دانلود رایگان مقاله تاثیر سرریز بین المللی در تورم سوئیس و نرخ ارز

عنوان فارسی
تاثیر سرریز بین المللی در تورم سوئیس و نرخ ارز
عنوان انگلیسی
The impact of international spillovers on Swiss inflation and the exchange rate
صفحات مقاله فارسی
0
صفحات مقاله انگلیسی
4
سال انتشار
2016
نشریه
الزویر - Elsevier
فرمت مقاله انگلیسی
PDF
کد محصول
E3592
رشته های مرتبط با این مقاله
علوم اقتصادی
گرایش های مرتبط با این مقاله
اقتصاد مالی
مجله
مجله بین المللی پول و امور مالی - Journal of International Money and Finance
دانشگاه
بانک ملی سوئیس، زوریخ، سوئیس
کلمات کلیدی
سرریز بین المللی، تورم، سیاست های پولی، سوئیس
چکیده

Abstract


Understanding the effects and transmission of international spillovers is key to ensuring that the best possible decisions are reached by central banks – particularly those of small open economies. This paper analyses the impact of international spillovers on Swiss inflation and the exchange rate, and examines the response of the Swiss National Bank (SNB) to these phenomena. In doing so, the paper compares the recent crisis period starting in mid-2008 with earlier decades. While the exchange rate absorbed a sizeable share of global inflationary pressure before the crisis, spillover effects transmitted through the exchange rate have been the principal cause of the significant decline in Swiss inflation since 2008. The SNB has therefore repeatedly adjusted its monetary policy – and resorted to some unconventional measures – in order to contain these spillover effects. These actions have so far kept the adverse effects of international spillovers on Swiss inflation at bay. However, as Switzerland's experience since the onset of the financial crisis shows, controlling inflation may occasionally become more difficult for small open economies.


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