Based on real-time trade data from the Swiss franc overnight interbank repo market and SIX Interbank Clearing (SIC) the Swiss real-time gross settlement (RTGS) system we are able to gain valuable insights on the daytime value of money and its determinants: First, an implicit hourly interbank...

The global Great Recession has sparked renewed interest in the relationships between financial conditions and real activity. This paper considers the Swiss experience, studying the impact of credit market conditions and housing prices on real activity over the last three decades through the lens...