文章基本信息

标题：Unemployment and monetary policy in Switzerland
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作者：Peter Kugler ; George Sheldon
期刊名称：Swiss Journal of Economics and Statistics
出版年度：2010
卷号：146
期号：1
页码：185-208
DOI：10.1007/BF03399301
摘要：This paper investigates the impact of the monetary policy change of the Swiss National Bank (SNB) in 1999 on the Swiss labor market on the basis of a Phillips relationship. Theoretical considerations as well as previous empirical work suggest that the SNB’s shift to a more inflation-targeted policy should have increased real-wage flexibility and lowered the NAIRU, the sacrifice ratio, and the level and persistence of inflation in Switzerland. Our results tend to confirm these expectations, although a number of the measured effects are not statistically significant.
关键词：inflation targeting ; NAIRU ; Phillips curve