328 research outputs found
Monetary determinants of the Swiss franc
This paper looks into the determinants of the Swiss franc exchange rate against the euro. Based on the monetary approach to exchange rates, we start from the premise that monetary policy has an influence on the exchange rate. To measure this effect, we apply the structural vector-autoregression methodology on a set of Swiss macroeconomic variables and the euro area interest rate. Overall, we find that Swiss monetary policy contributes between 7 and 15% to variations of the exchange rate between 1981 and 2008. Focusing on the episode between 2003 and 2005 we attribute more than half of the depreciation of the franc to Swiss monetary policy.exchange rates, monetary policy, structural VAR models
Chronique ornithologique valaisanne: de l'automne 2008 à l'été 2009 = Ornithologische Chronik des Wallis : Herbst 2008 bis Sommer 2009
Illuminating the Neuroscience of Decision-making Through the Dark Night of John of the Cross
In this publication, we will use the principal concepts of John of the Cross, the famous mystic of the XVIth century, as a framework to go over, in a non-reductionist way, three challenges in contemporary neuroscience of decision-making. Firstly, the dark night and the purgative paths will be related to discontinuity in decision-making. Secondly, the passive and active paths will be associated to brain plasticity, architecture, and levels of decision. Thirdly, the illumination, which can be felt when a solution is reached, has to do with positive emotions and can be inspired by the science of love of John of the Cross. We shall lastly conclude by emphasizing the usefulness of his work to illuminate the neuroscience of decision-making.Â
GDP Data Revisions and Forward-Looking Monetary Policy in Switzerland
This paper analyzes forward-looking rules for Swiss monetary policy in a small structural VAR model consisting of four variables taking into account data revisions for GDP. First, the paper develops an analytical method to analyze the effect of data revision errors in GDP on the ex ante or conditional inflation-output-growth volatility trade-off and applies it to Swiss data. Second, the effects of different targets in a forward-looking monetary policy on ex post or unconditional volatility of inflation and output growth is explored by a simulation exercise. In general, the results obtained suggest that focusing monetary policy on GDP growth instead on inflation may lead to an inefficient policy with both increased medium term inflation and GDP growth volatility in the presence of GDP data revisions.Structural VAR, forward-looking monetary policy, efficiency frontier, GDP data revisions
The Analysis of Forward-Looking Monetary Policy in a SVAR Framework
This paper analyzes forward-looking monetary policy rules in structural VARâs. First, an approach for modeling a monetary policy which aims at a strict medium term inflation or output growth target is developed. Second, the ex ante inflation-output-growth volatility trade-off for a forward-looking policy aiming at a convex combination these strategies is derived. Finally, an illustration of our approach using Swiss data is given.Structural VAR, forward-looking monetary policy, efficiency frontier
Monadic second order definable relations on the binary tree
Let S2S [WS2S] respectively be the strong [weak] monadic second order theory of the binary tree T in the language of two successor functions. An S2S-formula whose free variables are just individual variables defines a relation on T (rather than on the power set of T). We show that S2S and WS2S define the same relations on T, and we give a simple characterization of these relation
Analyse de la faisabilitĂ© et de la rentabilitĂ© de la transformation dâun immeuble inutilisĂ© appartenant Ă la commune de Veyras, en immeuble commercial, centre dâactivitĂ©s humaines et financiĂšres
La municipalitĂ© de Veyras participe activement au dĂ©veloppement des coteaux ensoleillĂ©s de Sierre. Bien que profitant dâune situation idĂ©ale, celle-ci demeure tĂ©moin dâun certain dĂ©clin de lâoffre de commerces au sein de son village. DĂ©sirant trouver une alternative Ă cette problĂ©matique, Veyras a acquis un ancien restaurant et souhaite le rĂ©nover pour le transformer en centre commercial de taille moyenne. La prĂ©sente Ă©tude a pour principal objectif de dĂ©terminer la solution dâamĂ©nagement idĂ©ale et si cette derniĂšre perdurerait dans le futur
L'accompagnement de l'apprentissage des rÚgles de la vie collective selon les différentes pédagogies
Lâapprentissage des rĂšgles est une Ă©tape nĂ©cessaire dans le dĂ©veloppement de lâenfant. GrĂące aux rĂšgles lâenfant apprend Ă vivre en groupe, elles lui permettent de se sentir en sĂ©curitĂ© dans lâenvironnement qui lâentoure. Lâobjectif de ce travail est de faire ressortir des outils concrets permettant cet apprentissage chez lâenfant de 2 Ă 6 ans selon trois pĂ©dagogies. Les pĂ©dagogies seront comparĂ©es Ă trois niveaux : les valeurs qui sont derriĂšre les rĂšgles, les connaissances nĂ©cessaires et les outils utilisĂ©s
Complexité de la cohésion d'équipe en lien avec la diversité culturelle des participants
Cette recherche porte sur la diversitĂ© culturelle en lien avec la cohĂ©sion dâĂ©quipe au sein dâateliers socioprofessionnels accueillant des personnes Ă la recherche dâun emploi. Dâun cĂŽtĂ©, elle sâintĂ©resse aux effets de la diversitĂ© culturelle sur les participants ainsi quâĂ leur ressenti face Ă celle-ci. Elle aborde Ă©galement ce thĂšme sous lâangle du travail dâĂ©quipe ainsi que de la cohĂ©sion dâĂ©quipe Ă travers un concept dâ « interculturalitĂ© ». De lâautre, elle traite de lâaccompagnement des maĂźtres dâatelier en lien avec la diversitĂ© culturelle, la cohĂ©sion dâĂ©quipe ainsi que le management interculturel. A lâissue de cette recherche, il sâavĂšre que dans ce contexte, la diversitĂ© culturelle se rĂ©vĂšle ĂȘtre une complexitĂ© du travail dâĂ©quipe notamment en raison des inĂ©galitĂ©s de connaissance du français. Toutefois, le partage de la mĂȘme rĂ©alitĂ© diminue cette influence. Du cĂŽtĂ© des maĂźtres dâatelier, il ressort quâils ont un rĂŽle essentiel et que certains aspects du management interculturel devraient ĂȘtre pris en compte dans lâaccompagnement
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