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The fiscal theory of the price level with a bubble
Brunnermeier, Markus Konrad; Merkel, Sebastian; … - 2020
primary surpluses can have a positively valued currency and low inflation. It also provides an example with closed …
Persistent link: https://www.econbiz.de/10012213139
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Is Switzerland an interest rate island after all? : time series and non-linear switching regime evidence
Feld, Lars P.; Köhler, Ekkehard A. - 2015
interest rate anomaly results from systemic risk anticipation, we discuss whether Switzerland remains an interest rate island …
Persistent link: https://www.econbiz.de/10011392550
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How do banks and households manage interest rate risk? : evidence from the Swiss mortgage market
Basten, Christoph; Guin, Benjamin; Koch, Cathérine - 2017
We exploit a unique data set that features both un-intermediated mortgage requests and independent offers from multiple banks for each request. We show that households typically are not prudent risk managers but prioritize the minimization of current mortgage payments over the risk of possible...
Persistent link: https://www.econbiz.de/10011721608
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How banks respond to negative interest rates : evidence from the Swiss exemption threshold
Basten, Christoph; Mariathasan, Mike - 2018
Switzerland. For identification, we compare changes in the behavior of banks that had different fractions of their central bank …
Persistent link: https://www.econbiz.de/10011795014
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Functionality of fiscal rules in a low interest rate environment : new empirical results for Swiss cantons
Weber, Philipp; Zell, Laura A.; Feld, Lars P.; … - 2024
Switzerland’s unexpected and substantial interest rate drop in 2015 following the termination of the Swiss Franc-Euro peg. The …
Persistent link: https://www.econbiz.de/10015070087
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Wars and markets : how bond values reflect World War II
Frey, Bruno S.; Kucher, Marcel - 1999
Historical events are reflected in asset prices. In this paper, we analyse government bond prices of Germany and Austria traded on the Swiss bourse during WWII. Some war events that are generally considered crucial are clearly reflected in government bond prices. This holds, in particular, for...
Persistent link: https://www.econbiz.de/10009781716
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The rate of return on everything, 1870-2015
Jordà, Òscar; Knoll, Katharina; Kuvshinov, Dmitry; … - 2018
This paper answers fundamental questions that have preoccupied modern economic thought since the 18th century. What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in the...
Persistent link: https://www.econbiz.de/10011794864
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A VECX model of the Swiss economy
Assenmacher-Wesche, Katrin (contributor);  … - 2008
Persistent link: https://www.econbiz.de/10003688893
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Interest rates under falling stars
Bauer, Michael D.; Rudebusch, Glenn D. - 2017
Theory predicts that the equilibrium real interest rate, r*t, and the perceived trend in inflation, ð*t, are key …
Persistent link: https://www.econbiz.de/10011688099
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Around the world with Irving Fisher
Thorvaldur Gylfason; Tómasson Helgi; Gylfi Zoega - 2015
This paper aims to show why Irving Fisher's own data on interest rates and inflation in New York, London, Paris, Berlin … changes in inflation, not even in the long run. In Fisher's data, interest rates have more persistence than inflation and … change less than inflation over time. The Fisher effect is a misnomer unless it is taken to refer to what Fisher actually …
Persistent link: https://www.econbiz.de/10010496089