2009-12-09Buch DOI: 10.18452/4227
Interest Rate Dynamics and Monetary Policy Implementation in Switzerland
Offermanns, Christian J.
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.
Dateien zu dieser Publikation
Is Part Of Series: Sonderforschungsbereich 649: Ökonomisches Risiko - 62, SFB 649 Papers, ISSN:1860-5664