Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/39314 
Year of Publication: 
2009
Series/Report no.: 
SFB 649 Discussion Paper No. 2009-062
Publisher: 
Humboldt University of Berlin, Collaborative Research Center 649 - Economic Risk, Berlin
Abstract: 
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.
Subjects: 
Implementation of Monetary Policy
Operational Targets of Monetary Policy
Three-Month Rate Targeting
Financial Crisis.
JEL: 
E52
E58
Document Type: 
Working Paper

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