Articles publiés 2010
Article 2010-I-13
"Interest Rate Dynamics and Monetary Policy Implementation in Switzerland"
Puriya Abbassi, Dieter Nautz, Christian Offermanns
Résumé: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.
Pages: 313-340
Classification JEL: E52, E58
Mots-clés: Implementation of Monetary Policy, Operational Targets of Monetary Policy, Three-Month Rate Targeting, Financial Crisis
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