Interest rate dynamics and monetary policy implementation in Switzerland

Arbeitspapier

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: SFB 649 Discussion Paper ; No. 2009,062

Classification and Topics

• Classification: Wirtschaft ; Monetary Policy ; Central Banks and Their Policies
• Subject: Implementation of Monetary Policy ; Operational Targets of Monetary Policy ; Three-Month Rate Targeting ; Financial Crisis. ; Zins ; Geldmarkt ; Finanzmarktkrise ; Zinspolitik ; Geldpolitisches Ziel ; Schweiz

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Abbassi, Puriya ; Nautz, Dieter ; Offermanns, Christian J.
• Event: Veröffentlichung
• (who): Humboldt University of Berlin, Collaborative Research Center 649 - Economic Risk
• (where): Berlin
• (when): 2009

Further information

• Handle: http://hdl.handle.net/10419/39314
• Last update: 10.03.2025, 11:45 AM CET