The Swiss National Bank abolished the exchange rate floor versus the Euro in January 2015. Using a synthetic matching framework, we analyze the impact of this unexpected (and therefore exogenous) policy change on the stock market. The results reveal a significant level shift (decline) in asset prices following the discontinuation of the minimum exchange rate. As a novel finding in the literature, we document that the exchange-rate elasticity of Swiss asset prices is around −0.75. Differentiating between sectors of the Swiss economy, we find that the industrial, financial and consumer goods sectors are most strongly affected by the abolition of the minimum exchange rate.

中文翻译：

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通过汇率挂钩的货币政策：取消瑞士法郎-欧元下限和股价反应

瑞士国家银行于 2015 年 1 月取消了对欧元的汇率下限。使用综合匹配框架，我们分析了这种意想不到的（因此是外生的）政策变化对股市的影响。结果显示，在终止最低汇率后，资产价格发生了显着的水平变化（下降）。作为文献中的一个新发现，我们记录了瑞士资产价格的汇率弹性约为 -0.75。区分瑞士经济的各个部门，我们发现工业、金融和消费品部门受取消最低汇率的影响最大。