Research supports the SNB in fulfilling its mandate. The SNB bases the analyses used for its policy decisions on economic knowledge. It conducts its own research and works closely with the research community in both academic and policy circles. The SNB Research Report provides an overview of the SNB’s research activities during the previous year. It details both completed and ongoing research as well as the activities supporting research.
Key points
- 2025 was a productive year for the SNB on the research front.
- The SNB released 20 papers in its own academic publication series. There were also 14 SNB Economic Notes, which are short contributions aimed at the general public.
- In terms of completed research, SNB staff published 21 articles in academic journals. Several articles drew on Swiss data, some of which developed new economic indicators.
- The reporting year was also active in terms of ongoing research. SNB researchers published 30 working papers. As with completed research, ongoing research applied new methods on Swiss data.
- Research-supporting activities included seminars, research visits as well as the organisation of research conferences.
SNB publication series
The SNB releases some of the research output of its staff in its own publication series. SNB Working Papers are drafts that have been reviewed by an internal editorial board; they precede a publication in a scientific journal. SNB Economic Studies are instead final publications that cover economic and financial subjects related to the SNB’s tasks, typically with a focus on Switzerland. Since 2024 the SNB also publishes SNB Economic Notes, which are short contributions. In the year under review, the Notes discussed bank lending, gold prices, money and digital assets, among other topical issues.
“By making our research output publicly available, we enhance transparency. Publishing our research also helps clarify the basis for our policy actions. Our own publication series illustrate the breadth of our research efforts.”
Martin Schlegel, President of the Governing Board of the Swiss National Bank
Completed research
Completed research includes articles published in peer-reviewed journals. It also entails contributions to books and dissertations. Published work covers only part of the research undertaken by SNB staff.
Completed research in 2025
In the reporting year, the formation of interest rates was a research focus. Several published articles also focused on the exchange rate and its effects for Switzerland, while others covered trade tariffs and global value chains. The vast majority of articles employed empirical methods. Almost half of the articles relied on Swiss data – some of them developing new economic indicators for the country. The quality of completed research continued to improve in 2025, based on internal metrics.
The natural rate of interest in Switzerland
In 2025, the SNB published the portfolio of models it uses to estimate the natural rate of interest for Switzerland. The indicator is the rate that would prevail in the absence of business cycle fluctuations and with stable inflation. It provides a relevant piece of information for policy since it shapes monetary conditions. The authors of the corresponding SNB Economic Study show that the natural rate is overall lower in Switzerland than abroad.
Ongoing research and support activities
Ongoing research encompasses work at intermediate stages, such as the publication of working papers or presentations. As for completed research, ongoing research applied new methods to Swiss data. A particular emphasis was placed on the exchange rate, with applications in international and financial economics. In 2025, SNB researchers gave a total of 117 presentations. The SNB also actively organised five conferences and was involved in four others. Conferences organised by the SNB included research presentations and discussions about monetary policy, uncertainty, digital assets and globalisation.