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The business cycle implications of reciprocity in labour relations
In: Swiss National Bank working paper 2010,10
Executive compensation: a general equilibrium perspective
In: Swiss National Bank working papers 2010,19
Executive compensation: the view from general equilibrium
In: Discussion paper series 6555
In: Financial economics
Labour contracts, operating leverage and asset pricing
In: Discussion paper series 1353
In: Financial economics and international macroeconomics
Wage bargaining structure, employment and economic integration
In: Discussion paper series 694
North/South in the EMS: convergence and divergence in inflation and real exchange rates
In: CEPS paper 50
Negative interest rates in Switzerland: What have we learned?
In: Pacific economic review, Band 23, Heft 1, S. 43-50
ISSN: 1468-0106
AbstractThe Swiss National Bank introduced negative interest rates of minus 75 bp in mid‐January 2015. Large exemptions on commercial bank holdings at the Swiss National Bank result in the average rate being significantly less negative than the marginal rate. With this constellation the policy transmission to the real economy is asymmetric. It fully satisfies the needs of a small open economy in search of a negative interest differential, not those of an economy aiming at a "classical" monetary stimulus at the zero bound. While the Swiss design would make it possible to impose rates that are significantly more negative with modest complementary features, the unpopularity of negative rates makes it likely that the ambition to totally free monetary policy of the ZLB will, in the near future, be thwarted by democratic realities.
The Interest Rate Unbound?
In: Comparative economic studies, Band 59, Heft 2, S. 129-148
ISSN: 1478-3320
Negative interest rates in Switzerland: what have we learned?
The Swiss National Bank has introduced negative interest rates of minus 75bp in mid-January 2015. Large exemptions on commercial bank holdings at the SNB result in the average rate being significantly less negative than the marginal rate. With this constellation the policy transmission to the real economy is asymmetric. It fully satisfies the needs of a SOE in search of a negative interest differential, not those of an economy aiming at a 'classical' monetary stimulus at the zero bound. While the Swiss design would make it possible to impose rates that are significantly more negative with modest complementary features, the unpopularity of negative rates makes it likely that the ambition to totally free monetary policy of the ZLB will be thwarted by democratic realities in the near future.
BASE
Negative interest rates in Switzerland: what have we learned?
The Swiss National Bank has introduced negative interest rates of minus 75bp in mid-January 2015. Large exemptions on commercial bank holdings at the SNB result in the average rate being significantly less negative than the marginal rate. With this constellation the policy transmission to the real economy is asymmetric. It fully satisfies the needs of a SOE in search of a negative interest differential, not those of an economy aiming at a 'classical' monetary stimulus at the zero bound. While the Swiss design would make it possible to impose rates that are significantly more negative with modest complementary features, the unpopularity of negative rates makes it likely that the ambition to totally free monetary policy of the ZLB will be thwarted by democratic realities in the near future.
BASE
Negative interest rates in Switzerland: what have we learned?
The Swiss National Bank has introduced negative interest rates of minus 75bp in mid-January 2015. Large exemptions on commercial bank holdings at the SNB result in the average rate being significantly less negative than the marginal rate. With this constellation the policy transmission to the real economy is asymmetric. It fully satisfies the needs of a SOE in search of a negative interest differential, not those of an economy aiming at a 'classical' monetary stimulus at the zero bound. While the Swiss design would make it possible to impose rates that are significantly more negative with modest complementary features, the unpopularity of negative rates makes it likely that the ambition to totally free monetary policy of the ZLB will be thwarted by democratic realities in the near future.
BASE
Negative interest rates in Switzerland: what have we learned?
The Swiss National Bank has introduced negative interest rates of minus 75bp in mid-January 2015. Large exemptions on commercial bank holdings at the SNB result in the average rate being significantly less negative than the marginal rate. With this constellation the policy transmission to the real economy is asymmetric. It fully satisfies the needs of a SOE in search of a negative interest differential, not those of an economy aiming at a 'classical' monetary stimulus at the zero bound. While the Swiss design would make it possible to impose rates that are significantly more negative with modest complementary features, the unpopularity of negative rates makes it likely that the ambition to totally free monetary policy of the ZLB will be thwarted by democratic realities in the near future.
BASE
Negative interest rates in Switzerland: what have we learned?
The Swiss National Bank has introduced negative interest rates of minus 75bp in mid-January 2015. Large exemptions on commercial bank holdings at the SNB result in the average rate being significantly less negative than the marginal rate. With this constellation the policy transmission to the real economy is asymmetric. It fully satisfies the needs of a SOE in search of a negative interest differential, not those of an economy aiming at a 'classical' monetary stimulus at the zero bound. While the Swiss design would make it possible to impose rates that are significantly more negative with modest complementary features, the unpopularity of negative rates makes it likely that the ambition to totally free monetary policy of the ZLB will be thwarted by democratic realities in the near future.
BASE
Reserve Management and the Use of Ratings at the Swiss National Bank
In: BIS Paper No. 72x
SSRN