After the switch to a floating exchange rate in 1973, the Swiss National Bank at first adopted annual monetary targets and in the 1990s shifted to a medium-term targeting strategy. In this paper I review the SNB's internal policy analysis, an aspect of Swiss monetary targeting that has received...

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This paper addresses the problems arising from the conduct of monetary policy in a lowinterest- rate environment. We examine a proposal advanced by Svensson for current Japanese monetary policy recommending first a devaluation of the Yen and a subsequent temporary exchange rate target coupled...

After the switch to a floating exchange rate in 1973, the Swiss National Bank at first adopted annual monetary targets and in the 1990s shifted to a medium-term targeting strategy. In this paper I review the SNB’s internal policy analysis, an aspect of Swiss monetary targeting that has...