Calendar of events and News

Introductory remarks by Thomas Jordan

(2014-12-18, Media news conference, Zurich)

Partner Institution

Swiss National Bank

Further information (English) Thursday, December 18, 2014

Swiss National Bank introduces negative interest rates

Partner Institution

Swiss National Bank

Further information (English) Thursday, December 18, 2014

Quarterly Bulletin 4/2014

Partner Institution

Swiss National Bank

Further information (English) Wednesday, December 17, 2014

Promotions at the Swiss National Bank

Partner Institution

Swiss National Bank

Further information (English) Tuesday, December 16, 2014

Have investors been looking for exposure to specific countries since the global financial crisis? - Insights from the Swiss franc bond market

Bonds of Swiss non-government borrowers offered higher daily excess returns ('alphas') than suggested by their sensitivities to standard risk factors over the sample period from 2007 to 2014. By contrast, comparable bonds (same currency denomination and credit rating category) issued by foreign entities did not offer significant risk-adjusted returns and exhibited markedly different sensitivities...

Partner Institution

Swiss National Bank

Further information (English) Friday, December 12, 2014

Exchange rate returns and external adjustment: evidence from Switzerland

This paper studies the ability of external imbalances to indicate subsequent exchange rate returns. We propose a simple twist of the Gourinchas and Rey (2007) approximation to the intertemporal budget constraint which is valid for countries that are net creditors (or net debtors) consistently throughout the sample. Our approach offers two advantages. First, it does not require the specification...

Partner Institution

Swiss National Bank

Further information (English) Friday, December 12, 2014

Quantification and characteristics of household inflation expectations in Switzerland

Inflation expectations are a key variable in conducting monetary policy. However, these expectations are generally unobservable and only certain proxy variables exist, such as surveys on inflation expectations. This paper offers guidance on the appropriate quantification of household inflation expectations in the Swiss Consumer Survey, where answers are qualitative in nature. We apply and...

Partner Institution

Swiss National Bank

Further information (English) Friday, December 12, 2014

Exchange rate and price dynamics in a small open economy - the role of the zero lower bound and monetary policy regimes

We analyse nominal exchange rate and price dynamics after risk premium shocks with short-term interest rates constrained by the zero lower bound (ZLB). In a small-open-economy DSGE model, temporary risk premium shocks lead to shifts of the exchange rate and the price level if a central bank implements an inflation target by means of a traditional Taylor rule. These shifts are strongly amplified...

Partner Institution

Swiss National Bank

Further information (English) Friday, December 12, 2014

Skill-Biased Technological Change and the Real Exchange Rate

We sketch a model that shows how skill-biased technological change may reverse the classic Balassa-Samuelson effect, leading to a negative relationship between productivity in the tradable sector and the real exchange rate. In a small open economy, export goods are produced with high-skilled labor, in conjunction with capital and low-skilled labor, and are traded for imported consumption goods....

Partner Institution

Swiss National Bank

Further information (English) Friday, December 12, 2014

Direct Investment 2013

Partner Institution

Swiss National Bank

Further information (English) Friday, December 12, 2014

Monetary policy assessment of 11 December 2014

Partner Institution

Swiss National Bank

Further information (English) Wednesday, November 12, 2014

Introductory Remarks, Media News Conference

Partner Institution

Swiss National Bank

Further information (English) Wednesday, November 12, 2014

Introductory Remarks, Media News Conference

Partner Institution

Swiss National Bank

Further information (English) Wednesday, November 12, 2014

Introductory Remarks, Media News Conference

Partner Institution

Swiss National Bank

Further information (English) Wednesday, November 12, 2014


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