Structural Vector Autoregressions and the Analysis of Monetary Policy Interventions: The Swiss Case
نویسنده
چکیده
This paper estimates a structural VAR model for key Swiss macroeconomics variables with quarterly data from 1974-1999 which allows the identification of a monetary shock with plausible impulse response patterns. Conditional forecasts generated by this model are used to analyse monetary policy in the in the new policy framework of SNB adopted in late 1999. In this exercise we attempt to take into account the Lucas critique.
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