Swiss Journal of Economics and Statistics

, Volume 146, Issue 1, pp 313–340 | Cite as

Interest rate dynamics and monetary policy implementation in Switzerland

  • Puriya Abbassi
  • Dieter Nautz
  • Christian J. Offermanns
Open Access


The maturity of the operational target of monetary policy is a distinguishing feature of the SNB’s operational framework of monetary policy. While most central banks use targets for the overnight rate to signal the policy-intended interest rate level, the SNB announces a target range for the three-month Libor. This paper investigates the working and the consequences of the SNB’s unique operational framework for the behavior of Swiss money market rates before and during the financial crisis.


Implementation of Monetary Policy Operational Targets of Monetary Policy Three-Month Rate Targeting Financial Crisis 


E52 E58 


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Copyright information

© Swiss Society of Economics and Statistics 2010

Authors and Affiliations

  • Puriya Abbassi
  • Dieter Nautz
  • Christian J. Offermanns

There are no affiliations available

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