Swiss National Bank: Is the Recent Loss a Threat to Monetary Policy? A Research Note<sup>1</sup>-Reference-Cited by-同舟云学术

Swiss National Bank: Is the Recent Loss a Threat to Monetary Policy? A Research Note¹

Published:2024-01-01 Issue:1 Volume:13 Page:43-55
ISSN:2336-9205
Container-title:Journal of Central Banking Theory and Practice
language:en
Short-container-title:

Author:

Kämpf Vanessa¹,Stadtmann Georg²,Zimmermann Lilli³

Affiliation:

1. Deutsche Bundesbank , Frankfurt am Main , Germany

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

3. Deutsche Bundesbank , Frankfurt am Main , Germany ; University of Applied Sciences , Hachenburg , Germany

Abstract

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.

Publisher

Walter de Gruyter GmbH

Link

https://www.sciendo.com/pdf/10.2478/jcbtp-2024-0003

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