Monetary policy conduct of the Swiss National Bank

The Bank of Japan Working Paper "Monetary policy conduct of the Swiss National Bank: the experience from 2001 to 2004" published May 2006 investigates the monetary policy conduct of the SNB during the period 2001 to 2004 and the accompanying financial market reactions, to derive implications for monetary policy conduct.

The authors' main conclusions are twofold. First, estimation of the monetary policy reaction function suggests that the aggressive easing of the SNB from 2001 to 2003 was in

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