Swiss National Bank: Is the Recent Loss a Threat to Monetary Policy? A Research Note1
References
- Amador, M., Bianchi, J., Bocola, L. and Perriet, F. (2016). Reverse Speculative Attacks, Journal of Economic Dynamics and Control, 72, 125 – 137.
- Baltensperger, E. and Kugler, P. (2016). The Historical Origins of the Safe Haven Status of the Swiss Franc, Aussenwirtschaft, 67(2), 1 - 30.
- Berthold, K. and Stadtmann, G. (2018). Who put the Holes in the Swiss Cheese? Currency Crisis Under Appreciation Pressure. Journal of Central Banking Theory and Practice, Vol. 7, Iss. 1, pp. 43-57.DOI: 10.2478/jcbtp-2018-0003
- Berthold, K. and Stadtmann, G. (2019). The Swiss National Bank’s fear of float. Journal of Central Banking Theory and Practice, Vol. 8, Iss. 2, pp. 51-64. doi.org/10.2478/jcbtp-2019-0013
- Deutsche Bundesbank (2003): From the monetary pillar to the monetary and financial analysis. Monthly Report January 2003, Vol. 75, Iss.1, pp. 15-51. https://www.bundesbank.de/resource/blob/903316/faf9cf3efe2757ee6de0557c480207f9/mL/2023-01-monatsbericht-data.pdf
- Foreign currency investments of the SNB - Investment categories and breakdown of fixed income assets | SNB data portal https://data.snb.ch/en/topics/snb/cube/snbcurrinvc
- Hellwig, M. (2015): Richtige und falsche Ängste vor einer expansiven Geldpolitik, in FAZ, 14.03.2015, http://www.faz.net/aktuell/wirtschaft/ezb-staatsanleihenkauf-richtige-und-falsche-aengste-vor-einer-expansiven-geldpolitik-13470154.html
- Humpage, O. F. (2013). The Limitations of Foreign-Exchange Intervention: Lessons from Switzerland. Federal Reserve Bank of Cleveland. Economic Commentary Number 2013-13, October 18, 2013. Available at: https://www. clevelandfed.org/publications/economic-commentary/2013/ec-201313-the-limitations-of-foreign-exchange-intervention-lessons-from-switzerland
- Kafle, P. K. (2023): Reputation Lasts Longer Than Life: How can Central Banks Quantify their Reputational Risk? Journal of Central Banking Theory and Practice, Vol.12, Iss. 3, pp.159-178. https://doi.org/10.2478/jcbtp-2023-0029
- Schumann, H. (2015): Mario Draghi schafft Millionenflop, in: Der Tagesspiegel, 31.01.2015, http://www.tagesspiegel.de/politik/europaeische-zentralbank-und-eurozone-mario-draghi-schafft-billionenflop/11309646.html
- SNB (2016): 108th Annual Report Swiss National Bank 2015. Released: 4 March 2016. https://www.snb.ch/en/mmr/reference/annrep_2015_komplett/source/annrep_2015_komplett.en.pdf
- SNB (2022a): 114th Annual Report Swiss National Bank 2021. Released: 4 March 2022. https://www.snb.ch/en/mmr/reference/annrep_2021_komplett/source/annrep_2021_komplett.en.pdf
- SNB (2022b): Swiss National Bank tightens monetary policy further and raises SNB policy rate to 0.5%. Press release. Monetary policy assessment of 22 September 2022. https://www.snb.ch/en/mmr/reference/pre 20220922/source/pre_20220922.de.pdf
- SNB (2023): Annual loss for Swiss National Bank precludes profit distribution. Ad hoc announcement pursuant to Art. 53 LR. 09 January 2023. https://www.snb.ch/en/mmr/reference/pre_20230109/source/pre_20230109.de.pdf
- Tucker, P. and Cecchetti, S. (2021). Understanding how central banks use their balance sheets: A critical categorization. VOXEU Column 1 Jun 2021. https://cepr.org/voxeu/columns/understanding-how-central-banks-use-their-balance-sheets-critical-categorisation
DOI: https://doi.org/10.2478/jcbtp-2024-0003 | Journal eISSN: 2336-9205
Language: English
Page range: 43 - 55
Submitted on: Feb 3, 2023
Accepted on: May 15, 2023
Published on: Jan 13, 2024
Published by: Central Bank of Montenegro
In partnership with: Paradigm Publishing Services
Publication frequency: 3 issues per year
Keywords:
Related subjects:
© 2024 Vanessa Kämpf, Georg Stadtmann, Lilli Zimmermann, published by Central Bank of Montenegro
This work is licensed under the Creative Commons Attribution 4.0 License.