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This paper characterizes the relationship between monetary aggregates, inflation and economic activity in Switzerland … exchange rate fluctuations can explain the major inflation developments in Switzerland over the past four decades. …
Persistent link: https://www.econbiz.de/10012793487
ECB policy shocks that are related to different policy instruments of the ECB, our empirical results leave the impression … tend to move Swiss interest rates and stock prices in the same direction. Shocks explicitly designed to capture pure ECB … monetary policy and information effect shocks are weakly associated with movements in Swiss asset prices on average. …
Persistent link: https://www.econbiz.de/10014506535
Knowing the part of currency in circulation that is used for transactions is important information for a central bank. For several countries, the share of banknotes that is hoarded or circulates abroad is sizeable, which may be particularly relevant for large-denomination banknotes. We analyze...
Persistent link: https://www.econbiz.de/10012137979
This paper sheds light on Swiss franc LIBOR futures, which are often used to derive interest rate expectations. We show that the differences between LIBOR futures and realized rates (excess returns) are, on average, positive over the last 25 years. Using interest rate surveys, we decompose...
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