Does the Swiss National Bank Stabilize the Swiss Franc Exchange Rates?
指出以往检验政策有效性的格兰杰因果检验因遗漏变量而存在偏差，提出一种新方法，并用于检验瑞士国家银行的货币干预是否稳定了法郎兑美元和法郎兑马克的汇率，答案是肯定的。
The starting point of this article is the observation that many of the Granger-causality tests for policy effectiveness that have been performed are likely to be severely biased because of omitted variables problems. An alternative procedure that does not suffer from this handicap is proposed to test for the stabilizing effect of economic policy interventions. The procedure is applied to test whether the Swiss National Bank's monetary interventions have managed to stabilize the Fr/$ and the Fr/DM exchange rates. The answer is yes.