Swiss National Bank: is the recent loss a threat to monetary policy? a research note1

Vanessa Kämpf; Georg Stadtmann; Lilli Zimmermann

doi:10.2478/jcbtp-2024-0003

Swiss National Bank: is the recent loss a threat to monetary policy? a research note¹

Vanessa Kämpf
, Georg Stadtmann^*
, Lilli Zimmermann

^*Corresponding author for this work

Department of Economics

Deutsche Bundesbank
University of Applied Sciences Bielefeld
European University Viadrina

Research output: Contribution to journal › Journal article › Research › peer-review

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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.

Original language	English
Journal	Journal of Central Banking Theory and Practice
Volume	13
Issue number	1
Pages (from-to)	43-55
ISSN	2336-9205
DOIs	https://doi.org/10.2478/jcbtp-2024-0003
Publication status	Published - Jan 2024

Bibliographical note

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Keywords

central bank
intervention
monetary policy
Swiss National Bank

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10.2478/jcbtp-2024-0003Licence: CC BY

Open Access VersionFinal published version, 1.24 MBLicence: CC BY

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Cite this

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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{\textquoteright}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{\textquoteright}s balance sheet, yet not affecting the ability to run monetary policy.",

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