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dc.contributor.author
Kaufmann, Daniel
dc.date.accessioned
2017-11-02T11:09:03Z
dc.date.available
2017-06-11T16:59:55Z
dc.date.available
2017-11-02T11:09:03Z
dc.date.issued
2015-04
dc.identifier.uri
http://hdl.handle.net/20.500.11850/100090
dc.identifier.doi
10.3929/ethz-a-010416200
dc.description.abstract
This paper documents nominal stability in Switzerland from 1805 to 2013 using a data set on annual price, wage and nominal GDP changes. The trends of these indicators are estimated by an unobserved-components stochastic-volatility model in order to control for short-term fluctuations and measurement error. Based on a narrative analysis of these trends five main findings emerge. (i) Fiat currency regimes in Switzerland provided a relatively stable monetary background even compared to the metal-currency regimes before WW1. (ii) The flexible inflation targeting regime adopted in December 1999 has performed best over the last two centuries measured by today’s definition of nominal stability. (iii) Fiat currency regimes without clearly communicated nominal price anchor (Bretton Woods System and monetary targeting) were characterised by an inflation bias. (iv) The metal-currency regimes (competing currencies and bimetallism before World War 1, and to some extent flexible inflation targeting, were associated with a deflation bias. (v) Persistent deflations in terms of the CPI only occurred under metallic regimes before WW2. These episodes were accompanied by falling nominal GDP, falling employment but relatively stable hourly wages.
en_US
dc.language.iso
en
en_US
dc.publisher
KOF Swiss Economic Institute, ETH Zurich
dc.rights.uri
http://rightsstatements.org/page/InC-NC/1.0/
dc.subject
MONETARY ISSUES + BANKING ISSUES + STOCK EXCHANGE ISSUES
en_US
dc.subject
Price stability
en_US
dc.subject
WIRTSCHAFTSGESCHICHTE
en_US
dc.subject
Monetary regimes
en_US
dc.subject
GELDPOLITIK
en_US
dc.subject
Monetary history
en_US
dc.subject
ECONOMIC HISTORY
en_US
dc.subject
MONETARY POLICY
en_US
dc.subject
SCHWEIZ (MITTELEUROPA). SCHWEIZERISCHE EIDGENOSSENSCHAFT
en_US
dc.subject
Unobserved-components stochastic-volatility model
en_US
dc.subject
SWITZERLAND (CENTRAL EUROPE). SWISS CONFEDERATION
en_US
dc.subject
KONJUNKTURPOLITIK
en_US
dc.subject
STABILIZATION POLICY
en_US
dc.subject
Nominal stability
en_US
dc.title
Nominal stability and Swiss monetary regimes over two centuries
en_US
dc.type
Working Paper
dc.rights.license
In Copyright - Non-Commercial Use Permitted
dc.date.published
2015
ethz.journal.title
KOF Working Papers
ethz.journal.volume
379
en_US
ethz.size
33 p.
en_US
ethz.code.ddc
3 - Social sciences::330 - Economics
en_US
ethz.identifier.nebis
010416200
ethz.publication.place
Zürich
en_US
ethz.publication.status
published
en_US
ethz.leitzahl
ETH Zürich::00002 - ETH Zürich::00012 - Lehre und Forschung::00007 - Departemente::02120 - Dep. Management, Technologie und Ökon. / Dep. of Management, Technology, and Ec.::03716 - Sturm, Jan-Egbert / Sturm, Jan-Egbert
en_US
ethz.leitzahl
ETH Zürich::00002 - ETH Zürich::00012 - Lehre und Forschung::00007 - Departemente::02120 - Dep. Management, Technologie und Ökon. / Dep. of Management, Technology, and Ec.::02525 - KOF Konjunkturforschungsstelle / KOF Swiss Economic Institute
en_US
ethz.leitzahl.certified
ETH Zürich::00002 - ETH Zürich::00012 - Lehre und Forschung::00007 - Departemente::02120 - Dep. Management, Technologie und Ökon. / Dep. of Management, Technology, and Ec.::03716 - Sturm, Jan-Egbert / Sturm, Jan-Egbert
ethz.leitzahl.certified
ETH Zürich::00002 - ETH Zürich::00012 - Lehre und Forschung::00007 - Departemente::02120 - Dep. Management, Technologie und Ökon. / Dep. of Management, Technology, and Ec.::02525 - KOF Konjunkturforschungsstelle / KOF Swiss Economic Institute
ethz.date.deposited
2017-06-11T17:00:00Z
ethz.source
ECOL
ethz.source
ECIT
ethz.identifier.importid
imp59366b751fc9e64312
ethz.identifier.importid
imp5936531a06df787886
ethz.ecolpid
eth:47641
ethz.ecitpid
pub:156694
ethz.eth
yes
en_US
ethz.availability
Open access
en_US
ethz.rosetta.installDate
2017-07-13T02:02:06Z
ethz.rosetta.lastUpdated
2018-11-06T00:09:20Z
ethz.rosetta.exportRequired
true
ethz.rosetta.versionExported
true
ethz.COinS
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