The Swiss franc safety premium.
Ontology highlight
ABSTRACT:
SUBMITTER: Leutert J
PROVIDER: S-EPMC6214287 | biostudies-literature | 2018
REPOSITORIES: biostudies-literature
Publications
The Swiss franc safety premium.
Swiss journal of economics and statistics 20180417 1
This paper applies a recent method proposed by Maggiori (<i>The U.S. Dollar Safety Premium</i>, 2013) to estimate the Swiss franc safety premium. The results show that the three-step instrumental variable approach as used by Maggiori does not work for the Swiss franc exchange rates. The price of risk estimates take unrealistic, negative values. One possible explanation is that the approach as it is used by Maggiori suffers from a measurement error for the expected exchange rate which represents ...[more]
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