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Interest Rate Dynamics and Monetary Policy Implementation in Switzerland

Puriya Abbassi, Dieter Nautz () and Christian J. Offermanns

No SFB649DP2009-062, SFB 649 Discussion Papers from Humboldt University, Collaborative Research Center 649

Abstract: 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
Date: 2009-12
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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