Working Papers

From Swiss National Bank
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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

2021-04: Financial inclusion, technology and their impacts on monetary and fiscal policy: theory and evidence

Robert Oleschak

2021-03: How to issue a central bank digital currency

David Chaum, Christian Grothoff and Thomas Moser

2021-02: The safety premium of safe assets

Jens Christensen and Nikola Mirkov

2021-01: The rise of digital watchers

Till Ebner, Thomas Nellen and Jörn Tenhofen

2020-25: Firms' participation in the COVID-19 loan programme

Lucas Fuhrer, Marc-Antoine Ramelet and Jörn Tenhofen

2020-24: (In)Efficiencies of current financial market infrastructures - a call for DLT?

Basil Guggenheim, Sébastien Kraenzlin and Christoph Meyer

2020-23: Demographics, pension systems, and the current account: an empirical assessment using the IMF current account model

Miriam Koomen and Laurence Wicht

2020-22: A neoclassical perspective on Switzerland's 1990s stagnation

Yannic Stucki and Jacqueline Thomet

2020-21: Short-term determinants of bilateral exchange rates: A decomposition model for the Swiss franc

Fabian Fink, Lukas Frei and Oliver Gloede

2020-20: A multi-sector analysis of Switzerland's gains from trade

Laurence Wicht

2020-19: Exploring BIS credit-to-GDP gap critiques: the Swiss case

Terhi Jokipii, Reto Nyffeler and Stéphane Riederer

2020-18: Spillovers to exchange rates from monetary and macroeconomic communications events

Enzo Rossi and Vincent Wolff

2020-17: Does communication influence executives' opinion of central bank policy?

In Do Hwang and Enzo Rossi

2020-16: Money, inflation and the financial crisis: the case of Switzerland

Peter Kugler and Samuel Reynard

2020-15: COVID-19 and regional shifts in Swiss retail payments

Sébastien Kraenzlin, Christoph Meyer and Thomas Nellen

2020-14: Lower bound uncertainty and long-term interest rates

Christian Grisse

2020-13: Financial shocks and inflation dynamics

Angela Abbate, Sandra Eickmeier and Esteban Prieto

2020-12: Bank lending in Switzerland: Capturing cross-sectional heterogeneity and asymmetry over time

Toni Beutler, Matthias Gubler, Simona Hauri and Sylvia Kaufmann

2020-11: Shall we twist?

Sophie Altermatt and Simon Beyeler

2020-10: Stock market evidence on the international transmission channels of US monetary policy surprises

Tim Maurer and Thomas Nitschka

2020-09: Double overreaction in beauty contests with information acquisition: theory and experiment

Romain Baeriswyl, Kene Boun My and Camille Cornand

2020-08: Deviations from covered interest rate parity and capital outflows: The case of Switzerland

Albi Tola, Miriam Koomen and Amalia Repele

2020-07: The margin of importing sectors in the gains from trade

Laurence Wicht

2020-06: Effects of macroprudential policies on bank lending and credit risks

Stefanie Behncke

2020-05: Negative interest rates, deposit funding and bank lending

Tan Schelling and Pascal Towbin

2020-04: News, sentiment and capital flows

Kenza Benhima and Rachel Arulraj-Cordonier

2020-03: A theory of the nominal character of stock securities

Bernard Dumas and Marcel Savioz

2020-02: The effect of monetary policy on the Swiss franc: an SVAR approach

Christian Grisse

2020-01: The impact of SNB monetary policy on the Swiss franc and longer-term interest rates

Fabian Fink, Lukas Frei, Thomas Maag and Tanja Zehnder

2019-06: Central Counterparty Auctions and Loss Allocation

Robert Oleschak

2019-05: Covered interest rate parity, relative funding liquidity and cross-currency repos

Daniel Kohler and Benjamin Müller

2019-04: Foreign currency loan conversions and currency mismatches

Andreas Fischer and Pinar Yesin

2019-03: Quantification of feedback effects in FX options markets

Benjamin Anderegg, Didier Sornette and Florian Ulmann

2019-02: The demand for Swiss banknotes: some new evidence

Katrin Assenmacher, Franz Seitz and Jörn Tenhofen

2019-01: Does the IMF Program Implementation Matter for Sovereign Spreads? The Case of Selected European Emerging Markets

Darlena Tartari and Albi Tola

2018-19: Negative Interest Rate, QE and Exit

Samuel Reynard

2018-18: The impact of guidance, short-term dynamics and individual characteristics on firms' long-term inflation expectations

Hans-Ueli Hunziker, Christian Raggi, Rina Rosenblatt-Wisch and Attilio Zanetti

2018-17: Carry trade and forward premium puzzle from the perspective of a safe-haven currency

Thomas Nitschka and David Haab

2018-16: Forecasting the production side of GDP

Gregor Bäurle, Elizabeth Steiner and Gabriel Züllig

2018-15: Sovereign debt crises and cross-country assistance

Christian Grisse and Gisle Natvik

2018-14: Has the American Output Growth Path Experienced a Permanent Change?

Thomas Lustenberger

2018-13: The Risk-Taking Channel of Liquidity Regulations and Monetary Policy

Stephan Imhof, Cyril Monnet and Shengxing Zhang

2018-12: Current account adjustment and retained earnings

Andreas Fischer, Henrike Groeger, Philip Sauré and Pinar Yesin

2018-11: Inflation Expectations: The Effect of Question Ordering on Forecast Inconsistencies

Maxime Phillot and Rina Rosenblatt-Wisch

2018-10: International Evidence on Professional Interest Rate Forecasts: The Impact of Forecasting Ability

Alex Cukierman and Thomas Lustenberger