SNB News

This paper estimates the impact of exchange rate fluctuations on markups. Firm-level markups are estimated for a comprehensive panel of Swiss manufacturing firms for the period 2012-2017 using a production-function approach. The pass-through of the exchange rate is then estimated using an event-study design exploiting the large, sudden and persistent appreciation of the Swiss franc against the euro in January 2015. The results show that following an appreciation, Swiss...

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Keywords House prices, Interest rates, Local projection, Smooth transition function This paper investigates how house prices have historically responded to interest rates and how their reaction has depended on preexisting conditions. We identify exogenous variations in short-term interest rates for 29 OECD countries relying on international spillovers from US monetary policy. Our...

Mediengespräch - Conférence de presse - News conference - Conferenza stampa, 14.12.2023 00:00 Einleitende Bemerkungen von Thomas Jordan, Präsident des Direktoriums der Schweizerischen Nationalbank - Remarques introductives de Thomas Jordan, président de la Direction générale de la Banque nationale suisse - Introductory remarks by Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank - Osservazioni introduttive di Thomas Jordan,...

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