| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7805 |
| DP7805 Swiss Monetary Policy, 2000-2009 | |
| Hans Genberg; Stefan Gerlach | |
| 发表日期 | 2010-05-23 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | 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 introduction. Empirical results indicate that in setting policy the SNB reacts in much the same way as inflation targeting central banks. The recent sharp reduction in the policy rate is consistent with the estimated reaction function until the second quarter of 2009 when the zero bound became binding, while the deterioration of economic conditions still called for further monetary easing. This may explain the unconventional monetary policy measures adopted since then. |
| 主题 | International Macroeconomics |
| 关键词 | Empirical reaction functions Inflation targeting Snb Taylor rule |
| URL | https://cepr.org/publications/dp7805 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536642 |
| 推荐引用方式 GB/T 7714 | Hans Genberg,Stefan Gerlach. DP7805 Swiss Monetary Policy, 2000-2009. 2010. |
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