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dc.contributor.author
Drechsel, Dirk
dc.contributor.author
Mikosch, Heiner
dc.contributor.author
Sarferaz, Samad
dc.contributor.author
Bannert, Matthias
dc.date.accessioned
2021-01-22T14:14:54Z
dc.date.available
2017-06-11T16:23:50Z
dc.date.available
2017-09-19T07:09:41Z
dc.date.available
2021-01-22T14:14:54Z
dc.date.issued
2015-01
dc.identifier.uri
http://hdl.handle.net/20.500.11850/98650
dc.identifier.doi
10.3929/ethz-a-010385462
dc.description.abstract
This paper studies the effects of a change in the Swiss franc/euro exchange rate floor, as introduced by the Swiss National Bank in September 2011 using a survey based impulse responses analysis. Survey based impulse responses incorporate experimental settings into representative firm surveys, expose firm executives to treatment or shock scenarios and evaluate the effects of the shocks on executives’ expected firm-level out- comes. Our results suggest that a change in the exchange rate floor from 1.20 to 1.10 Swiss francs per euro and a subsequent appreciation of the Swiss franc by the same magnitude considerably decreases expected turnovers, costs and profits of Swiss firms. Manufacturing turnover decreases by 3.3% within six months and by 4.3% within 18 months. Total costs decline by 1.3% within six months and 2.0% within 18 months, while profits shrink by 3.3% within six months. The effects are substantially lower for the service and the construction sector, but exhibit large variation across sub-sector industries. Panel regression analysis reveals that firm-specific export shares and inter- mediate goods import shares are key determinants of firms’ turnover, costs and profits reactions.
en_US
dc.format
application/pdf
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
Macroeconomic shock identification
en_US
dc.subject
COMPANIES
en_US
dc.subject
SCHWEIZER FRANKEN (GELDWESEN)
en_US
dc.subject
Swiss franc/euro exchange rate floor
en_US
dc.subject
EURO (GELDWESEN)
en_US
dc.subject
UNTERNEHMEN
en_US
dc.subject
Structural micro data
en_US
dc.subject
Disaggregation
en_US
dc.subject
EURO (MONETARY SYSTEM)
en_US
dc.subject
SWISS FRANC (MONETARY SYSTEM)
en_US
dc.subject
WECHSELKURS
en_US
dc.subject
EXCHANGE RATE
en_US
dc.subject
Survey based impulse responses
en_US
dc.title
How are firms affected by exchange rate shocks?
en_US
dc.type
Working Paper
dc.rights.license
In Copyright - Non-Commercial Use Permitted
dc.date.published
2015
ethz.title.subtitle
Evidence from survey based impulse responses
en_US
ethz.journal.title
KOF Working Papers
ethz.journal.volume
371
en_US
ethz.size
36 p.
en_US
ethz.code.ddc
DDC - DDC::3 - Social sciences::330 - Economics
en_US
ethz.identifier.nebis
010385462
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.::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.::02525 - KOF Konjunkturforschungsstelle / KOF Swiss Economic Institute
ethz.tag
KOF-Key-frankenschock
en_US
ethz.date.deposited
2017-06-11T16:24:33Z
ethz.source
ECOL
ethz.source
ECIT
ethz.identifier.importid
imp593652f970d0127672
ethz.identifier.importid
imp59366b6ea838b21021
ethz.ecolpid
eth:47347
ethz.ecitpid
pub:154273
ethz.eth
yes
en_US
ethz.availability
Open access
en_US
ethz.rosetta.installDate
2017-07-19T13:21:34Z
ethz.rosetta.lastUpdated
2021-02-15T23:30:30Z
ethz.rosetta.versionExported
true
ethz.COinS
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