Lukas Heim evaluates the performance of a price-level targeting rule compared to that of a standard inflation targeting rule. The comparison is based on a medium-scale DSGE model which has been estimated based on state-of-the-art Bayesian methods. The model for the Swiss economy is an expanded...

Fabian Schnell develops a model indicating that by keeping real interest rates too low, monetary policy can distort the allocation of resources across firms and potentially delay economic recovery after a recession. This is a new channel of monetary policy that is especially relevant in view of...

Eine gut funktionierende Zusammenarbeit zwischen der hauptamtlichen Geschäftsführung und dem ehrenamtlichen Vorstand ist für den Erfolg einer jeden Nonprofit-Organisation (NPO) von zentraler Relevanz. Aufgrund der unterschiedlichen Rahmenbedingungen von Ehrenamt und Hauptamt gestaltet sich...