higher conditional on either productivity or preference shocks. Therefore, the introduction of a price-level targeting regime …-side shocks. Since inflation and output are targeted simultaneously, none of the two policies is strictly dominant. Contents … Monetary Policy in Switzerland Comparison of Inflation and Price-Level Targeting Bayesian Estimation of a Small Open DSGE Model …

-term implications of heterogeneously productive firms, showing an acceleration effect of technology shocks. Finally, an empirical …