Interest Rate Dynamics and Monetary Policy Implementation in Switzerland
Dieter Nautz () and
Christian J. Offermanns
SFB 649 Discussion Papers from Humboldt University, Collaborative Research Center 649
The maturity of the operational target of monetary policy is a distinguishing feature of the SNB's operational framework of monetary policy. While most central banks use targets for the overnight rate to signal the policy-intended interest rate level, the SNB announces a target range for the three-month Libor. This paper investigates the working and the consequences of the SNB's unique operational framework for the behavior of Swiss money market rates before and during the financial crisis.
Keywords: Implementation of Monetary Policy; Operational Targets of Monetary Policy; Three-Month Rate Targeting; Financial Crisis (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Pages: 27 pages
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Journal Article: Interest Rate Dynamics and Monetary Policy Implementation in Switzerland (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:hum:wpaper:sfb649dp2009-062
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