Publications des institutions partenaires

This paper revisits the effects of monetary policy on the exchange rate, focusing on the Swiss franc. I estimate a structural VAR using Bayesian methods introduced by Baumeister and Hamilton (2015) and identify monetary policy shocks by exploiting the interest rate and stock price comovement they induce. Priors are based on the previous empirical literature, leaving the exchange rate...

Institution partenaire

Banque nationale suisse

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English / 25/03/2020

WP - 2020-03-25 - Fabian Fink, Lukas Frei, Thomas Maag and Tanja Zehnder: The impact of SNB monetary policy on the Swiss franc and longer-term interest rates

We estimate the impact of monetary policy rate changes made by the Swiss National Bank on the Swiss franc and on the expected path of future short-term interest rates. We employ an identification-through-heteroskedasticity approach to identify the causal effects. The approach accounts for the simultaneous relation of exchange rates and interest rates. We find that from 2000-2011, an...

Institution partenaire

Banque nationale suisse

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English / 25/03/2020

So far, so good: and now don't be afraid of moral hazard

Institution partenaire

Institut de hautes études internationales et du développement

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Français, English / 23/03/2020

Mitigating the COVID economic crisis: act fast and do whatever it takes

Institution partenaire

Institut de hautes études internationales et du développement

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Français, English / 23/03/2020

Thinking ahead about the trade impact of COVID-19

Institution partenaire

Institut de hautes études internationales et du développement

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Français, English / 20/03/2020

Deep learning in business analytics and operations research: Models, applications and managerial implications

Kraus, Mathias; Feuerriegel, Stefan; Oztekin, Asil

Institution partenaire

Eidgenössische Technische Hochschule Zürich

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English, Deutsch / 16/03/2020

Increasing trust in bankers to enhance savings: experimental evidence from India

According to economic theory, repeated interactions can play a crucial role in shaping trust. We randomly allocated people to treatments that promote interactions with bankers. Next, these people play incentivised trust games with their own banker and with an anonymous other banker. While the effect on trust in the own banker is limited, the impact on trust in other bankers is...

Institution partenaire

Institut de hautes études internationales et du développement

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Français, English / 13/03/2020

Does leverage predict delinquency in consumer lending?: evidence from Peru

This paper examines to what extent household leverage—as measured by the debt-to-income (DTI) ratio—predicts delinquency in Peru’s consumer credit market. A model is estimated to assess the relation between delinquency and the DTI ratio. The initial and current DTI ratios are assessed as delinquency predictors. The results confirm that the current DTI ratio is effective for...

Institution partenaire

Institut de hautes études internationales et du développement

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Français, English / 05/03/2020

Globotics and development: when manufacturing is jobless and services are tradable

Globalization and robotics (globotics) are transforming the world economy at an explosive pace. While much of the literature has focused on rich nations, the changes are quite likely to affect developing nations in important ways. The premise of the paper - which should be regarded as a thought-piece - is based on an extreme thought experiment. What does development look like when...