国际货币基金组织：2024瑞士精选问题报告（英文版）

As an open economy with a highly integrated financial system and safe haven status, Switzerland exhibits several unique features in its monetary policy transmission process. This Selected Issue Paper studies the relationship between monetary policy, financial conditions, and real activity during the current monetary policy tightening episode. After a review of various channels through which monetary policy changes affect financial conditions, the paper shows that the transmission of polic