Monetary policy response to oil price shocks
In: Swiss National Bank working papers 2010,15
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In: Swiss National Bank working papers 2010,15
In: IMF Working Paper No. 19/95
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In: The economic journal: the journal of the Royal Economic Society, Band 128, Heft 609, S. 797-826
ISSN: 1468-0297
In: IMF Working Paper No. 19/200
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Working paper
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We conduct an empirical investigation of the determinants of the Swiss franc real exchange rate. Theory and related empirical papers suggest various specific factors as potential determinants. We select some of these factors, and test their significance and magnitude in affecting the course of the CHF real exchange rate. Results stemming from a co-integration approach point to terms of trade and relative government spending as the most significant explanatory variables. Balassa-Samuelson effects do not play any significant role. Our results also confirm that this kind of empirical approach is sensitive to the choice of explanatory variables, panel countries and sample periods.
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