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Unemployment and monetary policy in Switzerland

Kugler, Peter and Sheldon, George. (2010) Unemployment and monetary policy in Switzerland. Schweizerische Zeitschrift für Volkswirtschaft und Statistik, Vol. 146. pp. 185-208.

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Official URL: http://edoc.unibas.ch/dok/A5841603

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Abstract

This paper investigates the impact of the monetary policy change of the Swiss National Bank (SNB) in 1999 on the Swiss labor market on the basis of a Phillips relationship. Theoretical considerations as well as previous empirical work suggest that the SNB’s shift to a more inflation-targeted policy should have increased real-wage flexibility and lowered the NAIRU, the sacrifice ratio, and the level and persistence of inflation in Switzerland. Our results tend to confirm these expectations, although a number of the measured effects are not statistically significant.
Faculties and Departments:06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > Professuren Wirtschaftswissenschaften > Arbeitsmarkt- und Industrieökonomie (Sheldon)
UniBasel Contributors:Sheldon, George and Kugler, Peter
Item Type:Article, refereed
Article Subtype:Research Article
Bibsysno:Link to catalogue
Publisher:Helbing und Lichtenhahn
ISSN:0303-9692
Note:Publication type according to Uni Basel Research Database: Journal article
Last Modified:14 Sep 2012 07:21
Deposited On:14 Sep 2012 07:10

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