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Theory in practice : the implementation of the foolproof way in Switzerland and the Czech Republic

Aslam, Quttab-Udin; Amaral, Maria Alva De Sousa Magalhães Mota
Master thesis
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Preliminary Thesis (FINAL).pdf (362.5Kb)
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http://hdl.handle.net/11250/2483348
Issue date
2017
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  • Master of Science [835]
Abstract
We analyse the similarities between the Svensson’s (2000) “The zero bound in an

open economy: A foolproof way of escaping from a liquidity trap” and the

exchange rate target commitment implemented in Switzerland and the Czech

Republic following the European sovereign debt crisis. We observe that the

foolproof way did not work in Switzerland, mainly due to failure to establish the

peg’s credibility. This is linked to the existence of incomplete pass-through, a

feature not contemplated in Svensson’s model. On the other hand, we conclude

that the foolproof way succeed in the Czech Republic, allowing the economy to

escape the liquidity trap.
Description
Masteroppgave(MSc) in Master of Science in Business, Economics - Handelshøyskolen BI, 2017
Publisher
BI Norwegian Business School

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