During the Great Depression, countries endowed with abundant gold reserves were not able to leave the gold standard and devalue their currencies until the mid-1930s. Instead, they were forced to go down the road of internal devaluation. We analyze the policies of the Swiss authorities by...

Contrary to standard agnostic statistical approaches an output gap estimate based on a New Keynesian Small Open Economy model provides the possibility to analyze the driving forces of the variation in GDP caused by nominal rigidities. This paper makes use of this and provides an estimate of a...

In historical accounts of the world economic crisis of the 1930s, Switzerland is known for its staunch defense of the gold standard and the rise of corporatist policies. Yet, so far, the literature has not discussed the implications of these two features. This paper tries to show how the...

1. Introduction -- 1.1 References -- 2. Some Remarks on Econometric Model Building -- 2.1 References -- 3. Prediction-Oriented Estimation Methods for the Canonical Disequilibrium Model -- 3.1 References -- 4. Investment in Residential Construction -- 4.1 Introductory Remarks -- 4.2 Demand for...