Nach einem geläufigen Argument sollten sich Währungsunionen durch geringe Variabilität und Persistenz in den realen Wechselkursveränderungen zwischen den beteiligten Regionen auszeichnen. Die Untersuchung betrachtet die Variabilität und die Persistenz von realen Wechselkursveränderungen...

This paper analyzes forward-looking rules for Swiss monetary policy in a small structural VAR consisting of four variables. First, the paper looks at the ex ante inflation-output-growth volatility trade-off for a forward-looking policy aiming at a convex combination of a strict inflation and...

This paper analyzes forward-looking rules for Swiss monetary policy in a small structural VAR model consisting of four variables taking into account data revisions for GDP. First, the paper develops an analytical method to analyze the effect of data revision errors in GDP on the ex ante or...

This paper analyzes forward-looking monetary policy rules in structural VAR's. First, an approach for modeling a monetary policy which aims at a strict medium term inflation or output growth target is developed. Second, the ex ante inflation-output-growth volatility trade-off for a...

In December 1999 the Swiss National Bank (SNB) abandoned monetary targeting and introduced a new monetary policy strategy. The cornerstones of the new framework are an explicit definition of what the SNB considers to be price stability, a forecast of inflation over a three-year horizon, and a...

An influential literature estimates the impact of trade on labor markets with shift‐share instrumental variable designs under the assumption that common demand shocks in advanced economies are negligible. This article documents empirical patterns, which suggest that such common demand shocks...

Sind vorläufige geldpolitische Ankündigungen in der Schweiz rational? Es werden für die Schweiz mehrere Hypothesen bezüglich des Informationsgehalts von vorläufigen Schätzwerten für die Geldmengenziele Ml, M2 und M3 untersucht. Unsere Tests erlauben es uns nicht, die rationale...

In this paper, we examine external, monetary, and structural determinants of crosscountry variation in reserve volatility for 30 emerging market economies from 1973 to 2000. We find that reserve holdings and openness to be the most important determinants of reserve volatility. These results are...