In this paper we investigate the relationship between the term premium and the volatility of the short interest rate by applying a single equation EGARCH-in-mean model as well as bivariate seminonparametric nonlinear impulse response analysis to weekly Swiss data over the period from 1978 to...

This paper shows that heterogeneity of expectations matters. The individual differences studied concern the assessment of the input-output relationship. Output clearly declines with rising expectations errors. This occurs even - and strongly - when there are equal numbers of over- and...

With July 1, 1994 as a deadline, the European Union deregulated the property liability markets to a great extent. This led to the abolishment of twelve regional monopolies in property liability insurance in Germany. In Switzerland as well efforts are being made to deregulate the existing 19...

The confidence in the alleged stability of a free banking system chiefly rests on two pillars: the so called law of adverse clearings and the possibility of an external drain. Already in the first half of the 19th century, however, McCULLOCH and LONGFIELD have shown that this position may at...

Data on international trade at regional level have gained scarce consideration by the economic profession in Switzerland. In the present study we try to fill this gap and to start the debate on these problems. We limit our analysis to the exports of the industrial sector. The correspondance...

The recent appreciation of the Swiss franc provoked opposition based on the conventional view that currency appreciations reduce domestic output. An alternative, supplyside view, however, is that an appreciating currency is evidence that policy changes have improved inflation, investment,...

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The contingent valuation method was used to estimate the willingness to pay of the inhabitants of the town of Neuchâtel (Switzerland) to reduce road traffic noise. In a survey representative of the local population, respondents were asked how much they would pay to halve the traffic noise...

The competitiveness of the Swiss economy depends in a crucial way on a high level of the firms' innovative activities. In this perspective we compare, first, the innovation performance of the manufacturing sector with other highly developed countries using a whole set of innovation indicators....

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