Political economy of the Swiss National Bank: with 57 tables
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | German |
| Published: |
Heidelberg
Physica-Verl.
1999
|
| Series: | Contributions to economics
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Zugl.: Freiburg/Schweiz, Univ., Habil.-Schr. |
| Physical Description: | XIV, 270 S. graph. Darst. |
| ISBN: | 3790812099 |
Staff View
MARC
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| 100 | 1 | |a Jeitziner, Bruno |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Political economy of the Swiss National Bank |b with 57 tables |c Bruno Jeitziner |
| 264 | 1 | |a Heidelberg |b Physica-Verl. |c 1999 | |
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| 490 | 0 | |a Contributions to economics | |
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| 650 | 4 | |a Monetary policy -- Switzerland | |
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Record in the Search Index
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|---|---|
| adam_text | Contents
Introduction 1
CHAPTER 1
A Reaction Function Study for the Swiss National Bank 7
1.1 Introduction 7
1.2 The Concept of Reaction Functions 7
1.3 Reaction Functions for the SNB 10
1.3.1 Existing Studies 10
1.3.2 Reaction Functions forthe SNB 15
1.3.2a The Behavioral Model Underlying the Reaction Functions 15
1.3.2b Choice of the Dependent Variable 18
1.3.2c Choice of Independent Variables 23
1.3.2d Time Period ..31
1.3.2e Periodicity 33
1.3.2f Levels Versus Changes 34
1.3.2g Lag Structure 34
1.3.2h Lag Structure and Expected Signs of the Coefficients 37
1.3.21 Summary ofthe Model and Comments 38
1.4 The Data 39
1.4.1 Definition and Measurement 39
1.4.2 Data Plots 40
1.4.3 The Problem of Seasonality and Stationarity 45
1.4.4 Summary Statistics 51
1.5 Results: How the SNB Behaved 52
1.5.1 Outlining ofthe Estimation Procedure 52
1.5.1a The General to Specific Strategy 52
1.5.1b Testing and Evaluation 53
1.5.1c Analysis of Parameter Stability 57
1.5.2 Estimation Results 61
1,5.2a Nonseasonal Differences with the Monetary Base
as Dependent Variable 61
1.5.2b Nonseasonal Differences with the Money Supply Ml
as Dependent Variable 69
1.5.2c Seasonal Differences with the Monetary Base
as Dependent Variable 74
1.5.2d Seasonal Differences with the Money Supply Ml
as Dependent Variable 79
xii Contents
1.5.3 Interpretation of the Regression Results 87
1.5.3a Overview of the Results 87
1.5.3b The Difference in Behavior Before and After 1980 87
1.5.3c Comparing Nonseasonal and Seasonal Equations 89
1.5.3d Comparing Monetary Base and Ml Equations 90
1.5.4 Other Model Specifications 91
1.6 Conclusions 92
CHAPTER 2
Deficits and Money Growth: Empirical Evidence for Switzerland 93
2.1 Introduction 93
2.2 Budget Deficits and Money Growth 94
2.2.1 Deficits and Interest Rates 95
2.2.2 Deficits and Central Bank (In)Dependence 96
2.2.3 Cyclical and Structural Deficits 97
2.2.4 Deficits and Central Bank (In)Dependence Revisited 98
2.3 Previous Studies on the Impact of Fiscal Policy Variables on
Swiss Monetary Policy 100
2.4 The Money Growth Equations 105
2.5 The Fiscal Data 108
2.6 Estimation Results 114
2.7 Conclusions 122
CHAPTER 3
Elections and Monetary Policy: Is There a Political Monetary Cycle for
Switzerland? 125
3.1 Introduction 125
3.2 Models of Politico Economic Cycles: An Overview 126
3.3 Application to Switzerland: Why Should There
Exist a Political Monetary Cycle? 128
3.4 Comparing Economic Conditions for Election
and Nonelection Years 130
3.5 Testing for Political Monetary Cycles 133
3.5.1 Evidence from Reaction Functions 138
3.5.2 Evidence from Autoregressive Model Specifications 140
3.5.3 Evidence from Models Without Fixed Effects 141
3.5.4 Free Estimation of the Optimal Cyclical Pattern 144
3.6 Conclusions 146
Contents xiii
CHAPTER 4
The Executive Central Bank Relationship: The Case of Switzerland 147
4.1 Introduction 147
4.2 The Legal Relationship between Executive and Central Bank 150
4.2.1 Institutional Requirements for an Autonomous Central Bank 152
4.2.2 Institutional Features of the SNB 155
4.2.3 De Jure Dependence of the SNB 160
4.3 Inflationary Performance as a Result of the Structure
of the Executive 163
4.3.1 Corporatism as Restraint on Private Rent Seeking 163
4.3.2 Supervision by a Committee to Isolate Monetary Policy
from Short Run Partisan or Electoral Pressure 165
4.3.3 Organizational Design and Political Control of
Administrative Agencies 166
4.4 Inflationary Performance as a Result of Characteristics
of the Swiss Political Market for Monetary Policy 168
4.4.1 Political Market for Monetary Policy 168
4.4.2 Privileged Access of the Financial Sector: Capture Theory 169
4.4.3 Example: The Role of Career Background 170
4.4.4 Impact of Financial Sector as Constraint on Executive
Influence 172
4.5 De Facto (In)Dependence of the SNB: An Empirical Test 173
4.5.1 Popularity of the Executive and Monetary Policy 173
4.5.2 Party Affiliation or Personalities: Finance Ministers
and Monetary Policy 176
4.5.3 Regression Models and Estimation Procedure 177
4.5.4 Estimation Results for Popularity Measures 179
4.5.5 Estimation Results for Party Affiliation of Finance Ministers 181
4.5.6 Estimation Results for Individual Finance Ministers 184
4.6 Conclusions 187
Appendix to Chapter 4 188
xiv Contents
CHAPTER 5
Legislative Influence on Monetary Policy? The Case of Switzerland 189
5.1 Introduction 189
5.2 The Theory of Legislative Influence
(or the New Theory of Bureaucracy) 190
5.2.1 Old Theory of Bureaucracy: Bureaucratic Discretion 190
5.2.2 New Theory of Bureaucracy: Legislative Control 193
5.3 Application of the New Theory of Bureaucracy to Central
Banks: Legislative Influence on the Federal Reserve 197
5.3.1 The Institutional Background 198
5.3.2 The Conventional Wisdom: Limits of Legislative Influence 199
5.3.3 The Challenge: Legislative Influence on Monetary Policy 202
5.3.4 Evidence on Congressional Influence 203
5.4 Legislative Influence on SNB Behavior? 206
5.4.1 The Institutional Background 206
5.4.2 Legislative Activity towards the SNB 214
5.4.3 Evidence on Legislative Influence: An Empirical Test 220
5.5 Conclusions 233
Appendix to Chapter 5 234
List of Abbreviations 249
List of Tables and Figures 251
References 255
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| geographic | Schweiz |
| geographic_facet | Schweiz |
| id | DE-604.BV012544362 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:29:27Z |
| institution | BVB |
| isbn | 3790812099 |
| language | German |
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| spelling | Jeitziner, Bruno Verfasser aut Political economy of the Swiss National Bank with 57 tables Bruno Jeitziner Heidelberg Physica-Verl. 1999 XIV, 270 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Contributions to economics Zugl.: Freiburg/Schweiz, Univ., Habil.-Schr. Suisse - Banque nationale suisse rero Schweizerische Nationalbank Schweizerische Nationalbank (DE-588)37904-9 gnd rswk-swf banca nazionale - * Svizzera. Banca nazionale svizzera - * economia politica tessin-TR banca nazionale - politica monetaria - * Svizzera. Banca nazionale svizzera tessin-TR Banks and banking, Central -- Switzerland Monetary policy -- Switzerland Ökonomische Theorie der Politik (DE-588)4043214-2 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf Schweiz (DE-588)4113937-9 Hochschulschrift gnd-content Schweizerische Nationalbank (DE-588)37904-9 b Geldpolitik (DE-588)4019902-2 s Ökonomische Theorie der Politik (DE-588)4043214-2 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008519026&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Jeitziner, Bruno Political economy of the Swiss National Bank with 57 tables Suisse - Banque nationale suisse rero Schweizerische Nationalbank Schweizerische Nationalbank (DE-588)37904-9 gnd banca nazionale - * Svizzera. Banca nazionale svizzera - * economia politica tessin-TR banca nazionale - politica monetaria - * Svizzera. Banca nazionale svizzera tessin-TR Banks and banking, Central -- Switzerland Monetary policy -- Switzerland Ökonomische Theorie der Politik (DE-588)4043214-2 gnd Geldpolitik (DE-588)4019902-2 gnd |
| subject_GND | (DE-588)37904-9 (DE-588)4043214-2 (DE-588)4019902-2 (DE-588)4113937-9 |
| title | Political economy of the Swiss National Bank with 57 tables |
| title_auth | Political economy of the Swiss National Bank with 57 tables |
| title_exact_search | Political economy of the Swiss National Bank with 57 tables |
| title_full | Political economy of the Swiss National Bank with 57 tables Bruno Jeitziner |
| title_fullStr | Political economy of the Swiss National Bank with 57 tables Bruno Jeitziner |
| title_full_unstemmed | Political economy of the Swiss National Bank with 57 tables Bruno Jeitziner |
| title_short | Political economy of the Swiss National Bank |
| title_sort | political economy of the swiss national bank with 57 tables |
| title_sub | with 57 tables |
| topic | Suisse - Banque nationale suisse rero Schweizerische Nationalbank Schweizerische Nationalbank (DE-588)37904-9 gnd banca nazionale - * Svizzera. Banca nazionale svizzera - * economia politica tessin-TR banca nazionale - politica monetaria - * Svizzera. Banca nazionale svizzera tessin-TR Banks and banking, Central -- Switzerland Monetary policy -- Switzerland Ökonomische Theorie der Politik (DE-588)4043214-2 gnd Geldpolitik (DE-588)4019902-2 gnd |
| topic_facet | Suisse - Banque nationale suisse Schweizerische Nationalbank banca nazionale - * Svizzera. Banca nazionale svizzera - * economia politica banca nazionale - politica monetaria - * Svizzera. Banca nazionale svizzera Banks and banking, Central -- Switzerland Monetary policy -- Switzerland Ökonomische Theorie der Politik Geldpolitik Schweiz Hochschulschrift |
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