Calendar of events and News

Interest rates and exchange rates, December 2016

Partner Institution

Swiss National Bank

Further information (English) Tuesday, January 12, 2016

SNB balance sheet items end of October 2016

Partner Institution

Swiss National Bank

Further information (English) Wednesday, November 30, 2016

Changing dynamics at the zero lower bound

The interaction of macroeconomic variables may change as the nominal short-term interest rates approach zero. In this paper, we propose an empirical model that captures these changing dynamics with a time-varying parameter vector autoregressive process. State-dependent parameters are determined by a latent state indicator. This state indicator follows a distribution with time-varying...

Partner Institution

Swiss National Bank

Further information (English) Wednesday, November 30, 2016

Swiss Financial Accounts, 2015 edition

Partner Institution

Swiss National Bank

Further information (English) Tuesday, November 29, 2016

Swiss Financial Accounts, 2015

Partner Institution

Swiss National Bank

Further information (English) Tuesday, November 29, 2016

Karl Brunner Lecture Series

Partner Institution

Swiss National Bank

Further information (English) Tuesday, November 29, 2016

Negative interest rates: necessary from a monetary policy point of view - but with what risks for the banks?

The negative interest rate charged on banks' sight deposits at the SNB since January 2015 is necessary from a monetary policy perspective. Given low interest rates around the world and the difficult global economic situation, negative interest - coupled with the SNB's willingness to intervene in the foreign exchange market - serves to ease upward pressure on the Swiss franc. Negative interest...

Partner Institution

Swiss National Bank

Further information (English) Thursday, November 24, 2016

Macroeconomic surprises, market environment and safe-haven currencies

In this paper, we study the reaction of the CHF and JPY to macroeconomic surprises and changes in the broader market environment before and during the crisis using high-frequency data. We show that both currencies are traditionally highly sensitive to macroeconomic surprises. This link, however, was significantly magnified during the crisis and effects persisted during times when monetary...

Partner Institution

Swiss National Bank

Further information (English) Wednesday, November 23, 2016

Economic data, November 2016

Partner Institution

Swiss National Bank

Further information (English) Monday, November 21, 2016

Monthly banking statistics, November 2016

Partner Institution

Swiss National Bank

Further information (English) Monday, November 21, 2016

Financial markets and monetary policy implementation - an evolving relationship

Since the global financial crisis in 2008, the relationship between monetary policy and the financial markets has shifted in some respects. From a central bank perspective, this shift mainly affects the transmission of monetary policy - that is, how monetary policy stimuli are passed on to the economy and prices via the financial markets. Prior to the financial crisis, central banks used a single...

Partner Institution

Swiss National Bank

Further information (English) Thursday, November 17, 2016

On the pulse of the financial markets

Since the financial crisis, the Swiss National Bank (SNB) has been directing its attention to markets which had been of less interest previously. Its penetration of market processes and structures is more systematic than ten years ago. Thus, although the exchange rate has always played a key role for a small open economy like Switzerland, and remains a central factor for monetary policy...

Partner Institution

Swiss National Bank

Further information (English) Thursday, November 17, 2016


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