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January 2012 issue
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Clarida, Fuhrer
Gerlach, Jordan
Kuttner, Posen
Melino
Fuhrer
Clarida
Hubbard
Fuster, Hebert, Laibson
Bodiel
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Tactics and Strategy in Monetary Policy: Benjamin Friedmanís Thinking and the Swiss National Bank

by Stefan Gerlacha and Thomas J. Jordanb

Abstract

This paper reviews the tactics and strategy of monetary policy in Switzerland, using a selection of Benjamin Friedmanís papers to organize the discussion, and starting in the early 1970s, when his academic papers started to appear in scholarly journals. The review focuses on the SNBís experience with monetary targets in 1975-99, the policy strategy adopted by the SNB in 2000, and the SNBís experiences during the financial crisis that started in August 2007. On many occasions, Benjamin Friedmanís and the SNBís thinking converged, while on others, they diverged.

JEL Codes: E43, E53, E58.

 
Full article (PDF, 33 pages 279 kb)
Discussion by Lars E.O. Svensson


a Central Bank of Ireland and CEPR
b Swiss National Bank and University of Berne