摘要：The way monetary policy is implemented by the Swiss National Bank (SNB) dif- fers from the procedures of most other central banks. Since the introduction of the SNB’s new monetary policy framework in 1999, the maturity of the opera- tional target of monetary policy has been a distinguishing feature of the SNB’s operational framework. While other central banks use more or less explicit tar- gets for the overnight rate to signal the policy-intended interest rate level, the SNB announces a target range for the three-month (3M) Libor. 1 This paper investigates the working and the consequences of the SNB’s unique operational framework for the behavior of Swiss money market rates before and during the financial crisis.
关键词：Implementation of Monetary Policy;Operational Targets of Monetary Policy;Three-Month Rate Targeting;Financial Crisis
