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Europe > Switzerland

You are looking at 1 - 7 of 7 items for :

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Cover IMF Staff Country Reports
Cross-Country Report on Inflation: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper examines the causes and drivers of low inflation in European inflation targeting countries outside the euro area, focusing on the Czech Republic, Poland, Sweden, and Switzerland. It estimates the effects on inflation from the output gap and external factors, including oil price changes, nominal effective exchange rate (NEER) fluctuations, and euro area inflation spillovers. It is observed that external factors have been significant drivers of low inflation recently, though their contributions to inflation and the channels through which they operate vary across countries. Policy responses and options are also discussed, taking into account country-specific circumstances.
Keywords:
ISCR; CR; inflation expectation; CPI inflation response; inflation objective; inflation falling; inflation fluctuation; inflation shock; inflation spillover; inflation targeters; inflation tolerance band; medium-term inflation expectation; noncore inflation; protracted inflation shock; inflation response; euro area inflation spillover; area inflation spillover; central bank; low inflation; Inflation; Exchange rates; Output gap; Oil prices; Central bank policy rate; Global
Cover IMF Working Papers
The Macroeconomic Effects of Public Investment: Evidence from Advanced Economies
Mr. Abdul d Abiad
,
Davide Furceri
, and
Petia Topalova
This paper provides new evidence of the macroeconomic effects of public investment in advanced economies. Using public investment forecast errors to identify the causal effect of government investment in a sample of 17 OECD economies since 1985 and model simulations, the paper finds that increased public investment raises output, both in the short term and in the long term, crowds in private investment, and reduces unemployment. Several factors shape the macroeconomic effects of public investment. When there is economic slack and monetary accommodation, demand effects are stronger, and the public-debt-to-GDP ratio may actually decline. Public investment is also more effective in boosting output in countries with higher public investment efficiency and when it is financed by issuing debt.
Keywords:
WP; investment shock; public investment; investment; Fiscal policy; Growth; Debt; investment efficiency; efficiency frontier; crowding in; investment behavior well; Public investment spending; Private investment; Global
Cover IMF Working Papers
Okun's Law: Fit at 50?
Laurence M. Ball
,
Mr. Daniel Leigh
, and
Mr. Prakash Loungani
This paper asks how well Okun’s Law fits short-run unemployment movements in the United States since 1948 and in twenty advanced economies since 1980. We find that Okun’s Law isa strong and stable relationship in most countries, one that did not change substantiallyduring the Great Recession. Accounts of breakdowns in the Law, such as the emergence of“jobless recoveries,” are flawed. We also find that the coefficient in the relationship—the effect of a one percent change in output on the unemployment rate—varies substantially across countries. This variation is partly explained by idiosyncratic features of national labormarkets, but it is not related to differences in employment protection legislation.
Keywords:
WP; absolute value; Unemploymnent; Okun’s law; Economic fluctuations; Law captures factor; Law coefficient; unemployment rate; coefficient estimate; estimates of Okun's Law; unemployment-output relationship; unemployment-employment relation; Unemployment; Employment; Unemployment rate; Output gap; Employment protection
Cover IMF Staff Country Reports
Switzerland: Selected Issues
International Monetary Fund
This Selected Issues paper takes a close look at the proximate determinants and short-term dynamics of inflation in Switzerland. It identifies salient features of the inflation experience in Switzerland. The paper uses a wage-price model to gauge the sensitivity of inflation to the business cycle and the exchange rate. The findings suggest that underlying inflation of about 1 percent reflects a slightly higher rate for domestic goods and services and low increases in prices of imported goods.
Keywords:
ISCR; CR; price; monetary policy; inflation expectation; goods inflation; widening output gap; target inflation; low-inflation record; inflation-control target range; Inflation; Price stabilization; Exchange rates; Output gap; Short term interest rates; Global
Cover IMF Staff Country Reports
Switzerland: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix compares two alternative time series approaches to analyzing Switzerland’s recent business cycle experience: first, the traditional “smooth-trend-plus-cycle approach,” which envisages observed output growth as fluctuating around a relatively smooth potential output growth path; and, second, the more recently developed “regime change approach,” which views business cycles as shifts between “high-growth” states (expansions) and “slow-growth” states (recessions) of the economy. The paper also examines Switzerland’s monetary policy framework, and describes the challenges to the Swiss tax system.
Keywords:
ISCR; CR; tax burden; income tax; output growth; tax system; direct tax; monetary base; growth data; wealth tax; Income and capital gains taxes; Inflation; Personal income tax; Income tax systems; Europe; Global
Cover IMF Staff Country Reports
Switzerland: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix evaluates Switzerland’s long-term growth and productivity performance. It analyzes the behavior of Swiss fiscal policy over the business cycle and takes a fresh look at the nature of the tradeoff between inflation and economic activity in Switzerland. The paper reports estimates of the automatic and discretionary responses of general government finances to cyclical output movements during 1970–96. It also examines the main options for improving the stabilization role of Switzerland’s fiscal policy over the business cycle.
Keywords:
ISCR; CR; Switzerland; GDP; TFP growth; inflation cost; unanticipated inflation; rate of return; wage inflation; Inflation; Total factor productivity; Output gap; Global; Europe
Cover IMF Staff Country Reports
Switzerland: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix assesses Switzerland’s recent real GDP performance in terms of underlying movements in potential output and the cyclical output gap. The paper highlights that Swiss real GDP has been stagnant since 1990, after expanding at an average rate of some 1¾ percent during 1977–90. The evidence presented indicates that potential output growth during 1991–95 was significantly below historical average. This paper also tries to assess the possible effects of stage 3 of European Monetary Union on Switzerland.
Keywords:
ISCR; CR; bank; cantonal bank; interest rate; output gap estimate; bank assets; cyclical output gap; deutsche mark; Output gap; Potential output; Exchange rates; Total factor productivity; Commercial banks; Global