This paper analyzes forward-looking monetary policy rules in structural VAR’s. First, anapproach for modeling a monetary policy which aims at a strict medium term inflation or outputgrowth target is developed. Second, the ex ante inflation-output-growth volatility trade-off for...

This paper analyzes forward-looking rules for Swiss monetary policy in a small structural VAR model consisting of four variables taking into account data revisions for GDP. First, the paper develops an analytical method to analyze the effect of data revision errors in GDP on the ex ante or...

This paper analyzes forward-looking rules for Swiss monetary policy in a small structural VAR consisting of four variables. First, the paper looks at the ex ante inflation-output-growth volatility trade-off for a forward-looking policy aiming at a convex combination of a strict inflation and...

This paper looks into the determinants of the Swiss franc exchange rate against the euro. Based on the monetary approach to exchange rates, we start from the premise that monetary policy has an influence on the exchange rate. To measure this effect, we apply the structural vector-autoregression...

This paper looks into the determinants of the Swiss franc exchange rate against the euro. Based on the monetary approach to exchange rates, we start from the premise that monetary policy has an influence on the exchange rate. To measure this effect, we apply the structural vector-autoregression...

We develop a macroeconomic model incorporating international trade. The model is an open economy version of the traditional IS-LM model. Using the recently developed structural vectorautoregression estimation methodology we identify a set of structural shocks. The estimated dynamicresponses of...