Arbeitspapier
Did the Swiss exchange rate shock shock the market?
The Swiss National Bank abolished the exchange rate floor versus the Euro in January 2015. Based on a synthetic matching framework, we analyse the impact of this unexpected (and therefore exogenous) shock on the stock market. The results reveal a significant level shift (decline) in asset prices in Switzerland following the discontinuation of the minimum exchange rate. While adjustments in stock market returns were most pronounced directly after the news announcement, the variance was elevated for some weeks, indicating signs of increased uncertainty and potentially negative consequences for the real economy.
- Sprache
-
Englisch
- Erschienen in
-
Series: IWH Discussion Papers ; No. 9/2018
- Klassifikation
-
Wirtschaft
Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
Monetary Policy, Central Banking, and the Supply of Money and Credit: General
International Finance: General
Open Economy Macroeconomics
- Thema
-
exchange rate shock
stock markets
uncertainty
synthetic matching
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Buchholz, Manuel
von Schweinitz, Gregor
Tonzer, Lena
- Ereignis
-
Veröffentlichung
- (wer)
-
Leibniz-Institut für Wirtschaftsforschung Halle (IWH)
- (wo)
-
Halle (Saale)
- (wann)
-
2018
- Handle
- URN
-
urn:nbn:de:gbv:3:2-92093
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Buchholz, Manuel
- von Schweinitz, Gregor
- Tonzer, Lena
- Leibniz-Institut für Wirtschaftsforschung Halle (IWH)
Entstanden
- 2018
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