted indicator value of the monetary base after 1996, the Bank fundamentally reviewed its modus operandi. As of the beginning of 2000, the Swiss National Bank (SNB) considers price stability to be achieved with an annual inflation (CPI) rate of less than 2 percent. The Bank bases its monetary policy decisions on a medium-term (three-year) ...
Report
Disciplined discretion: the German and Swiss monetary targeting frameworks in operation
Many observers have held up the records of price stability in Germany and in Switzerland as examples of the benefits of a monetary targeting regime. These claims have been juxtaposed in recent years with econometric analyses of Bundesbank policy which have shown an absence of dependable relationship between money growth, inflation, and policy movements. We offer an analysis of actual Bundesbank and Swiss National Bank monetary policy as it operated which explains this puzzling gap between performance and presumed policy. We confirm that neither country is a monetary targeter according to a ...
Working Paper
International liquidity provision during the financial crisis: a view from Switzerland
We document the provision of CHF liquidity by the Swiss National Bank (SNB) to banks domiciled outside Switzerland during the recent financial crisis. What makes the Swiss case special is the size of this liquidity provision?making up 80 percent of all short term CHF liquidity provided by the SNB?and also the measures that were adopted to distribute this liquidity. In addition to making CHF available to other central banks via SWAP facilities, the SNB also allows banks domiciled outside Switzerland to directly participate in its REPO transactions. Although this policy was adopted for reasons ...