First, we spell out a political-economy model, based on segmented labor markets, which explains why a guest-worker system is preferred to a non-discriminatory immigration regime and why measures to improve the integration of low-skill immigrants tend to be opposed subsequently. The model also...

This article provides a short description of remitters in Dubai. The data comes from a remittance survey on foreign workers in the Emirate conducted in 2008. Among other findings, our results suggest that there are key differences between those remitters who live in labour camps and those living...

This paper investigates the effects of immigration flows and their human capital content on per capita GDP variation in 24 OECD host countries. Theoretical models concludes that the effect of immigrants in host country's income depends on the human capital content of migrants (Benhabib, 1996);...

The agreement with the European Union on liberalized migration had sizable effects on the Swiss economy. Simulations with a macroeconometric model show that the agreement mitigated the incidence of labor shortages and stimulated business investment, giving rise to an increased growth potential....

An affine yield curve model is estimated on daily Swiss data 2002–2009. The market price of risk is modelled in terms of proxies for uncertainty, which are estimated from interest rate options. The estimated model generates innovations in the 3-month rate that are similar to external evidence...

In January 2000 the Swiss National Bank adopted a new monetary policy framework incorporating a price stability objective defined as (any rate of) CPI inflation below 2 percent. We contrast this framework with inflation targeting strategies and review the SNB's policy decisions since its...

Using Swiss data from 1983 to 2008, this paper investigates whether growth rates of the different measures of the quantity of money and or excess money can be used to forecast inflation. After a preliminary data analysis, money demand relations are specified, estimated and tested. Then,...

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We examine the role of global and country-specific factors for the Swiss franc exchange rate in the period 1990–2009. Simple asset pricing theory would predict that exchange rates reflect relative movements in national discount factors and that systematic departures from uncovered interest...