Money and inflation in Switzerland

被引：0
作者：
Kugler P. [1 ]
Reynard S. [2 ]
机构：
[1] University of Basel, Basel
[2] Swiss National Bank, Zurich
来源：
Swiss Journal of Economics and Statistics | / 158卷 / 1期
关键词：
Inflation; Monetary aggregates; Monetary policy; Trend velocity;
D O I：
10.1186/s41937-021-00081-1
中图分类号：
学科分类号：
摘要：
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. © 2021, The Author(s).
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