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Swiss National Bank: Is the Recent Loss a Threat to Monetary Policy? A Research Note

Author

Listed:
  • Vanessa Kämpf

    (Deutsche Bundesbank, Frankfurt am Main, Germany)

  • Georg Stadtmann

    (European University Viadrina, Frankfurt (Oder), Germany and University of Southern Denmark, Odense, Denmark)

  • Lilli Zimmermann

    (Deutsche Bundesbank, Frankfurt am Main, Germany and University of Applied Sciences, Hachenburg, Germany)

Abstract

The Swiss National Bank (SNB) has announced it will refrain from profit distribution in 2022 owing to the accumulation of a huge financial loss. In this paper we examine key determinants of the SNB’s loss and shed light on its implications to monetary policy pursuit. In particular, we show that different accounting principles yield different results concerning the equity position of a central bank’s balance sheet, yet not affecting the ability to run monetary policy.

Suggested Citation

  • Vanessa Kämpf & Georg Stadtmann & Lilli Zimmermann, 2024. "Swiss National Bank: Is the Recent Loss a Threat to Monetary Policy? A Research Note," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 13(1), pages 43-55.
    • Handle: RePEc:cbk:journl:v:13:y:2024:i:1:p:43-55
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    More about this item

    Keywords

    Swiss National Bank; central bank; monetary policy; intervention.;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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