Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/259776 
Erscheinungsjahr: 
2022
Quellenangabe: 
[Journal:] Swiss Journal of Economics and Statistics [ISSN:] 2235-6282 [Volume:] 158 [Issue:] 1 [Article No.:] 1 [Publisher:] Springer [Place:] Heidelberg [Year:] 2022 [Pages:] 1-13
Verlag: 
Springer, Heidelberg
Zusammenfassung: 
This paper characterizes the relationship between monetary aggregates, inflation and economic activity in Switzerland since the mid-1970s. Traditional forms of money demand and quantity theory relationships have remained stable over the whole period. Broad money excesses over trend values, accounting for a secular decline in interest rates and thus in trend velocity, have been followed by persistently higher inflation and output with the usual monetary policy transmission lags. Money and exchange rate fluctuations can explain the major inflation developments in Switzerland over the past four decades.
Schlagwörter: 
Monetary policy
Monetary aggregates
Inflation
Trend velocity
JEL: 
E52
E58
E41
E30
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