In this paper, we analyse the sources of economic growth in Switzerland during the period 1991-2006. The results suggest that labour input and capital input contribute 0.52 pp and 0.57 pp, respectively, to the average annual GDP growth of 1.44%. The remaining 0.35 pp represent growth in...

During the financial crisis of 2007/08 the level and volatility of interest rate spreads increased dramatically. This paper examines how the choice of the target interest rate for monetary policy affects the volatility of inflation, the output gap and the yield curve. We consider three monetary...

This paper studies the relationship between macroeconomic behaviour and the monetary policy regime in Hong Kong and Singapore, using data for 1984-2004. We estimate an econometric model, comprising a Phillips curve, an IS curve and an equation for changes in the nominal effective exchange rate...