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This paper analyzes the change of the output-inflation trade-off in Switzerland over time. Three approaches are used. A traditional equation and a structural vectorautoregressive model are estimated with a moving local regression method. Furthermore, a dummy variable method is applied. The...

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The prominent Milgrom-Stokey no-trade theorem shows that differences in private information alone cannot give rise to trade among fully rational agents. In this note we demonstrate that similar no-trade results hold as well for a model introduced recently by Blume, Easly and O'Hara although in...

The purpose of this paper is to investigate convergence of per capita incomes across Swiss cantons. Contrary to the "classical approach", convergence is explored here by means of homogenous discrete state Markov processes and by nonparametrically estimating conditional income distributions. We...

This paper provides evidence that it is problematic to provide evidence concerning the link between the term structure of interest rates and banking problems in the regional bank sector in Switzerland. In a setting of micro-level panel data it is documented that there is generally a lack of...

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Using the Swiss Labour Force Survey panel data I estimate a dynamic probit model of female labour market participation. The model is estimated with several specifications of the covariance matrix of the error terms. In the more complicated cases the method of Simulated Maximum Likelihood is...

The Pre-commitment approach (PCA) raises several concerns from a supervisor's perspective: the system of penalties which is envisaged is not efficient, the PCA may add to the financial instability, the supervisors are supposed to be on the side line contrary to their role to promote a sound...