Money and inflation in Switzerland

Peter Kugler () and Samuel Reynard
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Peter Kugler: University of Basel

Swiss Journal of Economics and Statistics, 2022, vol. 158, issue 1, 1-13

Abstract: Abstract This paper characterizes the relationship between monetary aggregates, inflation and economic activity in Switzerland since the mid-1970s. Traditional forms of money demand and quantity theory relationships have remained stable over the whole period. Broad money excesses over trend values, accounting for a secular decline in interest rates and thus in trend velocity, have been followed by persistently higher inflation and output with the usual monetary policy transmission lags. Money and exchange rate fluctuations can explain the major inflation developments in Switzerland over the past four decades.

Keywords: Monetary policy; Monetary aggregates; Inflation; Trend velocity (search for similar items in EconPapers)
JEL-codes: E30 E41 E52 E58 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1186/s41937-021-00081-1

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