The Swiss monetary policy and its implications on the real economy. The effects of the monetary authority actions in the aftermath of the global crisis

      Аннотация: The aim of the thesis is to show what are Swiss economic sectors most severely affected by the global crisis. It points out the related benefits and costs of the SNB actions to protect the national economy in regard to price stability, financial stability, and economic stability. This work touches on various topics such as the factors that led to the appreciation of the Swiss franc; the efficacy of the Swiss monetary policy and its economic effects on the Swiss trade balance, industrial production, exports and tourism; analysis of the SNB independence and the risks associated with price stability and financial system stability. The work also intents to provide a near-term guidance of the future path of development of the price level in Switzerland and therefore tries to predict the first upward correction in Swiss policy rates of interest. In addition, it provides several recommendations for full political and economic independence of the monetary authorities. In light of this work, it can be concluded that the independent monetary policy of the Swiss National Bank has always been credible and accurately supporting the development of the Swiss economy.

Ключевые слова: Inflation, foreign reserves, monetary policy independence, financial stability, currency devaluation