San Francisco Fed research examines easing impact of Swiss reserves expansion
Authors find evidence of portfolio rebalancing effect
Asset purchases by the Swiss National Bank (SNB) that focused on short maturities were still effective at pushing down longer-term yields, research published on June 22 by the Federal Reserve Bank of San Francisco has found.
The ‘economic letter' penned jointly by Jens Christensen of the San Francisco Fed and Signe Krogstrup of the SNB studies an episode of asset purchases by the Swiss central bank in August 2011. In response to pressure on the Swiss franc, the SNB launched three bouts of
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