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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Monetary Policy Transmission in Switzerland: Headline Inflation and Asset Prices |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 70 |
| Date | 2019 |
| Abstract Text | This thesis evaluates the e ects of the Swiss National Bank's (SNB) monetary policy on headline inflation and asset prices (housing and equities) by estimating vector autoregressive models using timing-restrictions to identify impulse response functions. An analysis of the relationship between inflation and the policy rate indicates a structural break around the financial crisis. Results over pre- and post-crisis subsamples suggest that the SNB has lost its impact on headline in ation after the crisis. Neither conventional nor unconventional expansionary measures are found to have increased headline in ation over the past decade. On the other hand, asset prices respond mostly positively. |
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