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On January 15, 2015, the Swiss National Bank terminated its minimum exchange rate policy of one euro against 1.2 Swiss francs. This policy shift resulted in a sharp, unanticipated and permanent appreciation of the Swiss franc by more than 11% against the euro. We analyze the exchange rate...
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Im Rahmen eines Zwei-Länder-Modells à la Obstfeld/ Rogoff werden die Wohlfahrtseffekte der Geldpolitik untersucht …. Die Hauptresultate sind: (1) Eine expansive Geldpolitik generiert stets einen positiven Wohlfahrtseffekt; (2) die …
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