Switzerland. With the exchange rate floor in place for more than one year, the Swiss economy has been relatively stable. Although …

, and adverse shocks in both source and recipient economies. We exploit a novel, rich panel data set, covering bilateral … negatively correlated with the business cycle in recipient countries, and increase in response to adverse exogenous shocks, such … conditions in the source province. Nevertheless, in the presence of similar negative shocks to both source and recipient …

quarterly data so that exogenous fiscal policy shocks can be identified. We estimate fiscal multipliers using a novel … methodology for identifying fiscal shocks within a structural vector autoregressive approach using annual data while controling …

This paper discusses key findings of the Financial System Stability Assessment on Switzerland. Stress tests indicate … that the Swiss banks are robust against even severe shocks. Banks have increased their capital, and the two global banks …