Working Papers | Gerzensee

2021 - 2025

2016 - 2020

2011 - 2015

2006 - 2010

2001 - 2005

1996 - 2000

1991 - 1995

2021 - 2025

25.06

Monetary Policy Wealth Effects: Evidence from the 2015 Swiss Franc Shock

Martin Brown, Daniel Hoechle, Lizet Alejandra Perez Cortes and Markus Schmid

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25.05

Using Natural Language Processing to Identify Monetary Policy Shocks

Alexandra Piller, Marc Schranz and Larissa Schwaller

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25.04

Risk Attitudes do not explain Cash Holdings

Nicole Hentschel

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25.03

On the Optimal Design of Consumption Taxes

Michael Barczay

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25.02

The Zero Lower Bound on Deposit Rates, Monetary Policy and Bank Insolvency Risk

Lorenz Driussi

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25.01

Consumer Adoption and Use of Payment Technology: Convenience Benefits vs. Security Concerns

Martin Brown, Laura Felber and Christoph Meyer

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24.07

Currency speculation around the opening of the telegraph between London and Paris in 1851

Nils Herger

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24.06R

A geometric approach to factor model identification

Sylvia Kaufmann and Markus Pape

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24.06

A geometric approach to factor model identification

Sylvia Kaufmann and Markus Pape

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24.05

On-the-run Premia, Settlement Fails, and Central Bank Access

Fabienne Schneider

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24.04

Credit and Anonymity

Fabienne Schneider and Remo Taudien

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24.03

Truth by Consensus: A Theoretical and Empirical Investigation

Gabriele Camera, Rodney Garratt and Cyril Monnet

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24.02

Dynamic factor models with common (drifting) stochastic trends

Sylvia Kaufmann and Rodney W. Strachan

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24.01

A Runs Test for Stock-Market Prices with an Unobserved Trend

Nils Herger

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23.04R

Bayesian (non-)unique sparse factor modelling

Sylvia Kaufmann and Markus Pape

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23.04

Bayesian (non-)unique sparse factor modelling

Sylvia Kaufmann and Markus Pape

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23.03

Moral Constraints, Social Norm Enforcement and Strategic Default in Weak and Strong Economic Conditions

Martin Brown, Jan Schmitz and Christian Zehnder

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23.02

Communication and Hidden Action: A Credit Market Experiment

Martin Brown, Jan Schmitz and Christian Zehnder

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23.01

Fragility of Secured Credit Chains

Piero Gottardi, Vincent Maurin and Cyril Monnet

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22.04

Real interest rates and population growth across generations

Lucas Fuhrer and Nils Herger

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22.03

Central Bank Digital Currency: Stability and Information

Cyril Monnet and Todd Keister

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22.02R

Covid-19 outbreak and beyond: A retrospect on the information content of registered short-time workers for GDP now- and forecasting.

Sylvia Kaufmann

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22.02

Covid-19 outbreak and beyond: A retrospect on the information content of registered short-time workers for GDP now- and forecasting.

Sylvia Kaufmann

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22.01

The Political Economy of Early COVID-19 Interventions in US States

Martín Gonzalez-Eiras and Dirk Niepelt

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21.01

Distributed Ledgers and the Governance of Money

Raphael Auer, Cyril Monnet and Hyun Song Shin

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2016 - 2020

20.06

Optimally Controlling an Epidemic

Martín Gonzalez-Eiras and Dirk Niepelt

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20.05

Monetary Policy with Reserves and CBDC: Optimality, Equivalence, and Politics

Dirk Niepelt

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20.04

Bank lending in Switzerland: Capturing cross-sectional heterogeneity and asymmetry over time

Toni Beutler, Matthias Gubler, Simona Hauri and Sylvia Kaufmann

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20.03

Covid-19 outbreak and beyond: The information content of registered short-time workers for GDP now and forecasting

Sylvia Kaufmann

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20.02

Tractable Epidemiological Models for Economic Analysis

Martín Gonzalez-Eiras and Dirk Niepelt

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20.01

On the Optimal "Lockdown" During an Epidemic

Martín Gonzalez-Eiras and Dirk Niepelt

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19.06

Unregulated and regulated free banking. The case of Switzerland reinterpreted

Nils Herger

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19.05

On the Equivalence of Private and Public Money

Markus K. Brunnermeier and Dirk Niepelt

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19.04

On the Instability of Banking and Other Financial Intermediation

Chao Gu, Cyril Monnet, Ed Nosal and Randall Wright

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19.03

Streamlining Time-varying VAR with a Factor Structure in the Parameters

Simon Beyeler

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19.02

Unraveling News: Reconciling Conflicting Evidence

Maria Bolboaca and Sarah Fischer

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19.01

News Shocks: Different Effects in Boom and Recession?

Maria Bolboaca and Sarah Fischer

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18.03

The Risk-Taking Channel of Liquidity Regulations and Monetary Policy

Stephan Imhof, Cyril Monnet and Shengxing Zhang

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18.02

Reserves for All? Central Bank Digital Currency, Deposits, and their (Non)-Equivalence

Dirk Niepelt

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18.01

Asset Prices under Alternative Exchange Rate Regimes

Nicole Aregger

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17.04

Testing the interest parity condition with Irving Fisher’s example of Indian rupee and sterlingbonds in the London financial market (1869-1906).

Nils Herger

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17.03

Unconventional Monetary Policy under Appreciation Pressure -The Role of Financial Frictions

Nicole Aregger and Jessica Leutert

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17.02

Policy Evaluation by the Synthetic Control Approach: The Case of the Swiss Franc

Nicole Aregger and Jessica Leutert

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17.01

An empirical assessment of the Swedish Bullionist Controversy

Nils Herger

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16.08R

Factor augmented VAR revisited - A sparse dynamic factor model approach

Simon Beyeler and Sylvia Kaufmann

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16.08

Factor augmented VAR revisited - A sparse dynamic factor model approach

Simon Beyeler and Sylvia Kaufmann

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16.07

Exchange rate floor and central bank balance sheets: Simple spillover tests of the Swiss franc

Adrien Alvero and Andreas M. Fischer

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16.06

Hidden Markov models in time series, with applications in economics

Sylvia Kaufmann

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16.05

Fiscal Federalism, Taxation and Grants

Martín Gonzalez-Eiras and Dirk Niepelt

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16.04

Capital Flows and the Swiss Franc

Pinar Yesin

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16.03

Exchange Rate Predictability and State-of-the-Art Models

Pinar Yesin

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16.02

Changing dynamics at the zero lower bound

Gregor Bäurle, Daniel Kaufmann, Sylvia Kaufmann and Rodney W. Strachan

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16.01

The impact of international swap lines on stock returns of banks in emerging markets

Alin Marius Andries, Andreas M. Fischer and Pinar Yesin

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2011 - 2015

15.05

The Impact of Interest Rate Risk on Bank Lending

Toni Beutler, Robert Bichsel, Adrian Bruhin and Jayson Danton

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15.04

An uncovered interest parity condition that worked – The continental investment demand for London bills of exchange during the gold standard (1880 -1914).

Nils Herger

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15.03

Human Capital and the Dynamic Effects of Trade

Raphael A. Auer

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15.02

Capital flow waves to and from Switzerland before and after the financial crisis

Pinar Yesin

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15.01

Exchange Rate Pass-Through, Domestic Competition, and Inflation: Evidence from the 2005/08 Revaluation of the Renminbi

Raphael A. Auer

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14.07

Austerity

Harris Dellas and Dirk Niepelt

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14.06

Intertemporal discoordination in the 100 percent reserve banking system

Romain Baeriswyl

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14.05

Trade linkages and the globalisation of inflation in Asia and the Pacific

Raphael A. Auer and Aaron Mehrotra

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14.04

K-state switching models with time-varying transition distributions – Does credit growth signal stronger effects of variables on inflation?

Sylvia Kaufmann

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14.03

The Cyclical Component of Labor MarketPolarization and Jobless Recoveries in the US

Paul Gaggl and Sylvia Kaufmann

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14.02

Horizontal, Vertical, and Conglomerate FDI: Evidence from Cross Border Acquisitions

Nils Herger and Steve McCorriston

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14.01

Offshoring and Sequential Production Chains: A General-Equilibrium Analysis

Philipp Harms, Jaewon Jung and Oliver Lorz

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13.08

Market Entries and Exits and the Nonlinear Behaviour of the Exchange Rate Pass-Through into Import Prices

Nils Herger

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13.07

Risk-off Episodes and Swiss Franc Appreciation: the Role of Capital Flows

Irineu de Carvalho Filho

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13.06

Foreign Currency Loans and Systemic Risk in Europe

Pinar Yesin

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13.05

Credibility For Sale

Harris Dellas and Dirk Niepelt

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13.04

Bayesian Estimation of Sparse Dynamic Factor Models with Order-Independent Identification

Sylvia Kaufmann and Christian Schuhmacher

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13.03

What Drives Target2 Balances? Evidence From a Panel Analysis

Raphael A. Auer

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13.02

On Discrete Location Choice Models

Nils Herger

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13.01

Product Heterogeneity, Cross-Country Taste Differences, and the Consumption Home Bias

Raphael A. Auer

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12.03

Forecasting Exchange Rates with Commodity Convenience Yields

Toni Beutler

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12.02

Economic and Politico-Economic Equivalence

Martín Gonzalez-Eiras and Dirk Niepelt

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12.01

Transmission of Sovereign Risk in the Euro Crisis

Filippo Brutti and Philip Sauré

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11.11

The Collateral Channel under Imperfect Debt Enforcement

Toni Beutler and Mathieu Grobéty

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11.10

An FDI is an FDI is an FDI? The growth effects of greenfield investment and mergers and acquisitions in developing countries

Philipp Harms and Pierre-Guillaume Méon

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11.09

Prices and Choices in the Swiss Health Care Insurance Market

Yves Ortiz

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11.08

Limited Rationality and Strategic Interaction: A Probabilistic Multi-Agent Model

Yves Ortiz and Martin Schüle

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11.07

Surfing the Capital Waves: A sector-level examination of surges in FDI inflows

Salvatore Dell’Erba and Dennis Reinhardt

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11.06

Ageing, Government Budgets, Retirement, and Growth

Martín Gonzalez-Eiras and Dirk Niepelt

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11.05

The Journal Rankings of Central Banks

Emanuel Kohlscheen

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11.04

Spatial Competition in Quality, Demand-Induced Innovation, and Schumpeterian Growth

Raphael Auer and Philip Sauré

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11.03

CHF Strength and Swiss Export Performance – Evidence and Outlook From a Disaggregate Analysis

Raphael Auer and Philip Sauré

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11.02

Low-Wage Import Competition, Inflationary Pressure, and Industry Dynamics in Europe

Raphael Auer, Kathrin Degen and Andreas M. Fischer

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11.01

Development (Paradigm) Failures

Roland Hodler

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2006 - 2010

10.05

Foreign Aid and Enlightened Leaders

Roland Hodler and Paul A. Raschky

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10.04

Compulsory Voting and Public Finance

Roland Hodler

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10.03

The Home Bias in Equities and Distribution Costs

Philipp Harms, Mathias Hoffmann and Christina Ortseifer

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10.02

Into the Allocation Puzzle - A Sectoral Analysis

Dennis Reinhardt

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10.01

Biased Experts, Costly Lies, and Binary Decisions

Roland Hodler, Simon Loertscher and Dominic Rohner

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09.06

Deciding to Peg the Exchange Rate in Developing Countries: The Role of Private-Sector Debt

Philipp Harms and Mathias Hoffmann

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09.05

Product Heterogeneity, Within-Industry Trade Patterns, and the Home Bias of Consumption?

Raphael Auer

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09.04

Can Parameter Instability Explain the Meese-Rogoff Puzzle?

Philippe Bacchetta, Eric van Wincoop and Toni Beutler

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09.03

The Colonial and Geographic Origins of Comparative Development

Raphael Auer

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09.02

The Demographics of Expropriation Risk

Philipp Harms and Philipp an de Meulen

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09.01

Offshoring Along the Production Chain

Philipp Harms, Oliver Lorz and Dieter Urban

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08.05

Debt Maturity without Commitment

Dirk Niepelt

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08.04

Explaining Bank Failures in the United States: The Role of Self-Fulfilling Prophecies, Systemic Risk, Banking Regulation, and Contagion

Nils Herger

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08.03

Monetary Policy in a Small Open Economy Model: A DSGE-VAR Approach for Switzerland

Gregor Bäurle and Tobias Menz

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08.02

Managing Beliefs about Monetary Policy under Discretion

Elmar Mertens

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08.01

Are Spectral Estimators Useful for Implementing Long-Run Restrictions in SVARs?

Elmar Mertens

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07.05

Population Ageing, Government Budgets, and Productivity Growth in Politico-Economic Equilibrium

Martín Gonzalez-Eiras and Dirk Niepelt

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07.04

How does private foreign borrowing affect the risk of sovereign default in developing countries?

Oya Celasun and Philipp Harms

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07.03

Words, Deeds, and Outcomes: A Survey on the Growth Effects of Exchange Rate Regimes

Philipp Harms and Marco Kretschmann

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07.02

The Future of Social Security

Martín Gonzalez-Eiras and Dirk Niepelt

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07.01

Random Walk Expectations and the Forward Discount Puzzle

Philippe Bacchetta and Eric van Wincoop

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06.04

Predictability in Financial Markets: What Do Survey Expectations Tell Us?

Philippe Bacchetta, Elmar Mertens and Eric van Wincoop

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06.03

The Stability Pact—Rationales, Problems, Alternatives

Assar Lindbeck and Dirk Niepelt

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06.02

Exchange Rate Volatility and Productivity Growth: The Role of Financial Development

Philippe Aghion, Philippe Bacchetta, Romain Ranciere and Kenneth Rogoff

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06.01

Financing Government Expenditures Optimally

Pinar Yesin

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2001 - 2005

05.05

Structural Shocks and the Comovements between Output and Interest Rates

Elmar Mertens

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05.04

Starving the Beast? Intra-Generational Conflict and Balanced Budget Rules

Dirk Niepelt

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05.03

Incomplete Information Processing: A Solution to the Forward Discount Puzzle

Philippe Bacchetta and Eric van Wincoop

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05.02

Shock Identification of Macroeconomic Forecasts based on Daily Panels

Marlene Amstad and Andreas M. Fischer

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05.01

Measuring Income Elasticity for Swiss Money Demand: What do the cantons say about financial innovation?

Andreas M. Fischer

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04.07

Timing Tax Evasion

Dirk Niepelt

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04.06

Sequential Information Flow and Real-Time Diagnosis of Swiss Inflation: Intra-Monthly DCF Estimates for a Low-Inflation Environment

Marlene Amstad and Andreas M. Fischer

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04.05

Foreign aid and developing countries’ creditworthiness

Philipp Harms and Michael Rauber

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04.04

Price Clustering in the FX Market: A Disaggregate Analysis using Central Bank Interventions

Andreas M. Fischer

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04.03

Higher Order Expectations in Asset Pricing

Philippe Bacchetta and Eric van Wincoop

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04.02

Tax Collection Costs, Tax Evasion and Optimal Interest Rates

Pinar Yesin

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04.01

A Scapegoat Model of Exchange Rate Fluctuations

Philippe Bacchetta and Eric van Wincoop

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03.07

Optimal Cyclical Monetary Policy: Does Steady-State Inflation Matter?

Samuel Reynard

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03.06

On the Inadequacy of Newswire Reports for Empirical Research on Foreign Exchange Interventions

Andreas M. Fischer

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03.05

The New Basel Accord: Implications of the Co-existence between the Standardized Approach and the Internal Ratings-based Approach

Bertrand Rime

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03.04

Aid, Governance, and Private Foreign Investment: Some Puzzling Findings and a Possible Explanation

Philipp Harms and Matthias Lutz

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03.03

Understanding Reserve Volatility in Emerging Markets: A Look at the Long-Run

Ricarda Demarmels and Andreas M. Fischer

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03.02

Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?

Philippe Bacchetta and Eric van Wincoop

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03.01

Fixing Swiss Potholes: The Importance and Cyclical Nature of Improvements

Michael J. Dueker and Andreas M. Fischer

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02.08

Product Market Deregulation and Labor Market Outcomes

Monique Ebell and Christian Haefke

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02.07

Deregulation and the current account

Philipp Harms

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02.06

Growing into and out of social conflict

Philipp Harms and Stefan Zink

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02.05

Why Do Consumer Prices react less than Import Prices to Exchange Rates?

Philippe Bacchetta and Eric van Wincoop

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02.04

The Relationship Between Risk and Capital in Swiss Commercial Banks: A Panel Study

Robert Bichsel and Jürg Blum

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02.03

Fluctuations in the Swiss Franc: What has Changed Since the Euro's Introduction?

Andreas M. Fischer

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02.02

Understanding Reserve Volatility in Emerging Markets: A Look at the Last Thirty Years

Ricarda Demamerls and Andreas M.Fischer

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02.01

Stochastic Capital Depreciation and the Comovement of Hours and Productivity

Dueker, Michael J., Andreas M. Fischer and Robert D. Dittmar

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01.07

A Theory of the Currency Denomination of International Trade

Philippe Bacchetta and Eric van Wincoop

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01.06

Do Depositors Discipline Swiss Banks?

Urs W. Birchler and Andréa M. Maechler

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01.05

A Corporate Balance-Sheet Approach to Currency Crises

Philippe Aghion, Philippe Bacchetta and Abhijit Banerjee

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01.04

Bank Integration and Business Volatility in the U.S.

Don Morgan, Bertrand Rime and Philip Strahan

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01.03

The Performance of Universal Banks: Evidence from Switzerland

Bertrand Rime and Kevin J. Stiroh

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01.02

The Mechanics of a Successful Exchange-Rate Peg: Lessons for Emerging Markets

Michael Dueker and Andreas M. Fischer

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01.01

Why Are Asset Returns More Volatile during Recessions? A Theoretical Explanation

Monique C. Ebell

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1996 - 2000

00.14

Are Banks Excessively Monitored?

Urs W. Birchler

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00.13

Financial Development and Stock Market Performance

Harris Dellas and Martin K. Hess

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00.12

Alternative Indicator of Monetary Policy for a Small Open Economy

Nicolas A. Cuche

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00.11

Trade Flows, Prices, and The Exchange Rate Regime

Philippe Bacchetta and Eric van Wincoop

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00.10

Monetary Policy with Forward-looking Rules: The Swiss Case

Nicolas A. Cuche

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00.09

The Politics of Trade Liberalization in the Presence of FDI Incentives

Andréa M. Maechler

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00.08

The Limits of Market Discipline in Reducing Banks' Risk Taking

Jürg Blum

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00.07

Currency Crises and Monetary Policy in an Economy with Credit Constraints

Philippe Aghion, Philippe Bacchetta and Abhijit Banerjee

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00.06

Financial Development and the Sensitivity of Stock Markets to External Influences

Harris Dellas and Martin K. Hess

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00.05

Bank Capital Behaviour: Empirical Evidence for Switzerland

Bertrand Rime

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00.04

Do Interventions Smooth Interest Rates?

Andreas M. Fischer

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00.03

Monetary Policy with Foreign Currency Debt

Philippe Bacchetta

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00.02

The UBS-SBC Merger and Competition in the Swiss Retail Banking Sector

Dominik Egli and Bertrand Rime

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00.01

Bankruptcy Priority for Bank Deposits: a Contract Theoretic Explanation

Urs W. Birchler

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99.06

Estimating the Term Structure of Interest Rates: The Swiss Case

Iwan Meier

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99.05

A Simple Model of Monetary Policy and Currency Crises

Philippe Aghion, Philippe Bacchetta & Abhijit Banerjee

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99.04

Trade Credit and the Bank Lending Channel

Jeffrey H. Nilsen

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99.03

Modeling Financial Fragility in Transition Economies

Jeffrey H. Nilsen and Riccardo Rovelli

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99.02

Estimating Monthly GDP in a General Kalman Filter Framework: Evidence from Switzerland

Nicolas A. Cuche and Martin K. Hess

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99.01

Capital Markets and the Instability of Open Economies

Philippe Aghion, Philippe Bacchetta and Abhijit Banerjee

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98.03

Why Did Czech Banks Switch From Loans in 1995?

Jeffrey H. Nilsen

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98.02

Financial Liberalization and Volatility in Emerging Market Economies

Philippe Aghion, Philippe Bacchetta Philippe and Abhijit Banerjee

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98.01

Capital Flows to Emerging Markets: Liberalization, Overshooting and Volatility

Philippe Bacchetta and Eric van Wincoop

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97.01

Consumption and Credit Constraints: International Evidence

Philippe Bacchetta and Stefan Gerlach

96.01

Trade in Nominal Assets and Net International Capital Flows

Philippe Bacchetta and Eric van Wincoop

1991 - 1995

95.11

Exchange-of-information Clauses in International Tax Treaties

Philippe Bacchetta and María Paz Espinosa

95.10

Exchange Rate Policy and Disinflation: The Spanish Experience in the ERM

Philippe Bacchetta

95.09

Do Capital Market Imperfections Exacerbate Output Fluctuations?

Philippe Bacchetta and Ramon Caminal

95.08

The Impact of Monetary Policy and Bank Lending: Some International Evidence

Philippe Bacchetta and Fernando Ballabriga

95.07

American vs. European Option Pricing Models: Does it Really Matter?

Walter Wasserfallen

95.06

Portfolio Insurance for the Small Investor

Walter Wasserfallen and Christoph Schenk

95.05

Capital Controls and the Political Discount: The Spanish Experience in the Late 1980s

Philippe Bacchetta

95.04

The Hedging Performance of Swiss Interest Rate Futures

Walter Wasserfallen and Daniel Liechti

95.03

Firm Restructuring and the Optimal Speed of Trade Reform

Philippe Bacchetta and Harris Dellas

95.02

Interest Rate Differentials and the Structure of Banks' Balance Sheets

Walter Wasserfallen

95.01

Foreign Equity Investment Restrictions, Capital Flight, and Shareholder Wealth Maximization, Theory and Evidence

René M. Stulz and Walter Wasserfallen

94.03

Net Capital Flows under Exchange Rate and Price Volatility

Philippe Bacchetta and Eric van Wincoop

94.02

Information Sharing and Tax Competition among Governments

Philippe Bacchetta and María Paz Espinosa

94.01

Regional Investment and Growth in the European Community

Philippe Bacchetta

93.03

Pricing Initial Public Offerings, Evidence from Germany

Walter Wasserfallen and Christian Wittleder

93.02

Money, Interest Rates and Exchange Rates in the Short Run

Walter Wasserfallen and Guido Kürsteiner

93.01

Stock and Option Markets: The Swiss Evidence

Thomas Stucki and Walter Wasserfallen

Gerzensee Working Papers

2021 - 2025

2016 - 2020

2011 - 2015

2006 - 2010

2001 - 2005

1996 - 2000

1991 - 1995