In this paper we analyse household holdings of the monetary aggregate M3 in the euro area from 1991 until 2009. We develop a nominal model with satisfactory economic and statistical properties. The main determinants are a transactions variable, wealth considerations, opportunity costs and...

Several empirical studies have suggested that the Bundesbank has pursued inflation targets rather than monetary targets. We find that, in the period from 1979 III to 1998 IV, changes in adjusted monetary base growth reacted negatively and significantly to deviations from target monetary...

This paper uses Swiss data and two novel instrumental variables to test the channels through which migrants promote trade. Using immigration in France and visa restrictions as instruments for immigrantion in Switzerland, I identify a protrade effect that takes place entirely on the extensive...

In this paper, we have presented a generalization of Bucci's (2003) model in which have disentangled the monopolistic mark-up in the intermediate goods sector, the intermediate goods share in the final output and the returns to specialization in order to have a better measurement of competition....

In 2002, Switzerland started to implement free mobility with the European Union and simultaneously immigration rules for citizens from the rest of the world became more stringent. Only skilled workers could be hired from third countries and employers had to give priority in hiring to Swiss and...

The implementation of monetary policy is prevalently done by interest rate targeting with a short term market rate serving as operational target. The instruments for achieving the operational target are the provision of reserves and the interest rate charged in these transactions. This paper...

The paper analyzes the relevance of the three constituent elements of the ‘new firm paradigm', i.e. ICT, workplace organization and human capital, as determinants of a firm's provision of training. We concentrate on apprenticeship training, which in German-speaking countries is a widespread...

The paper applies a theoretical model with increasing capital varieties to study the impact of energy on growth. It translates a multisectoral framework version to a computable general equilibrium (CGE) model of the Swiss economy. We study the impacts of a policy aiming at enabling the economy...

In this paper we present the regional techno-economic model ETEM, designed for the analysis of regional energy/environment systems and we show how it can be used to explore the possible penetration of new technologies in a region corresponding roughly to the canton of Geneva. We investigate...

In the framework of the revision of the Swiss CO2-Law and in the preparation of the international negotiations that place at the Conference of the Parties to the United Nations Framework Convention on Climate Change, the Swiss Government has proposed a set of instruments and two levels of...