Locarno, Canton of Ticino


Unpublished Papers, Working Papers and Other

European Monetary Policy: Can the ECB Learn from the Fed? May 18, 2004.
Download >  ECB.Fed.05.04.pdf

A Proposal for Extracting Policy Information from the ECB's Second Pillar, March 17, 2008
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Speeches / Referate (only recent)

Presentation at the European Union Studies Center, City University of New York, October 10, 2007, on "Communicating European monetary policy: Is there any role for money?"
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Presentation at a joint SECO/State Bank of Vietnam Seminar, Hanoi and Ho Chi Minh City, September 21/22 and 24/25, 2009, on "Lessons Learned from the Financial Crisis: Implications for the Banking System and Regulators"
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Newspaper Articles / Zeitungsartikel (only recent)

"Der Monetarismus - Erfolgsrezept oder Fehlschlag? Nüchterne Betrachtungen eines langjährigen 'Insiders' ", Neue Zürcher Zeitung, 29./30.12.2001.

"Die Schweizer Wirtschaft wächst schneller, als es scheint. 'Zusatzverdienst' im Ausland und Reformdruck im Inland", Neue Zürcher Zeitung, 2./.3. Juli 2005.

"Verfassungskonforme Steuerdegression. Ungerechtfertigte Kritik am neuen Obwaldner Steuergesetz", Neue Zürcher Zeitung, 22. August 2006.
Siehe auch die
erweiterte Version des NZZ-Artikels, die Quellenhinweise enthält und Aufschluss über die Berechnungsmethoden gibt:
Herunterladen > Erweiterung.NZZ.pdf

"Finanzkrisen lassen sich nicht endgültig beseitigen", Neue Zürcher Zeitung, 22./23. März 2008.

"Für Rachefeldzüge ist noch Zeit genug", Sonntag AZ (Aargauer Zeitung), 2. November 2008.

"Auch die staatlichen Aufsichtsorgane haben versagt", Neue Zürcher Zeitung, 27. November 2009.

"Fragwürdige Devisenmarkt-Interventionen", Finanz und Wirtschaft, 18. September 2010.



1.     Books

The Cross of Gold. Money and the Canadian Business Cycle, 1867 - 1913. Ottawa: Carleton University Press, 1988 (now McGill-Queen’s University Press).

2.     Articles in Academic Journals

"A Theoretical and Empirical Analysis of the Eurodollar Market." Journal of Money, Credit and Banking 4, Aug. 1972, pp. 616-35.

"Capital Flows and Employment under Flexible Exchange Rates: The Case of Perfect Substitution." Canadian Journal of Economics 7, May 1974, pp. 319-21.

"The Gold-Reserve Requirement under the Dominion Notes Act of 1870: How to Deceive Parliament." Canadian Journal of Economics 10, Aug. 1977, pp. 447-53.

Controlling the Money Supply: The Swiss Approach." Journal of Contemporary Business 8, 1979, pp. 51-59 (with K. Schiltknecht).

"Monetary Control: The Swiss Experience." The Cato Journal 5, Winter 1986, pp. 911-26 (with U. Kohli)

"Swiss and United States Monetary Policy: Has Monetarism Failed?" Federal Reserve Bank of  Richmond, Economic Review 73, May/June 1987, pp. 3-16.

"Canadian Banks, Gold and the Crisis of 1907." Explorations in Economic History 26, 1989, pp. 135-60.

"Exchange Rate Management under Floating Exchange Rates: A Skeptical Swiss View." Journal of Banking and Finance 14, Nov. 1990, pp. 993-1021.

"The Future of Universal Banking." The Cato Journal 13, Fall 1993, pp. 289-313 (with Ch. Walter).

"Monetary targets as a policy rule: Lessons from the Swiss experience." Journal of Monetary Economics 39, June 1997, pp. 113-41.

"Do Central Banks Need Minimum Reserves?" Schweizerische Zeitschrift für Volkswirtschaft und Statistik 133, December 1997, pp. 691-707.

Switzerland and the Euro.” Atlantic Economic Journal 28, Sept. 2000, pp. 309-31.







"Monetary Policy without Central Bank Money: A Swiss Perspective.” International Finance 3, November 2000, pp. 439-469.

"Monetary Policy under Low Interest Rates: The Experience of Switzerland in the late 1970s“. Swiss Journal of Economics and Statistics 138, September 2002, pp. 241-269 (with Peter Kugler)

"The Euro After Five Years". The Brown Journal of World Affairs 11, Summer /Fall 2004, pp. 241-251.

"The International Consequences of the 1979 U.S. Monetary Policy Switch: The Case of Switzerland". Federal Reserve Bank of St. Louis Review 87, March/April 2005, Part 2, pp. 337-341.

"Swiss Monetary Targeting 1974-1996: The Role of Internal Policy Analysis". Swiss Journal of Economics and Statistics  143, September 2007, pp. 283-329.

"Discussion of 'Ten Years Experience with the Swiss National Bank Monetary Policy Strategy' by T. Jordan, M. Peytrignet and E. Rossi". Swiss Journal of Economics and Statistics 146, March 2010, pp. 101-105.

3.     Articles in Other Journals

"Central Bank Autonomy: A Swiss Perspective." Monetary Studies XI, Banco Central de Chile, May 1989, pp. 23-31.

4.     Chapters in Books

"Emerging U.S. Trade Patterns with Western European Countries." K. Jameson and R. Skurski (eds.), U.S. Trade in the Sixties and Seventies. Lexington, MA: D.C. Heath, 1974, pp. 29-44.

Chapters 4 and 5 in J.V. Poapst (ed.), Developing the Residential Mortgage Market. 3rd Vol., Variable Term Mortgages. Ottawa: Central Mortgage and Housing Corporation, 1975, pp. 66-97 and 180-97 (with S. O'Connor).

"Targeting the Monetary Base — The Swiss Approach." Bank for International Settlements (ed.), The Monetary Base Approach to Monetary Control. Basle 1980, pp. 150-70 (with K. Schiltknecht).

"The Impact of the Eurocurrency Market on Monetary Policy: The Swiss Case." W. Ehrlicher and R. Richter (eds.), Geld- und Währungsordnung. Schriften des Vereins für Socialpolitik NF, Vol. 114. Berlin: Duncker and Humblot, 1983, pp. 189-218.

"Canada without a Central Bank: Operation of the Price-Specie-Flow Mechanism, 1872-1913." Michael D. Bordo and Anna J. Schwartz (eds.), A Retrospective on the Classical Gold Standard, 1821-1931. Chicago: University of Chicago Press for NBER, 1984, pp. 547-575.

"Is Swiss Monetary Policy Really Monetarist?" Money: A Search for Common Ground. Proceedings of a conference sponsored by Progress Foundation, Lugano, 1985, pp. 123-35.

"Swiss Monetary Policy in the 1970s and 1980s." Karl Brunner (ed.), Monetary Policy and Monetary Regimes.  Center for Research in Government Policy and Business, Symposia Series No. CS-17, University of Rochester, 1985. pp. 76-111 (with J.-P. Béguelin).

"Concluding Remarks on 'A New International Trading System.' " Silvio Borner (ed.), International Finance and Trade in a Polycentric World. Proceedings of a conference held in Basel by the International Economic Association. London: Macmillan, 1988, pp. 377-80.

"Bank Structure in Switzerland." George G. Kaufman (ed.), Banking Structures in Major Countries. Boston and London: Kluwer Academic Publishers, 1992, pp. 389-427 (with U.W. Birchler)

"The Euro and other European Currencies: A Swiss Perspective." Heinrich Pfusterschmid-Hardtenstein (ed.), Das Normale und das Pathologische — Was ist gesund? Europäisches Forum Alpbach 1996. Vienna: Ibera Verlag, 1997, pp. 631-34.

"The Role of M3 in the Policy Analysis of the Swiss National Bank." Hans-Joachim Kloeckers and Caroline Willeke (eds.), Monetary Analysis: Tools and Applications, European Central Bank, July 2001, pp. 47-62 (with T. Jordan and M. Peytrignet).

"Inflation and Money Stock Targets: Is There Really a Difference?" Gerald P. Dwyer, Jin-Lung Lin, Jia-Dong Shea, and Chung-Shu Wu (eds.), Monetary Policy and Taiwan's Economy. Cheltenham, UK, and Northhampton, MA: Edward Elgar, 2002, pp. 13-47.

"Out of the Ivory Tower." Christopher Maule (ed.), A Future for Economics, Ottawa; Canada: Invenire, 2017, pp. 71-78.

Continued below




























5.     Comments on Papers

"International Aspects of Monetary Policy: Comments [on Michael R. Darby and Akihiro Amano]." Albert Ando, (eds.), Monetary Policy in Our Times. Cambridge, MA: MIT Press, 1985, pp. 223-27.

"A VAR Analysis of Economic Interdependence: Canada, the United States, and the Rest of the World: Comments [on John Kuszcak/John D. Murray]." R.W. Hafer (ed.), How Open Is the U.S. Economy? Lexington, MA: D.C. Heath, 1986, pp. 133-36.

"Optimal Monetary Regime and Policy Management for Economic Stability: Comment [on Robert J. Barro and Shin-ichi Fukuda/Koichi Hamada]." Yoshio Suzuki and Mitsuaki Okabe (eds.), Toward a World of Economic Stability. Tokyo: University of Tokyo Press, 1988, pp. 339-41.

"The European Monetary System Ten Years After: Comment [on Michele Fratianni/Juergen von Hagen]." A.H. Meltzer (ed.), Unit Roots, Investment Measures and other Essays, Carnegie-Rochester Conference Series on Public Policy, vol. 32, 1990, pp. 243-50.

"Implementing Monetary Policy: Comment [on William C. Melton, Manfred J.M. Neumann, and Yoshio Suzuki/Akio Kuroda/Hiromichi Shirakawa]." Peter Hooper (eds.), Financial Sectors in Open Economies: Empirical Analysis and Policy Issues. Washington D.C.: Board of Governors of the Federal Reserve System, 1990, pp. 569-72.

"Measuring the Aggregate Price Level: Comment [on Robert J. Gordon]." Kumiharu Shigehara (ed.), Price Stabilization in the 1990s. Basingstoke and London: Macmillan, 1993, pp. 273-76.

"Views on Monetary Policy: Commentary [on W. Lee Hoskins]." Dimensions of Monetary Policy. Essays in Honor of Anatol B. Balbach. The Federal Reserve Bank of St. Louis. Review 75, March/April 1993, pp. 56-59.

"Monetary Policy and European Monetary Union: Comments [on Philippe Moutot and Charles Wyploz ]." Oesterreichische Nationalbank. Monetary Policy in Transition in East and West: Strategies, Instruments and Transmission Mechanisms, Vienna, 1997, pp. 119-22.

"The Rise and Fall of Money Growth Targets as Guidelines for U.S. Monetary Policy: Comments [on Benjamin M. Friedman]."Iwao Kuroda (ed.), Towards More Effective Monetary Policy. Houndmills, Basingstoke and London: Macmillan, 1997, pp. 171-75.

"Recent Developments in Swiss Monetary Policy: Comment [on Hans Genberg and Ulrich Kohli]." Philippe Bacchetta and Walter Wasserfallen (eds.), Economic Policy in Switzerland. Houndmills, Basingstoke and London: Macmillan, 1997, pp. 30-34.

"Policy Responses to the Post-Bubble Adjustments in Japan: A Tentative Review: Comments [on Naruki Mori, Shigenori Shiratsuka and Hiro Taguchi]" Bank of Japan, Monetary and Economic Studies 19, February 2001 (Special Edition), pp. 103-107.

"Corporate Governance and the Financing of Investment for Structural Change: Discussion [on Martin Hellwig]." Deutsche Bundesbank (ed.), Investing Today in the World of Tomorrow, Berlin: Springer, 2001, pp. 225-228.

"Comments" [on Robert J. Gordon, James H. Stock, John B. Taylor and Allan H. Meltzer]. Kunio Okina and Tetsuya Inoue (eds.), Monetary Policy in a World of Knowledge-Based Growth, quality Change and Uncertain Measurement, Palgrave: Houndmills, Basingstoke and New York, 2001, pp. 385-388.

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6.     Articles in German

"Geldpolitische Autonomie der Schweiz und Eurofrankenmarkt." Aussenwirtschaft 35, June 1980, pp. 109-25.

"Direktinvestitionen und Wechselkurs." Schweizerische Zeitschrift für Volkswirtschaft und Statistik 116, 1980, pp. 339-56.

"Die monetäre Basis als Zielgrösse der Geldpolitik — Die Erfahrungen der Schweiz," A. Woll (ed.), Internationale Anpassungsprozesse. Schriften des Vereins für Socialpolitik NF, Vol. 114. Berlin: Duncker and Humblot, 1981, pp. 196-219 (with M. Dubois and K. Schiltknecht).

"Weltwirtschaftliche Verflechtung und geldpolitische Handlungsfähigkeit der Schweiz." Schweizerisches Jahrbuch für politische Wissenschaft. Bern: Paul Haupt, 1983, pp. 271-91.

"Ist die schweizerische Geldpolitik wirklich monetaristisch?" Geld, Währung und Konjunktur. Quarterly Review of the Swiss National Bank 2, Sept. 1984, pp. 53-60.

"Die Nullinflation als Ziel der schweizerischen Geldpolitik." Geld, Währung und Konjunktur. Quarterly Review of the Swiss National Bank 3, March 1985, pp. 60-69.

"Schweizerische Geldpolitik: Stabilisierung der Geldmenge oder des Wechselkurses? Heidi Schelbert-Syfrig, Najib Harabi, Philipp Halbherr (eds.), Schweizerische Volkswirtschaft unter Innovationsdruck. Nationales Forschungsprogramm Nr. 9. Bern and Stuttgart: Paul Haupt, 1985, pp. 104-15.

"Währungspolitik in der Schweiz: Hat der Monetarismus versagt?" Oesterreichische Sparkassen Zeitung 74, December 1987, pp. 496-501.

"Auswirkungen der neuen Liquiditätsvorschriften auf den Geldmarkt und die National­bankpolitik." Leo Schuster (ed.) Neue Liquiditätsvorschriften und Cash Management im Schweizerischen Bankwesen. Beiträge zur Bankbetriebslehre aus dem Institut für Bankwirtschaft an der Hochschule St. Gallen. Münsingen: Bancomedia, 1988. pp. 31-36.

"Zinssätze und Wechselkurse in der Schweiz — McKinnons unsichtbare Hand". Otmar Issing (ed.), Wechselkursstabilisierung, EWS und Weltwährungssystem. Hamburg: HWWA — Institut für Wirtschaftsforschung, 1988, pp. 163-87 (with W. Hermann).

"Geldmengenziele und schweizerische Geldpolitik: eine Standortbestimmung." Geld, Währung und Konjunktur. Quarterly Review of the Swiss National Bank 7, December 1989, pp. 345-60.

"Die Entwicklung der Zinssätze: Abschied von der Zinsinsel Schweiz?" Panorama. Zeitschrift des Schweizer Verbandes der Raiffeisenbanken. September 1990, pp. 2-4 (with M. Maurer).

"Capitelli und Buomberger zur schweizerischen Geldpolitik: Der Wechselkurs als Deus ex machina?" Schweizerische Zeitschrift für Volkswirtschaft und Statistik 126, December 1990, pp. 553-65.

"Die schweizerische Teuerung: Lehren für die Nationalbank." Geld, Währung und Konjunktur. Quarterly Review of the Swiss National Bank 10, March 1992, pp. 73-88.

"Die Europäische Wirtschafts- und Währungsunion: Auswirkungen auf die Schweiz." Georg Kreis (ed.), Aktuelle Fragen der Wirtschafts- und Währungsunion. Basler Schriften zur europäischen Integration, Europainstitut, University of Basel, 1996, pp. 56-63.

"Die schweizerische Geldpolitik in einem veränderten Umfeld." Adolf Peter (ed.), Europäische Währungsunion. Auswirkungen auf die Schweiz. Unterlagen zu Bildungsveranstaltungen des Eidgenössischen Personalamtes, Bern 1997, pp. 57-70.

"Der Euro und die schweizerische Geldpolitik." Walter Büsch und Richard Senti (eds.), Schweizer Franken oder Euro. Zürich: Schulthess Polygraphischer Verlag, 1999, pp. 73-99.

."Freihandel: Antipode zu Entwicklungshilfe,globaler Planwirtschaft und Weltautorität." Stephan Wirz (ed.), Kapitalismus - ein Feindbild für die Kirchen?", Zürich: Theologischer Verlag, 2018.



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