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Swiss National Bank Working Papers 
Swiss National Bank Working Papers present research in progress. Their aim is to elicit comments and to further debate. The opinions expressed in the working papers are those of the authors and do not necessarily reflect views held by the Swiss National Bank.
2013
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2013-06
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Elisabeth Beusch, Barbara Döbeli, Andreas Fischer and Pınar Yeşin: Merchanting and Current Account Balances
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2013-05
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Matthias Gubler and Matthias S. Hertweck: Commodity Price Shocks and the Business Cycle: Structural Evidence for the U.S.
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2013-04
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Christian Grisse and Thomas Nitschka: On financial risk and the safe haven characteristics of Swiss franc exchange rates
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2013-03
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Simone Meier: Financial Globalization and Monetary Transmission
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2013-02
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Nicole Aregger, Martin Brown and Enzo Rossi: Transaction Taxes, Capital Gains Taxes and House Prices
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2013-01
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Andreas Kettemann and Signe Krogstrup: Portfolio balance effects of the SNB's bond purchase program
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2012
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2012-16
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Katja Drechsel and Rolf Scheufele: Bottom-up or Direct? Forecasting German GDP in a Data-rich Environment
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2012-15
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Raphael A. Auer: What Drives Target2 Balances? Evidence From a Panel Analysis
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2012-14
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Raphael A. Auer and Raphael S. Schoenle: Market Structure and Exchange Rate Pass-Through
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2012-13
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Andreas Kropf and Philip Sauré: Fixed Costs per Shipment
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2012-12
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Sébastien Kraenzlin and Thomas Nellen: Access policy and money market segmentation
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2012-11
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Raphael A. Auer, Thomas Chaney and Philip Sauré: Quality Pricing-to-Market
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2012-10
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Thomas Nitschka: Global and country-specific business cycle risk in time-varying excess returns on asset markets
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2012-09
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Bo E. Honoré, Daniel Kaufmann and Sarah Lein: Asymmetries in Price-Setting Behavior: New Microeconometric Evidence from Switzerland
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2012-08
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Romain Baeriswyl and Camille Cornand: Reducing overreaction to central banks’ disclosures: theory and experiment
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2012-07
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Christian Hott and Terhi Jokipii: Housing Bubbles and Interest Rates
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2012-06
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Philip Sauré and Hosny Zoabi: Retirement Age across Countries: The Role of Occupations
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2012-05
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Martin Brown, Steven Ongena and Pinar Yesin: Information Asymmetry and Foreign Currency Borrowing by Small Firms
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2012-04
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Thomas Nitschka: Banking sectors’ international interconnectedness: Implications for consumption risk sharing in Europe
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2012-03
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Matteo Bonato, Massimiliano Caporin and Angelo Ranaldo: Risk spillovers in International equity portfolios
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2012-02
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Signe Krogstrup, Samuel Reynard and Barbara Sutter: Liquidity Effects of Quantitative Easing on Long-Term Interest Rates
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2012-01
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Raphael A. Auer: Exchange Rate Pass-Through, Domestic Competition, and Inflation Evidence from the 2005/08 Revaluation of the Renminbi
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2011
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2011-14
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Sébastien Philippe Kraenzlin, Benedikt von Scarpatetti: Bargaining Power in the Repo Market
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2011-13
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Kaufmann Sylvia: K-state switching models with endogenous transition distributions
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2011-12
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Jürg Mägerle and Thomas Nellen: Interoperability between central counterparties
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2011-11
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Massimiliano Caporin, Angelo Ranaldo and Paolo Santucci de Magistris: On the Predictability of Stock Prices: a Case for High and Low Prices
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2011-10
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Raphael A. Auer and Philip Sauré: Spatial Competition in Quality, Demand-Induced Innovation, and Schumpeterian Growth
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2011-09
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Raphael A. Auer, Kathrin Degen and Andreas M. Fischer: Low-Wage Import Competition, Inflationary Pressure, and Industry Dynamics in Europe
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2011-08
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Iva Cecchin: Mortgage Rate Pass-Through in Switzerland
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2011-07
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Daniel Kaufmann and Sarah Lein: Sectoral Inflation Dynamics, Idiosyncratic Shocks and Monetary Policy
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2011-06
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Pamela Hall: Is there any evidence of a Greenspan put?
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2011-05
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Basil Guggenheim, Sébastien Kraenzlin and Silvio Schumacher: Exploring an uncharted market: Evidence on the unsecured Swiss franc money market
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2011-04
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Francis Breedon and Angelo Ranaldo: Intraday patterns in FX returns and order flow
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2011-03
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Victoria Galsband and Thomas Nitschka: Foreign currency returns and systematic risks
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2011-02
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Martin Brown, Karolin Kirschenmann and Steven Ongena: Foreign Currency Loans – Demand or Supply Driven?
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2011-01
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Thorsten Beck and Martin Brown: Which Households Use Banks? Evidence from the Transition Economies
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2010
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2010-19
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Jean-Pierre Danthine and John B. Donaldson: Executive Compensation: A General Equilibrium Perspective
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2010-18
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Raphael Auer: Are Imports from Rich Nations Deskilling Emerging Economies? Human Capital and the Dynamic Effects of Trade
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2010-17
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Andreas M. Fischer: Immigration and large banknotes
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2010-16
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Kathrin Degen and Andreas M. Fischer: Immigration and Swiss House Prices
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2010-15
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Jean-Marc Natal: Monetary Policy Response to Oil Price Shocks
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2010-14
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Tommaso Mancini Griffoli and Angelo Ranaldo: Limits to arbitrage during the crisis: funding liquidity constraints and covered interest parity
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2010-13
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Raphael Auer: Consumer Heterogeneity and the Impact of Trade Liberalization: How Representative is the Representative Agent Framework?
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2010-12
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Petra Gerlach-Kristen and Barbara Rudolf: Macroeconomic and interest rate volatility under alternative monetary operation procedures
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2010-11
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Thomas Nitschka: Momentum in stock market returns: Implications for risk premia foreign currencies
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2010-10
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Jean-Pierre Danthine and André Kurmann: The Business Cycle Implications of Reciprocity in Labor Relations
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2010-09
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Martin Brown, Steven Ongena, Alexander Popov and Pinar Yesin: Who Needs Credit and Who Gets Credit in Eastern Europe?
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2010-08
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Elizabeth Steiner: Estimating a stock-flow model for the Swiss housing market
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2010-07
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Philip Sauré: Overreporting Oil Reserves
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2010-06
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Sébastien Kraenzlin and Thomas Nellen: Daytime is money
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2010-05
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Pierre Monnin and Terhi Jokipii: The Impact of Banking Sector Stability on the Real Economy
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2010-04
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Samuel Reynard and Andreas Schabert: Modeling Monetary Policy
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2010-03
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Loriano Mancini, Angelo Ranaldo and Jan Wrampelmeyer: Liquidity in the Foreign Exchange Market: Measurement, Commonality, and Risk Premiums
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2010-02
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Daniel Kaufmann: The Timing of Price Changes and the Role of Heterogeneity
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2010-01
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Charlotte Christiansen, Angelo Ranaldo and Paul Söderlind: The Time-Varying Systematic Risk of Carry Trade Strategies
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2009
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2009-16
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Carlos Lenz and Marcel R. Savioz: Monetary determinants of the Swiss franc
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2009-15
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Martin Schlegel and Sébastien Kraenzlin: Demand for Reserves and the Central Bank’s Management of Interest Rates
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2009-14
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Sébastien Kraenzlin and Martin Schlegel: Bidding Behavior in the SNB’s Repo Auctions
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2009-13
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Barbara Rudolf and Mathias Zurlinden: Productivity and economic growth in Switzerland 1991-2005
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2009-12
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Philip Sauré and Hosny Zoabi: Effects of Trade on Female Labor Force Participation
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2009-11
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Nicole Allenspach: Banking and Transparency: Is More Information Always Better?
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2009-10
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Philip Sauré: Bounded Love of Variety and Patterns of Trade
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2009-9
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Terhi Jokipii and Alistair Milne: Bank Capital Buffer and Risk Adjustment Decisions
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2009-8
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Christian Hott: Banks and Real Estate Prices
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2009-7
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Philipp Haene and Andy Sturm: Optimal Central Counterparty Risk Management
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2009-6
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Sarah M. Lein and Eva Köberl: Capacity Utilisation, Constraints and Price Adjustments under the Microscope
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2009-5
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Christian Hott: Explaining House Price Fluctuations
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2009-4
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Paul Söderlind: Inflation Risk Premia and Survey Evidence on Macroeconomic Uncertainty
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2009-3
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Matteo Bonato, Massimiliano Caporin and Angelo Ranaldo: Forecasting realized (co)variances with a block structure Wishart autoregressive model
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2009-2
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Martin Brown, Steven Ongena and Pinar Yesin: Foreign Currency Borrowing by Small Firms
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2009-1
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Thomas Bolli and Mathias Zurlinden: Measurement of labor quality growth caused by unobservable characteristics
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2008
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2008-19
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Christian Beer, Steven Ongena and Marcel Peter: Borrowing in Foreign Currency: Austrian Households as Carry Trades
Published in: OeNB Financial Stability Report 16, 2008: 117-132
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2008-18
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Raphael Auer and Andreas M. Fischer: The Effect of Low-Wage Import Competition on U.S. Inflationary Pressure
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2008-17
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Ernst Fehr, Martin Brown and Christian Zehnder: On Reputation: A Microfoundation of Contract Enforcement and Price Rigidity
Published in: Economic Journal 119, 2008: 333-353
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2008-16
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Katrin Assenmacher-Wesche and Stefan Gerlach: Financial Structure and the Impact of Monetary Policy on Asset Prices
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2008-15
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Daniel Kaufmann: Price–Setting Behaviour in Switzerland-Evidence from CPI Micro Data
Published in: Swiss Journal of Economics and Statistics (SJES) 145/3, 2009: 293-349
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2008-14
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Samuel Reynard: What Drives the Swiss Franc?
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2008-13
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Thomas Bolli and Mathias Zurlinden: Measuring growth of labour quality and the quality-adjusted unemployment rate in Switzerland
Published in: Applied Economics Quarterly 55/2, 2009: 121-145
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2008-12
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Philip Sauré: How to Use Industrial Policy to Sustain Trade
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2008-11
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Barbara Rudolf and Mathias Zurlinden: Measuring capital stocks and capital services in Switzerland
Published in: Swiss Journal of Economics and Statistics 145/1, 2009: 61-105
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2008-10
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Charlotte Christiansen and Angelo Ranaldo: Extreme Coexceedances in New EU Member States’ Stock Markets
Forthcoming in: Journal of Banking and Finance
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2008-9
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Andreas M. Fischer and Angelo Ranaldo: Does FOMC News Increase Global FX Trading?
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2008-8
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Raphael Auer: The Colonial and Geographic Origins of Comparative Development
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2008-7
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Martin Brown, Armin Falk and Ernst Fehr: Competition and Relational Contracts: The Role of Unemployment as a Disciplinary Device
Forthcoming in: Journal of the European Economic Association
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2008-6
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Raphael Auer and Thomas Chaney: Cost Pass Through in a Competitive Model of Pricing-to-Market
Forthcoming in: Journal of Money, Credit and Banking
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2008-5
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Marlene Amstad and Andreas M. Fischer: Are Weekly Inflation Forecasts Informative?
Forthcoming in: Oxford Bulletin of Economics and Statistics
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2008-4
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Maria Clara Rueda Maurer: Foreign bank entry, institutional development and credit access: firm-level evidence from 22 transition countries
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2008-3
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Katrin Assenmacher-Wesche and M. Hashem Pesaran: Forecasting the Swiss Economy Using VECX* Models: An Exercise in Forecast Combination Across Models and Observation Windows
Published in: National Institute Economic Review 203, January 2008: 91-108
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2008-2
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Yvan Lengwiler and Carlos Lenz: Intelligible Factors for the Yield Curve
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2008-1
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Martin Brown and Christian Zehnder: The Emergence of Information Sharing in Credit Markets
Published in: Journal of Financial Intermediation 19, 2010: 255-278
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2007
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2007-17
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Angelo Ranaldo and Paul Söderlind: Safe Haven Currencies
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2007-16
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Andreas M. Fischer, Matthias Lutz and Manuel Wälti: Who Prices Locally? Survey Evidence of Swiss Exporters
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2007-15
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Martin Brown, Tullio Jappelli and Marco Pagano: Information Sharing and Credit: Firm-Level Evidence from Transition Countries
Published in: Journal of Financial Intermediation 18, 2009: 151-172
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2007-14
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Jean-Marc Natal and Nicolas Stoffels: Globalization, markups and the natural rate of interest
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2007-13
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Katrin Assenmacher-Wesche, Stefan Gerlach and Toshitaka Sekine: Monetary Factors and Inflation in Japan
Published in: Journal of the Japanese and International Economies 22, 2008: 343-363
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2007-12
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Lukas Burkhard and Andreas M. Fischer: Communicating Policy Options at the Zero Bound
Forthcoming in: Journal of International Money and Finance
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2007-11
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Angelo Ranaldo and Enzo Rossi: The reaction of asset markets to Swiss National Bank communication
Forthcoming in: Journal of International Money and Finance
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2007-10
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Franziska Bignasca and Enzo Rossi: Applying the Hirose-Kamada filter to Swiss data: Output gap and exchange rate pass-through estimates
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2007-9
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Raphael Auer: The Colonial Origins Of Comparative Development: Comment. A Solution to the Settler Mortality Debate
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2007-8
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Hans-Jürg Büttler: An Orthogonal Polynomial Approach to Estimate the Term Structure of Interest Rates
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2007-7
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Martin Brown, Maria Rueda Maurer, Tamara Pak and Nurlanbek Tynaev: Banking Sector Reform and Interest Rates in Transition Economies: Bank-Level Evidence from Kyrgyzstan
Published in: Journal of Banking & Finance 33, 2009: 1677-1687
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2007-6
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Rina Rosenblatt-Wisch: Loss Aversion in Aggregate Macroeconomic Time Series
Forthcoming in: European Economic Review
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2007-5
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Samuel Reynard: Maintaining Low Inflation: Money, Interest Rates, and Policy Stance
Published in: Journal of Monetary Economics 54(5), July 2007: 1441-1471
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2007-4
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Jürg M. Blum: Why 'Basel II' May Need a Leverage Ratio Restriction
Published in: Journal of Banking and Finance 32, 2008: 1699-1707
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2007-3
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Angelo Ranaldo: Segmentation and Time-of-Day Patterns in Foreign Exchange Markets
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2007-2
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Ibrahim Chowdhury and Andreas Schabert: Federal Reserve Policy viewed through a Money Supply Lens
Published in: Journal of Monetary Economics 55, 2008: 825-834
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2007-1
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Andreas M. Fischer, Gulzina Isakova and Ulan Termechikov: Do FX traders in Bishkek have similar perceptions to their London colleagues? Survey evidence of market practitioners' views
Forthcoming in: Journal of Asian Economics
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2006
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2006-11
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Angelo Ranaldo: Intraday Market Dynamics Around Public Information Arrivals
Published in: Stock Market Liquidity: Implications for Market Microstructure and Asset Pricing, Greg N. Gregoriou and François-Serge Lhabitant Eds. John Wiley and Sons
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2006-10
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Kevin J. Fox and Mathias Zurlinden: On Understanding Sources of Growth and Output Gaps for Switzerland
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2006-9
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Petra Gerlach-Kristen: A Two-Pillar Phillips Curve for Switzerland
Published in: Swiss Journal of Economics and Statistics 143, 2006: 425-448
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2006-8
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Urs W. Birchler and Matteo Facchinetti: Can bank supervisors rely on market data? A critical assessment from a Swiss perspective
Published in: Swiss Journal of Economics and Statistics 143(2), June 2007: 95-132
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2006-7
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Samuel Reynard: Money and the Great Disinflation
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2006-6
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Marlene Amstad and Andreas M. Fischer: Time-Varying Pass-Through from Import Prices to Consumer Prices: Evidence from an Event Study with Real-Time Data
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2006-5
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Katrin Assenmacher-Wesche and Stefan Gerlach: Money Growth, Output Gaps and Inflation at Low and High Frequency: Spectral Estimates for Switzerland
Published in: Journal of Economic Dynamics and Control 32(2), 2008: 411-435
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2006-4
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Hansjörg Lehmann and Michael Manz: The Exposure of Swiss Banks to Macroeconomic Shocks – an Empirical Investigation
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2006-3
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Martin Brown and Christian Zehnder: Credit Reporting, Relationship Banking, and Loan Repayment
Published in: Journal of Money, Credit, and Banking 39(8), December 2007: 1883-1918
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2006-2
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Charlotte Christiansen and Angelo Ranaldo: Realized Bond-Stock Correlation: Macroeconomic Announcement Effects
Published in: Journal of Futures Markets 27(5), 2007: 439-469
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2006-1
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Andreas M. Fischer: Measuring Income Elasticity for Swiss Money Demand: What do the Cantons say about Financial Innovation?
Published in: European Economic Review 51(7), October 2007: 1641-1660
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2005
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2005-2
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Andreas M. Fischer: On the Inadequacy of Newswire Reports for Empirical Research on Foreign Exchange Interventions
Published in: Journal of International Money and Finance 25(8), December 2006: 1226-1240
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2005-1
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Hasan Bakhshi, Hashmat Khan and Barbara Rudolf: The Phillips curve under state-dependent pricing
Published in: Journal of Monetary Economics
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2004
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2004-2
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Urs W. Birchler and Diana Hancock: What Does the Yield on Subordinated Bank Debt Measure?
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2004-1
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Samuel Reynard: Financial Market Participation and the Apparent Instability of Money Demand
Published in: Journal of Monetary Economics 51(6), September 2004: 1297-1317
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