Real Output in Switzerland: New Estimates for 1914-47

• Published in: Policy File 2000
• Main Authors: Andrist, Felix, Anderson, Richard G, Williams, Marcela M
• Format: Report
• Language: English
• Subjects: Economic policy; Federal Reserve Bank of St. Louis

In recent years, macroeconomic research has become increasingly concerned with comparisons of the medium- and long-term behaviors of economic activity, that is, with fluctuations in the trend growth rate and volatility of economic activity at business-cycle frequencies. Because relatively long time series of data are essential for such research, this research agenda has stimulated new interest in the measurement of historical levels of economic activity, both in the United States and Europe. In Europe, Switzerland would seem to be a natural candidate for a longer-run comparative analysis. During the 20th century, Switzerland has enjoyed remarkable political and economic stability: For example, no German-style hyperinflation occurred there. More recently, the Swiss National Bank's monetary policy has achieved enviable price stability. The potential for such a study, however, is limited by breaks in the available time series data for Switzerland. Most important, no estimates of Swiss gross domestic product (GDP) during 1914-47 have been published. This study seeks to fill that gap.