Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/128016
Authors: 
Fischer, Andreas M.
Year of Publication: 
2002
Series/Report no.: 
Working Paper, Study Center Gerzensee 02.03
Abstract: 
The monetary implications arising from EMU for Swiss monetary policy show up primarily in the exchange rate. Until now, fluctuations in the Swiss franc against the euro have been surprisingly moderate. The Swiss franc has thus tracked the euro's decline against the US dollar without experiencing strong inflationary pressures and a convergence in the interest-rate differential: a paradoxical result for a small open economy. This paper examines critically whether the recent record reveals information about a change in SNB monetary policy. It also attempts to shed light on the SNB's ability to implement an independent monetary policy with the new landscape defined by EMU. Four hypotheses of euro tracking are considered.
Subjects: 
Swiss franc
euro
fear of floating
JEL: 
E52
E58
Document Type: 
Working Paper

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