Forecasting Swiss inflation with a structural macromodel: the role of technical progress and the mortgage rate-housing rent link
نویسنده
چکیده
At the beginning of the year 2000, the Swiss National Bank (SNB) adapted its monetary policy strategy. Instead of using a medium-term target path for the monetary base, an inflation forecast now serves as the main indicator for monetary policy decisions. At the operational level, the SNB has adopted three-month Libor (London interbank offered rate) as its new reference interest rate, and the intended stance of monetary policy is communicated to the public in terms of a target range for this interest rate with a width of 1 percentage point.
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