, challenged the full credibility of the Swiss National Bank (SNB) in enforcing the lower barrier implemented in September 6, 2011 …, reaching a level of nearly 50%. The credibility of the SNB in maintaining the floor, as seen from the option market, was thus …

different methods to study the credibility of the detected fluctuation bands. The detected lack of credibility in a high … percentage of the sample is robust to the use of several credibility tests, suggesting that economic agents do not behave as if …

, such as the ERM, this policy was not undermined by credibility problems. The episode provides an ideal testing ground for …

in a small country seems to be a currency board with a fixed exchange rate that can be adapted in case of a crisis. A …