Banque nationale suisse (BNS) Swiss National Bank Working Papers


2013-05	Matthias Gubler and Matthias S. Hertweck: Commodity Price Shocks and the Business Cycle: Structural Evidence for the U.S.	PDF [3.1 MB]
2013-04	Christian Grisse and Thomas Nitschka: On financial risk and the safe haven characteristics of Swiss franc exchange rates	PDF [318 kB]
2013-03	Simone Meier: Financial Globalization and Monetary Transmission	PDF [2.1 mB]
2013-02	Nicole Aregger, Martin Brown and Enzo Rossi: Transaction Taxes, Capital Gains Taxes and House Prices	PDF [740 kB]
2013-01	Andreas Kettemann and Signe Krogstrup: Portfolio balance effects of the SNB's bond purchase program	PDF [497 kB]


2012-16	Katja Drechsel and Rolf Scheufele: Bottom-up or Direct? Forecasting German GDP in a Data-rich Environment	PDF [703 kB]
2012-15	Raphael A. Auer: What Drives Target2 Balances? Evidence From a Panel Analysis	PDF [438 kB]
2012-14	Raphael A. Auer and Raphael S. Schoenle: Market Structure and Exchange Rate Pass-Through	PDF [2.2 mB]
2012-13	Andreas Kropf and Philip Sauré: Fixed Costs per Shipment	PDF [670 kB]
2012-12	Sébastien Kraenzlin and Thomas Nellen: Access policy and money market segmentation	PDF [2.1 mB]
2012-11	Raphael A. Auer, Thomas Chaney and Philip Sauré: Quality Pricing-to-Market	PDF [738 kB]
2012-10	Thomas Nitschka: Global and country-specific business cycle risk in time-varying excess returns on asset markets	PDF [559 kB]
2012-09	Bo E. Honoré, Daniel Kaufmann and Sarah Lein: Asymmetries in Price-Setting Behavior: New Microeconometric Evidence from Switzerland	PDF [753 kB]
2012-08	Romain Baeriswyl and Camille Cornand: Reducing overreaction to central banks’ disclosures: theory and experiment	PDF [1.2 mB]
2012-07	Christian Hott and Terhi Jokipii: Housing Bubbles and Interest Rates	PDF [837 kB]
2012-06	Philip Sauré and Hosny Zoabi: Retirement Age across Countries: The Role of Occupations	PDF [461 kB]
2012-05	Martin Brown, Steven Ongena and Pinar Yesin: Information Asymmetry and Foreign Currency Borrowing by Small Firms	PDF [265 kB]
2012-04	Thomas Nitschka: Banking sectors’ international interconnectedness: Implications for consumption risk sharing in Europe	PDF [448 kB]
2012-03	Matteo Bonato, Massimiliano Caporin and Angelo Ranaldo: Risk spillovers in International equity portfolios	PDF [452 kB]
2012-02	Signe Krogstrup, Samuel Reynard and Barbara Sutter: Liquidity Effects of Quantitative Easing on Long-Term Interest Rates	PDF [471 kB]
2012-01	Raphael A. Auer: Exchange Rate Pass-Through, Domestic Competition, and Inflation Evidence from the 2005/08 Revaluation of the Renminbi	PDF [543 kB]


2011-14	Sébastien Philippe Kraenzlin, Benedikt von Scarpatetti: Bargaining Power in the Repo Market	PDF [559 kB]
2011-13	Kaufmann Sylvia: K-state switching models with endogenous transition distributions	PDF [2.2 mB]
2011-12	Jürg Mägerle and Thomas Nellen: Interoperability between central counterparties	PDF [363 kB]
2011-11	Massimiliano Caporin, Angelo Ranaldo and Paolo Santucci de Magistris: On the Predictability of Stock Prices: a Case for High and Low Prices	PDF [446 kB]
2011-10	Raphael A. Auer and Philip Sauré: Spatial Competition in Quality, Demand-Induced Innovation, and Schumpeterian Growth	PDF [814 kB]
2011-09	Raphael A. Auer, Kathrin Degen and Andreas M. Fischer: Low-Wage Import Competition, Inflationary Pressure, and Industry Dynamics in Europe	PDF [756 kB]
2011-08	Iva Cecchin: Mortgage Rate Pass-Through in Switzerland	PDF [524 kB]
2011-07	Daniel Kaufmann and Sarah Lein: Sectoral Inflation Dynamics, Idiosyncratic Shocks and Monetary Policy	PDF [636 kB]
2011-06	Pamela Hall: Is there any evidence of a Greenspan put?	PDF [491 kB]
2011-05	Basil Guggenheim, Sébastien Kraenzlin and Silvio Schumacher: Exploring an uncharted market: Evidence on the unsecured Swiss franc money market	PDF [673 kB]
2011-04	Francis Breedon and Angelo Ranaldo: Intraday patterns in FX returns and order flow	PDF [603 kB]
2011-03	Victoria Galsband and Thomas Nitschka: Foreign currency returns and systematic risks	PDF [228 kB]
2011-02	Martin Brown, Karolin Kirschenmann and Steven Ongena: Foreign Currency Loans – Demand or Supply Driven?	PDF [461 kB]
2011-01	Thorsten Beck and Martin Brown: Which Households Use Banks? Evidence from the Transition Economies	PDF [463 kB]


2010-19	Jean-Pierre Danthine and John B. Donaldson: Executive Compensation: A General Equilibrium Perspective	PDF [490 kB]
2010-18	Raphael Auer: Are Imports from Rich Nations Deskilling Emerging Economies? Human Capital and the Dynamic Effects of Trade	PDF [2.2 MB]
2010-17	Andreas M. Fischer: Immigration and large banknotes	PDF [468 kB]
2010-16	Kathrin Degen and Andreas M. Fischer: Immigration and Swiss House Prices	PDF [1.8 MB]
2010-15	Jean-Marc Natal: Monetary Policy Response to Oil Price Shocks	PDF [632 kB]
2010-14	Tommaso Mancini Griffoli and Angelo Ranaldo: Limits to arbitrage during the crisis: funding liquidity constraints and covered interest parity	PDF [599 kB]
2010-13	Raphael Auer: Consumer Heterogeneity and the Impact of Trade Liberalization: How Representative is the Representative Agent Framework?	PDF [797 kB]
2010-12	Petra Gerlach-Kristen and Barbara Rudolf: Macroeconomic and interest rate volatility under alternative monetary operation procedures	PDF [523 kB]
2010-11	Thomas Nitschka: Momentum in stock market returns: Implications for risk premia foreign currencies	PDF [838 kB]
2010-10	Jean-Pierre Danthine and André Kurmann: The Business Cycle Implications of Reciprocity in Labor Relations	PDF [581 kB]
2010-09	Martin Brown, Steven Ongena, Alexander Popov and Pinar Yesin: Who Needs Credit and Who Gets Credit in Eastern Europe?	PDF [710 kB]
2010-08	Elizabeth Steiner: Estimating a stock-flow model for the Swiss housing market	PDF [405 kB]
2010-07	Philip Sauré: Overreporting Oil Reserves	PDF [958 kB]
2010-06	Sébastien Kraenzlin and Thomas Nellen: Daytime is money	PDF [252 kB]
2010-05	Pierre Monnin and Terhi Jokipii: The Impact of Banking Sector Stability on the Real Economy	PDF [333 kB]
2010-04	Samuel Reynard and Andreas Schabert: Modeling Monetary Policy	PDF [615 kB]
2010-03	Loriano Mancini, Angelo Ranaldo and Jan Wrampelmeyer: Liquidity in the Foreign Exchange Market: Measurement, Commonality, and Risk Premiums	PDF [1 MB]
2010-02	Daniel Kaufmann: The Timing of Price Changes and the Role of Heterogeneity	PDF [457 kB]
2010-01	Charlotte Christiansen, Angelo Ranaldo and Paul Söderlind: The Time-Varying Systematic Risk of Carry Trade Strategies	PDF [467 kB]


2009-16	Carlos Lenz and Marcel R. Savioz: Monetary determinants of the Swiss franc	PDF [2.9 MB]
2009-15	Martin Schlegel and Sébastien Kraenzlin: Demand for Reserves and the Central Bank’s Management of Interest Rates	PDF [399 kB]
2009-14	Sébastien Kraenzlin and Martin Schlegel: Bidding Behavior in the SNB’s Repo Auctions	PDF [827 kB]
2009-13	Barbara Rudolf and Mathias Zurlinden: Productivity and economic growth in Switzerland 1991-2005	PDF [302 kB]
2009-12	Philip Sauré and Hosny Zoabi: Effects of Trade on Female Labor Force Participation	PDF [465 kB]
2009-11	Nicole Allenspach: Banking and Transparency: Is More Information Always Better?	PDF [616 kB]
2009-10	Philip Sauré: Bounded Love of Variety and Patterns of Trade	PDF [721 kB]
2009-9	Terhi Jokipii and Alistair Milne: Bank Capital Buffer and Risk Adjustment Decisions	PDF [588 kB]
2009-8	Christian Hott: Banks and Real Estate Prices	PDF [593 kB]
2009-7	Philipp Haene and Andy Sturm: Optimal Central Counterparty Risk Management	PDF [506 kB]
2009-6	Sarah M. Lein and Eva Köberl: Capacity Utilisation, Constraints and Price Adjustments under the Microscope	PDF [701 kB]
2009-5	Christian Hott: Explaining House Price Fluctuations	PDF [561 kB]
2009-4	Paul Söderlind: Inflation Risk Premia and Survey Evidence on Macroeconomic Uncertainty	PDF [268 kB]
2009-3	Matteo Bonato, Massimiliano Caporin and Angelo Ranaldo: Forecasting realized (co)variances with a block structure Wishart autoregressive model	PDF [1.8 MB]
2009-2	Martin Brown, Steven Ongena and Pinar Yesin: Foreign Currency Borrowing by Small Firms	PDF [465 kB]
2009-1	Thomas Bolli and Mathias Zurlinden: Measurement of labor quality growth caused by unobservable characteristics	PDF [304 kB]


2008-19	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	PDF [274 kB]
2008-18	Raphael Auer and Andreas M. Fischer: The Effect of Low-Wage Import Competition on U.S. Inflationary Pressure	PDF [781 kB]
2008-17	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	PDF [216 kB]
2008-16	Katrin Assenmacher-Wesche and Stefan Gerlach: Financial Structure and the Impact of Monetary Policy on Asset Prices	PDF [774 kB]
2008-15	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	PDF [521 kB]
2008-14	Samuel Reynard: What Drives the Swiss Franc?	PDF [338 kB]
2008-13	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	PDF [419 kB]
2008-12	Philip Sauré: How to Use Industrial Policy to Sustain Trade	PDF [485 kB]
2008-11	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	PDF [679 kB]
2008-10	Charlotte Christiansen and Angelo Ranaldo: Extreme Coexceedances in New EU Member States’ Stock Markets Forthcoming in: Journal of Banking and Finance	PDF [444 kB]
2008-9	Andreas M. Fischer and Angelo Ranaldo: Does FOMC News Increase Global FX Trading?	PDF [322 kB]
2008-8	Raphael Auer: The Colonial and Geographic Origins of Comparative Development	PDF [564 kB]
2008-7	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	PDF [9.1 MB]
2008-6	Raphael Auer and Thomas Chaney: Cost Pass Through in a Competitive Model of Pricing-to-Market Forthcoming in: Journal of Money, Credit and Banking	PDF [470 kB]
2008-5	Marlene Amstad and Andreas M. Fischer: Are Weekly Inflation Forecasts Informative? Forthcoming in: Oxford Bulletin of Economics and Statistics	PDF [353 kB]
2008-4	Maria Clara Rueda Maurer: Foreign bank entry, institutional development and credit access: firm-level evidence from 22 transition countries	PDF [272 kB]
2008-3	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	PDF [1.9 MB]
2008-2	Yvan Lengwiler and Carlos Lenz: Intelligible Factors for the Yield Curve	PDF [4.8 MB]
2008-1	Martin Brown and Christian Zehnder: The Emergence of Information Sharing in Credit Markets Published in: Journal of Financial Intermediation 19, 2010: 255-278	PDF [991 kB]


2007-17	Angelo Ranaldo and Paul Söderlind: Safe Haven Currencies	PDF [1.3 MB]
2007-16	Andreas M. Fischer, Matthias Lutz and Manuel Wälti: Who Prices Locally? Survey Evidence of Swiss Exporters	PDF [292 kB]
2007-15	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	PDF [491 kB]
2007-14	Jean-Marc Natal and Nicolas Stoffels: Globalization, markups and the natural rate of interest	PDF [660 kB]
2007-13	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	PDF [275 kB]
2007-12	Lukas Burkhard and Andreas M. Fischer: Communicating Policy Options at the Zero Bound Forthcoming in: Journal of International Money and Finance	PDF [580 kB]
2007-11	Angelo Ranaldo and Enzo Rossi: The reaction of asset markets to Swiss National Bank communication Forthcoming in: Journal of International Money and Finance	PDF [272 kB]
2007-10	Franziska Bignasca and Enzo Rossi: Applying the Hirose-Kamada filter to Swiss data: Output gap and exchange rate pass-through estimates	PDF [361 kB]
2007-9	Raphael Auer: The Colonial Origins Of Comparative Development: Comment. A Solution to the Settler Mortality Debate	PDF [658 kB]
2007-8	Hans-Jürg Büttler: An Orthogonal Polynomial Approach to Estimate the Term Structure of Interest Rates	PDF [436 kB]
2007-7	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	PDF [312 kB]
2007-6	Rina Rosenblatt-Wisch: Loss Aversion in Aggregate Macroeconomic Time Series Forthcoming in: European Economic Review	PDF [339 kB]
2007-5	Samuel Reynard: Maintaining Low Inflation: Money, Interest Rates, and Policy Stance Published in: Journal of Monetary Economics 54(5), July 2007: 1441-1471	PDF [527 kB]
2007-4	Jürg M. Blum: Why 'Basel II' May Need a Leverage Ratio Restriction Published in: Journal of Banking and Finance 32, 2008: 1699-1707	PDF [332 kB]
2007-3	Angelo Ranaldo: Segmentation and Time-of-Day Patterns in Foreign Exchange Markets	PDF [356 kB]
2007-2	Ibrahim Chowdhury and Andreas Schabert: Federal Reserve Policy viewed through a Money Supply Lens Published in: Journal of Monetary Economics 55, 2008: 825-834	PDF [311 kB]
2007-1	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	PDF [160 kB]


2006-11	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	PDF [698 kB]
2006-10	Kevin J. Fox and Mathias Zurlinden: On Understanding Sources of Growth and Output Gaps for Switzerland	PDF [289 kB]
2006-9	Petra Gerlach-Kristen: A Two-Pillar Phillips Curve for Switzerland Published in: Swiss Journal of Economics and Statistics 143, 2006: 425-448	PDF [343 kB]
2006-8	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	PDF [307 kB]
2006-7	Samuel Reynard: Money and the Great Disinflation	PDF [560 kB]
2006-6	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	PDF [497 kB]
2006-5	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	PDF [323 kB]
2006-4	Hansjörg Lehmann and Michael Manz: The Exposure of Swiss Banks to Macroeconomic Shocks – an Empirical Investigation	PDF [319 kB]
2006-3	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	PDF [658 kB]
2006-2	Charlotte Christiansen and Angelo Ranaldo: Realized Bond-Stock Correlation: Macroeconomic Announcement Effects Published in: Journal of Futures Markets 27(5), 2007: 439-469	PDF [1.1 MB]
2006-1	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	PDF [753 kB]


2005-2	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	PDF [555 kB]
2005-1	Hasan Bakhshi, Hashmat Khan and Barbara Rudolf: The Phillips curve under state-dependent pricing Published in: Journal of Monetary Economics	PDF [355 kB]


2004-2	Urs W. Birchler and Diana Hancock: What Does the Yield on Subordinated Bank Debt Measure?	PDF [1 MB]
2004-1	Samuel Reynard: Financial Market Participation and the Apparent Instability of Money Demand Published in: Journal of Monetary Economics 51(6), September 2004: 1297-1317	PDF [352 kB]