The Swiss Franc and the Euro

  • Hans Genberg
  • Arjan Kadareja
  • Umberto Schwarz
Chapter

Abstract

This paper investigates two aspects of the relationship between the Swiss Franc and the Euro: the likely long-term trend in the bilateral exchange rate, on the one hand, and the role of nominal exchange rate smoothing for short-run macroeconomic stability, on the other.

Keywords

Europe Covariance Income Volatility 

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. Aebersold, C. and A. Brunetti (1998), Die langfristige reale Aufwerkung des Schweizer Frankens gegenüber der D-Mark, Aussenwirtschaft, 53, p. 365–86.Google Scholar
  2. Camen, U., H. Genberg and M. Salemi (1990), Optimal Monetary Policy and the Revealed Preference Function of the Swiss National Bank, in Artus, P., and Y. Barroux (eds.), Monetary Policy: a Theoretical and Econometric Approach, Kluwer Academic Publishers.Google Scholar
  3. Dueker, M. and A. M. Fischer (1997), Inflation Targeting in a Small Open Economy: Empirical Results for Switzerland, Journal of Monetary Economics, 37, p. 89–103.CrossRefGoogle Scholar
  4. Fair, R. C., and J. B. Taylor (1983), Solution and Maximum Likelihood Estimation of Dynamic Nonlinear Rational Expectations Models, Econometrica, 51, p. 1169–85.CrossRefGoogle Scholar
  5. Genberg, H. (1990), In the Shadow of the Mark: Exchange Rate and Monetary Policy in Austria and Switzerland., in Argy, V. and P. de Grauwe (eds.), Choosing an Exchange Rate Regime: the Challenge for Smaller Industrial Countries, p. 197–219.Google Scholar
  6. Genberg, H. and U. Kohli (1997), Recent Developments in Swiss Monetary Policy, in Bacchetta, Ph. and W. Wasserfallen (eds.), Economic Policy in Switzerland, London: Macmillan Press Ltd.Google Scholar
  7. Hviding, K. (1999), Switzerland’s Monetary Policy Framework, in Switzerland — Selected Issues and Statistical Appendix. Washington, D.C., International Monetary Fund.Google Scholar
  8. Kadareja, A. (2000).Google Scholar
  9. Lucas, R. E. Jr. (1976), Econometric Policy Evaluation: A Critique, Carnegie Rochester Conference Series on Public Policy 1, Amsterdam.Google Scholar
  10. Pesaran, H. M. (1989), The Limits to Rational Expectations, London: Basil Blackwell Ltd.Google Scholar
  11. Rich, G. (1997), Monetary Targets as a Policy Rule: Lessons from the Swiss Experience, Journal of Monetary Economics, 39, p. 113–41.CrossRefGoogle Scholar
  12. Rich, G. and J.-P. Béguelin (1985), Swiss Monetary Policy in the 1970’s and 1980’s, in K. Brunner and others, Monetary Policy and Monetary Regimes, Center Symposium Series, No. CS-17. Center for Research in Government Policy and Business, University of Rochester.Google Scholar
  13. Roth, J.-P. (1997), Politique monétaire et reprise — où en sommes nous ? Centre International d’etudes monétaires et bancaires.Google Scholar
  14. Taylor, J. B. (1993a), Macroeconomic Policy in a World Economy: From Econometric Design to Practical Operation. New York: W.W.Norton.Google Scholar
  15. Taylor, J. B. (1993b), Discretion versus Policy Rules in Practice, Carnegie-Rochester Conference on Public Policy, 39, p. 195–214.CrossRefGoogle Scholar
  16. Rich, G. (1999), Inflation and Monsy Stock Targets: Is There Really a Difference ? mimeo, March 1999.Google Scholar

Copyright information

© Springer Science+Business Media New York 2001

Authors and Affiliations

  • Hans Genberg
  • Arjan Kadareja
  • Umberto Schwarz

There are no affiliations available

Personalised recommendations