To peg its currency (CHF) to the Euro (EUR), the Swiss National Bank.pdf

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To peg its currency (CHF) to the Euro (EUR), the Swiss National Bank (SNB) made purchases of EUR to the tune of several hundred billion. By reducing the supply of EUR, the SNB made the EUR relatively valuable, achieving the peg. But how did the SNB fund its EUR purchases? My original assumption was that the SNB simply printed CHF to buy EUR. Is this correct? The reason I ask is (a) I have not been able to find explicit documentation of this and (b) a colleague suggested that the SNB may have been using other means to purchase EUR, such as tapping into gold reserves or other kinds of reserves. Solution This quotation by Michael Bordo, Owen F Humpage, and Anna J Schwartz (2012) was the richest description I could find on how the SNB achieved the floor: In March 2008, the Swiss National Bank eased monetary policy in response to expectations of deflation, deteriorating economic conditions, financial-market distress, and a Swiss franc appreciation that resulted from the global financial crisis. In conjunction with this action, the Bank aggressively bought euros in the foreign-exchange market in 2009. Throughout March and April 2009, the Swiss National Bank did not seem to sterilise its substantial foreign-exchange purchases; the Swiss monetary base rose by more than the value of foreign assets on the Bank.

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Transportation Problem The following table shows the production capacity, unit production cost, and unit shipping cost from three plants at St. Louis, Evansville, and Bloomington to warehouses at Terre Haute, Indianapolis, Fort Wayne, and South Bend. We need to minimize the total cost. C. Write the objective function.SourceDestinationPlant CityProduction Capaticy UnitsUnit Production CostTerre HauteIndianapolisForst WayneSouth BendSt. Louis1001086129Evansville1101255108Bloomington1201532910Demand (Units)150604545 Solution Total Cost as per Above Allotment. =((25x10)+(45x10))+((90x12)+(20x12))+((60x15)+(60x15))=3820/-.

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