Working Papers

From Swiss National Bank, Study Center Gerzensee
Studienzentrum Gerzensee, Postfach 21, 3115 Gerzensee.
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07.02: The Future of Social Security

Martin Gonzalez-Eiras and Dirk Niepelt

07.01: Random Walk Expectations and the Forward Discount Puzzle

Philippe Bacchetta and Eric van Wincoop

06.04: Predictability in Financial Markets: What Do Survey Expectations Tell Us?

Philippe Bacchetta, Elmar Mertens and Eric van Wincoop

06.03: The Stability Pact - Rationales, Problems, Alternatives

Assar Lindbeck and Dirk Niepelt

06.02: Exchange Rate Volatility and Productivity Growth: The Role of Financial Development

Philippe Aghion, Philippe Bacchetta, Romain Ranciere and Kenneth Rogoff

06.01: Financing Government Expenditures Optimally

Pinar Yesin

05.05: Puzzling Comovements between Output and Interest Rates? Multiple Shocks are the Answer

Elmar Mertens

05.04: Starving the Beast? Intra-Generational Conflict and Balanced Budget Rules

Dirk Niepelt

05.03: Incomplete Information Processing: A Solution to the Forward Discount Puzzle

Philippe Bacchetta and Eric van Wincoop

05.02: Shock Identification of Macroeconomic Forecasts based on Daily Panels

Marlene Amstad and Andreas Fischer

05.01: Measuring Income Elasticity for Swiss Money Demand: What do the cantons say about financial innovation?

Andreas Fischer

04.07: Timing Tax Evasion

Dirk Niepelt

04.06: Sequential Information Flow and Real-Time Diagnosis of Swiss Inflation: Intra-Monthly DCF Estimates for a Low-Inflation Environment

Andreas Fischer and Marlene Amstad

04.05: Foreign aid and developing countries' creditworthiness

Philipp Harms and Michael Rauber

04.04: Price Clustering in the FX Market: A Disaggregate Analysis using Central Bank Interventions

Andreas Fischer

04.03: Higher Order Expectations in Asset Pricing

Philippe Bacchetta and Eric van Wincoop

04.02: Tax Collection Costs, Tax Evasion and Optimal Interest Rates

Pinar Yesin

04.01: A Scapegoat Model of Exchange Rate Fluctuations

Philippe Bacchetta and Eric van Wincoop

03.07: Optimal Cyclical Monetary Policy: Does Steady-State Inflation Matter?

Samuel Reynard

03.06: Reuters News Reports versus Official Interventions: A Cautionary Warning

Andreas Fischer

03.05: The New Basel Accord: Implications of the Co-existence between the Standardized Approach and the Internal Ratings-based Approach

Bertrand Rime

03.04: Aid, Governance, and Private Foreign Investment: Some Puzzling Findings and a Possible Explanation

Philipp Harms and Matthias Lutz

03.03: Understanding Reserve Volatility in Emerging Markets: A Look at the Long-Run

Ricarda Demarmels and Andreas Fischer

03.02: Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?

Philippe Bacchetta and Eric van Wincoop

03.01: Fixing Swiss Potholes: The Importance and Cyclical Nature of Improvements

Michael Dueker and Andreas Fischer

02.08: Product Market Deregulation and Labor Market Outcomes

Monique Ebell and Christian Haefke

02.07: Deregulation and the Current Account

Philipp Harms

02.06: Growing into and out of Social Conflict

Philipp Harms and Stefan Zink

02.05: Why Do Consumer Prices React less than Import Prices to Exchange Rates?

Philippe Bacchetta and Eric van Wincoop

02.04: The Relationship between Risk and Capital in Swiss commercial Banks: A Panel Study

Robert Bichsel and Jürg Blum

02.03: Fluctuations in the Swiss Franc: What has Changed Since the Euro's Introduction?

Andreas Fischer

02.02: Understanding Reserve Volatility in Emerging Markets: A Look at the Last Thirty Years

Ricarda Demarmels and Andreas Fischer

02.01: Stochastic Capital Depreciation and the Comovement of Hours and Productivity

Michael Dueker, Andreas Fischer and Robert D. Dittmar

01.07: A Theory of the Currency Denomination of International Trade

Philippe Bacchetta and Eric van Wincoop

01.06: Do Depositors Discipline Swiss Banks?

Urs Birchler and Andréa M. Maechler

01.05: A corporate Balance-Sheet Approach to Currency Crises

Philippe Aghion, Philippe Bacchetta and Abhijit Banerjee

01.04: Bank Integration and Business Volatility in the U.S

Donald Morgan, Bertrand Rime and Philip Strahan

01.03: The Performance of Universal Banks: Evidence from Switzerland

Bertrand Rime and Kevin Stiroh

01.02: The Mechanics of a successful Exchange-Rate Peg: Lessons from Emerging Markets

Michael Dueker and Andreas Fischer

01.01: Why are Asset Returns More Volatile during Recessions? A Theoretical Explanation

Monique Ebell

00.14: Are banks excessively monitored?

Urs Birchler

00.13: Financial Development and Stock Market performance

Harris Dellas and Martin K. Hess

00.12: Alternative Indicator of Moneary Policy for a Small Open Economy

Nicolas Cuche-Curti

00.11: Trade Flows, Prices, and The Exchange Rate Regime

Philippe Bacchetta and Eric van Wincoop

00.10: Monetary policy with forward-looking rules: The Swiss case

Nicolas Cuche-Curti

00.09: The Politics of Trade Liberalization in the Presence of FDI Incentives

Andréa M. Maechler

00.08: The Limits of Market Discipline in Reducing Banks' Risk Taking

Jürg Blum

00.07: Currency Crises and Monetary Policy in an Economy with Credit Constraints

Philippe Aghion, Philippe Bacchetta and Abhijit Banerjee

00.06: Financial Development and the Sensitivity of Stock Markets to External Influences

Harris Dellas and Martin K. Hess

00.05: Bank Capital Behaviour: Empirical Evidence for Switzerland

Bertrand Rime

00.04: Do Interventions Smooth Interest Rates?

Andreas Fischer

00.03: Monetary Policy with Foreign Currency Debt

Philippe Bacchetta

00.02: The UBS-SBC Merger and Competition in the Swiss Retail Banking Sector

Dominik Egli and Bertrand Rime

00.01: Bankruptcy Priority for Bank Deposits: a Contract Theoretic Explanation

Urs Birchler

99.06: Estimating The Term Structure of Interest Rates: The Swiss Case

Iwan Meier

99.05: A Simple Model of Monetary Pollicy and Currency Crises

Philippe Aghion, Philippe Bacchetta and Abhijit Banerjee

99.04: Trade Credit and the Bank Lending Channel

Jeffrey Nilsen

99.03: Modering Financial Fragility In Transition Economies

Jeffrey Nilsen and Riccardo Rovelli

99.02: Estimating Monthly GDP In A General Kalman Filter Framework: Evidence From Switzerland

Nicolas Cuche-Curti and Martin K. Hess

99.01 update: Capital Markets and the Instability of Open Economies

Philippe Aghion, Philippe Bacchetta and Abhijit Banerjee

99.01: Capital Markets and the Instability of Open Economies

Philippe Aghion, Philippe Bacchetta and Abhijit Banerjee

98.04: Does Exchange Rate Stability Increase Trade and Capital Flows?

Philippe Bacchetta and Eric van Wincoop

98.03: Why did Czech Banks Switch From Loans in 1995?

Jeffrey Nilsen

98.02: Financial Liberalization and Volatility in Emerging Market Economies

Philippe Aghion, Philippe Bacchetta and Abhijit Banerjee

98.01: Capital flows to Emerging Markets: Liberalization, Overshooting, and Volatility

Philippe Bacchetta and Eric van Wincoop