Von der Kreditpolitik zur Geldmengenpolitik. Die Geldpolitik der Schweizerischen Nationalbank in den letzten zehn Jahren

Abstract

From Credit Policy to Money-Supply Policy. The monetary policy of the Swiss National Bank in the past ten years

Pursuant to the confederative constitution, the chief task of the Swiss National Bank is “to control the circulation of money in the country, to facilitate payments, and to pursue a credit and monetary policy serving the overall interests of the country”. The overall interests of the country have crystallized out as price stability, full employment and the steadiest possible economic growth. Under the system of fixed exchange rates, above all measures to counter the influx of foreign money and to limit the growth of domestic credit were taken in order to attain these objectives. Initially, on account of the inadequate instruments available, these measures were clothed in a so-called “gentlemen’s agreement”. The latter were later replaced by urgent federal resolutions. As time went by, these measures proved no longer adequate. Faced with the decision of following the worldwide inflationary trend or allowing free floating of exchange rates, the Swiss National Bank decided in favour of the second alternative. In early 1975, the Swiss National Bank was one of the first central banks in the world to go over to an explicit money-supply policy. Over the long run, the quantity of money is expanded approximately in step with the growth rate of real aggregate demand. As far as necessary to absorb foreign trade disturbances, short-term deviations from the long-term growth trend are made. The quantity of money is controlled by changes in the monetary base. On average, in the first three years of money-supply policy the quantity of money has been successfully expanded in conformity with the objectives, stable prices have been reattained and the adverse consequences of the preceding inflation have been remedied. These successes argue in favour of continuing with money-supply policy.