Working Papers

From Swiss National Bank
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2024-12: Quantifying uncertainty: a new era of measurement through large language models

Francesco Audrino, Jessica Gentner and Simon Stalder

2024-11: Oil price shocks and household heterogeneity: the income side

Marc-Antoine Ramelet and Anna Zeitz

2024-10: A decade of low interest rates: impact on Swiss bank profitability

Terhi Jokipii and Jayson Danton

2024-09: Regulating decentralized systems: evidence from sanctions on Tornado Cash

Anders Brownworth, Jon Durfee, Michael Junho Lee and Antoine Martin

2024-08: Corporate leverage and the effects of monetary policy on investment: a reconciliation of micro and macro elasticities

Gabriel Züllig and Valentin Grob

2024-07: Evidence on the international financial spillovers of the New York Bankers' Panic of 1907

Thomas Nitschka

2024-06: Nowcasting GDP: what are the gains from machine learning algorithms?

Milen Arro-Cannarsa and Rolf Scheufele

2024-05: The role of hedge funds in the Swiss franc foreign exchange market

Jessica Gentner

2024-04: FX interventions as a form of unconventional monetary policy

Tobias Cwik and Christoph Winter

2024-03: Decomposing liquidity risk in banking models

Lukas Voellmy

2024-02: The impact of exchange rate fluctuations on markups - firm-level evidence for Switzerland

Elizabeth Steiner

2024-01: The interest rate sensitivity of house prices: international evidence on its state dependence

Matthias Burgert, Johannes Eugster and Victoria Otten

2023-08: Consumer adoption and use of financial technology: "tap and go" payments

Martin Brown, Laura Felber and Christoph Meyer

2023-07: Assessing economic sentiment with newspaper text indices: evidence from Switzerland

Marie-Catherine Bieri

2023-06: Cashless payments and consumer spending

Martin Brown, Yves Nacht, Thomas Nellen and Helmut Stix

2023-05: Exchange rate shocks and equity prices: the role of currency denomination

Romain Baeriswyl, Alex Oktay and Marc-Antoine Ramelet

2023-04: The economic impact of Russia’s invasion of Ukraine on European countries - a SVAR approach

Jonas Bruhin, Rolf Scheufele and Yannic Stucki

2023-03: Payments and prices

Dirk Niepelt

2023-02: The kindness of strangers: Brexit and bilateral financial linkages

Andreas Fischer and Pinar Yesin

2023-01: Nowcasting economic activity using transaction payments data

Laura Felber and Simon Beyeler

2022-14: The exchange rate elasticity of the Swiss current account

Johannes Eugster and Giovanni Donato

2022-13: The growing importance of investment funds in capital flows

Richard Schmidt and Pinar Yesin

2022-12: Price setting before and during the pandemic: evidence from Swiss consumer prices

Barbara Rudolf and Pascal Seiler

2022-11: Measuring Swiss employment growth: a measurement-error approach

Yannic Stucki

2022-10: Systemic bank runs without aggregate risk: how a misallocation of liquidity may trigger a solvency crisis

Lukas Altermatt, Hugo van Buggenum and Lukas Voellmy

2022-09: CDS market structure and bond spreads

Andrada Bilan and Yalin Gündüz

2022-08: Responses of Swiss bond yields and stock prices to ECB policy surprises

Thomas Nitschka and Diego M. Hager

2022-07: Firm net worth, external finance premia and monitoring cost - estimates based on firm-level data

Gregor Bäurle, Sarah Lein and Elizabeth Steiner

2022-06: Public debt management announcements under "beat-the-market" opportunities

Alexander Dentler and Enzo Rossi

2022-05: What were they thinking? Estimating the quarterly forecasts underlying annual growth projections

Christian Hepenstrick and Jason Blunier

2022-04: The influence of financial corporations on IMF lending: Has it changed with the global financial crisis?

Lena Lee Andresen

2022-03: Analysing households' consumption and saving patterns using tax data

Alain Galli and Rina Rosenblatt-Wisch

2022-02: Measuring and stress-testing market-implied bank capital

Martin Indergand, Eric Jondeau and Andreas Fuster

2022-01: Fiscal regimes and the exchange rate

Enrique Alberola, Carlos Cantu Garcia, Paolo Cavallino and Nikola Mirkov

2021-20: Shooting up liquidity: the effect of crime on real estate

Alexander Dentler and Enzo Rossi

2021-19: Retail CBDC purposes and risk transfers to the central bank

Romain Baeriswyl, Samuel Reynard and Alexandre Swoboda

2021-18: Are banks still 'too big to fail'? - A market perspective

Nicole Allenspach, Oleg Reichmann and Javier Rodriguez-Martin

2021-17: Reserve tiering and the interbank market

Lucas Fuhrer, Matthias Jüttner, Jan Wrampelmeyer and Matthias Zwicker

2021-16: Fiscal policy in a monetary union with downward nominal wage rigidity

Matthias Burgert, Philipp Pfeiffer and Werner Roeger

2021-15: Scale effects on efficiency and profitability in the Swiss banking sector

Marc Blatter and Andreas Fuster

2021-14: Monetary policy financial transmission and treasury liquidity premia

Maxime Phillot and Samuel Reynard

2021-13: Does the market believe in loss-absorbing bank debt?

Martin Indergand and Gabriela Hrasko

2021-12: What drives inflation and how? Evidence from additive mixed models selected by cAIC

Philipp F. M. Baumann, Enzo Rossi and Alexander Volkmann

2021-11: The rise in foreign currency bonds: the role of US monetary policy and capital controls

Philippe Bacchetta, Rachel Arulraj-Cordonier and Ouarda Merrouche

2021-10: Tiers of joy? Reserve tiering and bank behavior in a negative-rate environment

Andreas Fuster, Tan Schelling and Pascal Towbin

2021-09: Optimal monetary policy with the risk-taking channel

Angela Abbate and Dominik Thaler

2021-08: Habits die hard: implications for bond and stock markets internationally

Thomas Nitschka and Shajivan Satkurunathan

2021-07: Real interest rates and demographic developments across generations: A panel-data analysis over two centuries

Lucas Fuhrer and Nils Herger

2021-06: On the transmission of monetary policy to the housing market

Winfried Koeniger, Benedikt Lennartz and Marc-Antoine Ramelet

2021-05: The dynamics of bank rates in a negative-rate environment - the Swiss case

Romain Baeriswyl, Lucas Fuhrer, Petra Gerlach-Kristen and Jörn Tenhofen