The maturity of the operational target of monetary policy is a distinguishing feature of the SNB's operational framework of monetary policy. While most central banks use targets for the overnight rate to signal the policy-intended interest rate level, the SNB announces a target range for the...

Using a Switzerland-specific Carhart (1997) model, we study the risk-adjusted performance of actively and passively managed mutual funds investing in Swiss stocks from 1989 to 2007. We also compare the performance of actively managed funds to passively managed funds instead of comparing them to...

Using a Switzerland-specific Carhart (1997) model, we study the risk-adjusted performance of actively and passively managed mutual funds investing in Swiss stocks from 1989 to 2007. We also compare the performance of actively managed funds to passively managed funds instead of comparing them to...

This paper considers an expectations augmented version of the Engle and Granger (1987) error correction model and shows that standard inference about the adjustment coefficients can be severely biased. This has implications for long–run causality and impulse–response analysis in particular....

This paper presents estimates of the aggregate net (welath) capital stock and of aggregate capital services for Switzerland. We derive these estimates in a consistent way using the perpetual inventory method. Due to changes in data availability, the time series cover the period 1970-2005 for the...

The paper assesses by means of welfare analysis the effects of trade creation and trade diversion in a Swiss-EU free trade agreement (FTA) in the meat sector and compares it to multilateral trade liberalization. A multi-market multi-region partial equilibrium model is used. The FTA is checked...

The consumer price index (CPI) is usually computed as a fixed-weighted Laspeyres price index, with the weights updated at discrete intervals only. It is well known that the Laspeyres functional form entails a substitution bias. One way to reduce it would be to use chained indices, and...

We estimate the marginal cost of life using age- and gender-specific health care expenditures and mortality rates of the 26 Swiss cantons for the period 1997 to 2006. We show triple the marginal cost of saving a life for women as compared to men, reflecting a lower marginal elasticity of medical...

Endowment with infrastructure, human and cultural capital is highly significant for regional economic performance. After clustering the regions, this hypothesis is tested for Austrian, German and Swiss NUTS 3 regions by applying a quantile regression analysis. First results confirm the...

In this paper a Taylor rule including the exchange rate gap is estimated for Switzerland under the assumption that the parameters depend on two states governed by a Markov switching process. The estimates suggest the presence of an ordinary and an aggressive regime. The former is characterized...