Political Economy of the Swiss National Bank

Abstract

A Reaction Function Study for the Swiss National Bank: Introduction The Concept of Reaction Functions Reaction Function for the SNB The Data Results: How the SNB Behaved Conclusions.- Deficits and Money Growth: Empirical Evidence for Switzerland: Introduction Budget Deficits and Money Growth Previous Studies on the Impact of Fiscal Policy Variables on Swiss Monetary Policy The Money Growth Equations The Fiscal Data Estimation Results Conclusions.- Elections and Monetary Policy: Is There a Political Monetary Cycle for Switzerland?: Introduction Models of Politico-Economic Cycles: An Overview Application to Switzerland: Why Should There Exist a Political Monetary Cycle? Comparing Economic Conditions for Election and Nonelection Years Testing for Political Monetary Cycles Conclusions.- The Executive Central Bank Relationship: The Case of Switzerland: Introduction The Legal Relationship Between Executive and Central Bank Inflationary Performance as a Result of the Structure of the Executive Inflationary Performance as a Result of Characteristics of the Swiss Political Market for Monetary Policy De Facto (In)Dependence of the SNB: An Empirical Test Conclusions.- Legislative Influence on Monetary Policy? The Case of Switzerland: Introduction The Theory of Legislative Influence (or the 'New' Theory of Bureaucracy) Application of the 'New' Theory of Bureaucracy to Central Banks: Legislative Influence on the Federal Reserve Legislative Influence on SNB Behavior? Conclusions.