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The Swiss National Bank conducts the country’s monetary policy as an independent central bank. It is obliged by the Constitution and by statute to act in accordance with the interests of the country as a whole. Its primary goal is to ensure price stability, while taking due account of economic developments. In so doing, it creates an appropriate environment for economic growth.
2024-08-14 – Financial markets – IMF SDDS Plus, 14 August 2024
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Read More »2024-08-12 – Financial markets – Important monetary policy data, 12 August 2024
Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB's internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services...
Read More »WP – 2024-08-11 – Anders Brownworth, Jon Durfee, Michael Junho Lee and Antoine Martin: Regulating decentralized systems: evidence from sanctions on Tornado Cash
Blockchain-based systems are run by a decentralized network of participants and are designed to be censorship-resistant. We use sanctions imposed by the U.S. Department of Treasury on Tornado Cash (TC), a smart contract protocol, to study the impact and effectiveness of regulation in decentralized systems. We document an immediate and lasting impact on TC following the sanction announcement, measured by market reaction, transaction volume, and diversity of users. Still, net flows...
Read More »2024-08-08 – Financial markets – Exchange rate indices, August 2024
Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB's internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services...
Read More »2024-08-07 – Financial markets – IMF SDDS Plus, 7 August 2024
Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB's internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services...
Read More »WP – 2024-08-07 – Gabriel Züllig and Valentin Grob: Corporate leverage and the effects of monetary policy on investment: a reconciliation of micro and macro elasticities
We investigate how the level of corporate leverage affects firms' investment response to monetary policy shocks. Based on novel aggregate time series estimates, leverage acts amplifying, whereas in the cross section of firms, higher leverage predicts a muted response to monetary policy. We use a heterogeneous firm model to show that in general equilibrium, both empirical findings can be true at the same time: When the average firm has lower leverage and therefore reduces its...
Read More »2024-08-05 – Financial markets – Important monetary policy data, 5 August 2024
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Read More »2024-08-02 – Financial markets – Interest rates and exchange rates, August 2024
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Read More »2024-07-31 – Financial markets – IMF SDDS Plus, 31 July 2024
Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB's internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services...
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