CENTRAL BANK RESEARCH - Peter Kugler from Basel University and Georg Rich from the Swiss National Bank have published a paper "Monetary Policy Under Low Interest Rates: The Experience of Switzerland in the late 1970s". Using evidence from Switzerland's experience during the late 1970s and early 1980s, the authors examine Lars Svensson's proposals for reivigorating the Japanese economy by devaluing the yen and setting a temporary exchange rate target, coupled with a permanent inflation target.

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