SNB News
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...
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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.
2024-08-05 – 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
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Read More »2024-07-31 – Financial markets – SNB balance sheet items end of June 2024
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Read More »2024-07-31 – Financial markets – Swiss Financial Accounts, Q1 2024
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Read More »2024-07-31 – Press release – Interim results of the Swiss National Bank as at 30 June 2024
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Read More »Mediengespräch – Conférence de presse – News conference – Conferenza stampa, 20.06.2024
Mediengespräch - Conférence de presse - News conference - Conferenza stampa, 20.06.2024 00:00 Einleitende Bemerkungen von Thomas Jordan, Präsident des Direktoriums der Schweizerischen Nationalbank - Remarques introductives de Thomas Jordan, président de la Direction générale de la Banque nationale suisse - Introductory remarks by Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank - Osservazioni introduttive di Thomas Jordan,...
Read More »2024-07-29 – Financial markets – Important monetary policy data, 29 July 2024
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Read More »WP – 2024-07-23 – Thomas Nitschka: Evidence on the international financial spillovers of the New York Bankers’ Panic of 1907
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