by NZZ, August 10, 2021. PDF (title changed by NZZ). Should the SNB follow the Fed and the ECB and rework its strategy? There is a case for rethinking the broad inflation target, the monetary policy concept, and the communication strategy. Equally important is a strategy review outside of the SNB: The SNB cannot and must not decide about the framework within which it operates. Conclusion: Daher ist eine Strategieüberprüfung inner- und ausserhalb der SNB sinnvoll. Geldpolitisch prüfenswert sind das Inflationszielband, die Zentralität des Zinsinstruments und die Kommunikation. Die Glaubwürdigkeit der SNB verbietet ein Auseinanderklaffen von Theorie und Praxis, aber auch allzu häufiges und detailversessenes Feilen an der Strategie, und sie verlangt Konzentration
Topics:
Dirk Niepelt considers the following as important: 1) SNB and CHF, 1.) Dirk Niepelt, Central bank digital currency, Central bank profit, Climate policy, Contributions, Featured, Inflation target, Interest Rate, Mandate, Monetary Policy, newsletter, Swiss National Bank, Switzerland
This could be interesting, too:
Dirk Niepelt writes “Report by the Parliamentary Investigation Committee on the Conduct of the Authorities in the Context of the Emergency Takeover of Credit Suisse”
Nachrichten Ticker - www.finanzen.ch writes Krypto-Ausblick 2025: Stehen Bitcoin, Ethereum & Co. vor einem Boom oder Einbruch?
Connor O'Keeffe writes The Establishment’s “Principles” Are Fake
Per Bylund writes Bitcoiners’ Guide to Austrian Economics
NZZ, August 10, 2021. PDF (title changed by NZZ).
Should the SNB follow the Fed and the ECB and rework its strategy? There is a case for rethinking the broad inflation target, the monetary policy concept, and the communication strategy. Equally important is a strategy review outside of the SNB: The SNB cannot and must not decide about the framework within which it operates.
Conclusion:
Daher ist eine Strategieüberprüfung inner- und ausserhalb der SNB sinnvoll. Geldpolitisch prüfenswert sind das Inflationszielband, die Zentralität des Zinsinstruments und die Kommunikation. Die Glaubwürdigkeit der SNB verbietet ein Auseinanderklaffen von Theorie und Praxis, aber auch allzu häufiges und detailversessenes Feilen an der Strategie, und sie verlangt Konzentration auf das Wesentliche. Gleichzeitig sollte die SNB ihre Bindung an den – gegebenenfalls sich wandelnden – Willen des Gesetzgebers betonen. Bei Fragen, die nicht allein in ihre Zuständigkeit fallen, muss sie klarstellen, dass sie Partei und nicht Schiedsrichterin ist. Damit die SNB auch in Zukunft zu den grossen Schweizer Erfolgsgeschichten zählt, muss sie von Zeit zu Zeit über die Bücher gehen. Doch alleine kann sie die Verantwortung in Geld- und Währungsfragen nicht tragen.
You Might Also Like
SNB Sight Deposits: Inflation Fear Decreasing, SNB Selling Euros
2021-08-04
Sight Deposits have fallen: The change is -0.2 bn. compared to last week, this means the SNB is selling euros and dollars.
Quantitative Easing: A Boon or Curse?
2021-07-24
Central banks’ massive Quantitative Easing (QE) programs have come under scrutiny many times since the central banks fired up the printing press and began quantitative easing programs en masse after the 2008-09 Great Financial Crisis.
However, the increase in central bank assets due to quantitative easing programs during the crisis pale in comparison to the QE programs during the Covid pandemic.
As economies recovered after the Great Financial Crisis many worried that consumer price inflation would rise rapidly due to the extra liquidity in the market. A fear that never materialized as many economies stayed well below central bank inflation targets.
Quantitative Easing Leading to Financial Crisis?
The question being asked now is have these programs led to financial
SNB und SIX schützen Datenkommunikation vor Cyberrisiken
2021-07-16
Das neue Kommunikationsnetzwerk soll den zugelassenen Teilnehmern des Finanzplatzes Schweiz ermöglichen, untereinander und mit den Finanzmarktinfrastrukturen sicher zu kommunizieren. (Bild: Shutterstock.com/Deepadesigns)
Gold Is Laughing At Powell
2021-05-03
Authored by Matthew Piepenburg via GoldSwitzerland.com,Recently, my colleague, Egon von Greyerz, and I had some unabashed yet blunt fun calling out the staggering levels of open hypocrisy and policy desperation unleashed by former Fed Chairman, Alan Greenspan.Poor Alan was an easy target of what I described as the “patient zero” of the reckless interest rate suppression and unbridled monetary expansion policies of the Fed which have always led to equally reckless boom and bust cycles in markets and economies.But let us be fair to comical Fed Chairmen like Greenspan, as he is not alone in making a mockery of his post at the Eccles Building.With the exception of Paul Volker and William Martin, the sad truth is that nearly every person who has sat in that lead Chair of a private bank
“Die Schattenseiten von Schuldenbremsen (The Dark Side of Debt Limits),” ifoSD, 2021
2021-04-16
Was Schuldengrenzen aus politökonomischer Sicht besonders attraktiv erscheinen lässt – ihre vermeintliche Einfachheit und Klarheit – birgt also auch Risiken. Es führt dazu, dass Politiker und ihre Wähler die Solidität der Staatsfinanzen über Gebühr an expliziten Bruttoschulden messen.
COVID-19, financial markets and digital transformation
2021-04-16
In many ways, the coronavirus (COVID-19) pandemic is unprecedented. The economic shock has been global and massive, affecting both economic supply and demand simultaneously. To mitigate the economic impact, the crisis response has had to be swift and innovative – including in Switzerland.
Precious metals are and always have been the ultimate insurance
2021-04-08
As we enter the second quarter of 2021, the year during which so many mainstream analysts and politicians have predicted we’ll see a miraculous recovery from the covid crisis, it is becoming increasingly clear that the damage inflicted by the lockdowns and the shutdowns is really very extensive an persistent. Of course, I’m referring to the damage to the real economy, that is, to actual businesses, households and the countless citizens that were rendered unemployed.
Swiss National Bank profits cut in half by Covid
2021-03-01
The Swiss National Bank (SNB) recorded a profit of CHF20.9 billion (almost $23 billion) in 2020, less than half of the CHF48.9 billion it made in 2019.
Tags: Central bank digital currency,Central bank profit,Climate policy,Contributions,Featured,inflation target,Interest Rate,Mandate,Monetary Policy,newsletter,Swiss National Bank,Switzerland