SNB analyses monetary policy role in containing external inflationary factors
Research finds independent monetary policy protects Switzerland against international spillovers
Research published by the Swiss National Bank (SNB) shows how different kinds of inflation coming from the eurozone prompt diverging monetary policy reactions in Switzerland and unleash varying exchange rate fluctuations.
International inflation spillovers – the role of different shocks, by Gregor Bäurle, Matthias Gubler and Diego Känzig, identifies three types of external inflationary shock: a positive demand shock, an expansionary monetary policy and a cost/push shock.
The paper finds that
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