SNB policy impacts franc’s rate by less than 20%
Monetary policy shocks contribute to the Swiss franc's exchange-rate fluctuations between 7% and 15% for the period from 1981 to 2007, new research from the Swiss National Bank reveals.
The analysis also shows that the relatively loose monetary policy from 2003 to 2005 contributed substantially to the weakness of the Swiss franc during this period. The research also finds the monetary policy shocks explain half of the overall appreciation of the franc between October 2007 and December 2008. The
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