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Tag Archives: Contributions

The SNB’s Financial Result, Currency Reserves, and Distribution Reserve

How are SNB profits and losses distributed and what issues are debated? Annual Result Funds two “Reserves” The annual result (Jahresergebnis) of the Swiss National Bank (SNB) is split into two parts. The first part funds “provisions for currency reserves” (Zuweisungen an Rückstellungen für Währungsreserven) which are meant to provide a buffer against future losses on the SNB’s asset positions. The second part funds current and future profit distributions to the...

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The SNB’s Financial Result, Currency Reserves, and Distribution Reserve

How are SNB profits and losses distributed and what issues are debated? Annual Result Funds two “Reserves” The annual result (Jahresergebnis) of the Swiss National Bank (SNB) is split into two parts. The first part funds “provisions for currency reserves” (Zuweisungen an Rückstellungen für Währungsreserven) which are meant to provide a buffer against future losses on the SNB’s asset positions. The second part funds current and future profit distributions to the Confederation and cantons...

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“The Political Economy of Early COVID-19 Interventions in US States,” JEDC, 2022

Journal of Economic Dynamics and Control, July 2022, with Martin Gonzalez-Eiras. PDF (local copy). We investigate how politico-economic factors shaped government responses to the spread of COVID-19. Our simple framework uses epidemiological, economic and politico-economic arguments. Confronting the theory with US state level data we find strong evidence for partisanship even when we control for fundamentals including the electorate’s political views. Moreover, we detect an important role...

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21st BIS Annual Conference

Central banking after the pandemic: challenges ahead This year’s conference focused on the question of how central banks can meet their mission to preserve the value of money. The sessions focused on inflation – the containment of which is an important aspect of preserving money’s value – as well as preserving the value of money from the longer-term, structural perspective, focusing on the challenges of digital innovation. Program

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Economic Journalism Award 2022

Der diesjährige Preis der Schweizerischen Gesellschaft für Volkswirtschaft und Statistik geht an Hansueli Schöchli. Pressemitteilung. Le prix de cette année de la Société suisse d’économie et de statistique est décerné à Hansueli Schöchli. Communiqué de presse. Il premio di quest’anno della Società svizzera di economia e di statistica va a Hansueli Schöchli. Comunicato stampa. This year’s prize of the Swiss Society of Economics and Statistics goes to Hansueli Schöchli. Press...

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“Digital Finance bedroht Geld- und Währungshoheit (Digital Finance Threatens Monetary Sovereignty),” NZZ, 2022

Neue Zürcher Zeitung, February 17, 2022. PDF. The federal council’s digital finance strategy focuses on regulation. There are limits to this strategy when financial markets operate globally and virtually. Preserving monetary sovereignty requires an attractive national currency. Carrots, not only sticks. An attractive currency is not only stable but also usable in digital form.

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“The Political Economy of Early COVID-19 Interventions in US States,” CEPR, 2022

CEPR Discussion Paper 16906, January 2022, with Martin Gonzalez-Eiras. PDF (local copy). We investigate how politico-economic factors shaped government responses to the spread of COVID-19. Our simple framework uses epidemiological, economic and politico-economic arguments. Confronting the theory with US state level data we find strong evidence for partisanship even when we control for fundamentals including the electorate’s political views. Moreover, we detect an important role for the...

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