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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.
WP – 2024-02-29 – Tobias Cwik and Christoph Winter: FX interventions as a form of unconventional monetary policy
In the aftermath of the Great Financial Crisis (GFC), central banks from several advanced, small, open economies have used FX interventions (FXI) in order to stimulate inflation, given that their policy rates were very low. We present a quantitative DSGE model that allows us to study the effectiveness of this unconventional monetary policy tool. We apply the model to Switzerland, a country that has seen frequent and sizable central bank interventions. The model implies that...
Read More »WP – 2024-02-29 – Lukas Voellmy: Decomposing liquidity risk in banking models
In various banking models, banks are viewed as arrangements that insure households against uncertain liquidity needs. However, the exact nature of the liquidity risk faced by households – and hence the insurance function of banks – differs across models. This paper attempts to disentangle the different meanings of the term ‘liquidity insurance’ in the literature and to clarify what kind of insurance banks provide in which models. The paper also shows under which conditions...
Read More »2024-02-26 – Data portal – Important monetary policy data, 26 February 2024
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Read More »2024-02-23 – Press release – Results of the Payment Methods Survey of Companies in Switzerland 2023
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Read More »2024-02-21 – Data portal – Monthly banking statistics, February 2024
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Read More »2024-02-21 – Data portal – Economic data, February 2024
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Read More »2024-02-19 – Data portal – Important monetary policy data, 19 February 2024
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Read More »2024-02-16 – Press release – Kristin J. Forbes to hold the 2024 Karl Brunner Distinguished Lecture
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Read More »2024-02-14 – Data portal – IMF SDDS Plus, 14 February 2024
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