https://www.snb.ch/it/the-snb/mandates-goals/research Negli SNB Working Papers sono presentati i risultati delle ricerche in corso, con l'obiettivo di suscitare commenti e stimolare il dibattito. Le opinioni espresse negli articoli sono quelle degli autori e non rispecchiano necessariamente i punti di vista della Banca nazionale svizzera. Gli SNB Economic Studies trattano temi economici e finanziari legati ai compiti della Banca nazionale svizzera. Le analisi e le conclusioni espresse negli articoli sono quelle degli autori. Il fatto che siano pubblicate dalla Banca nazionale svizzera non implica necessariamente che quest'ultima le condivida. BNS 2026-07-16T12:29:57Z Copyright © Banca nazionale svizzera, Zurigo (Svizzera) 2026 2026-07-16T12:29:57Z https://www.snb.ch/it/srv/disclaimer https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_09 https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_09 CIP violations as functional components of the dynamic cross-currency basis curve 2026-07-08T22:00:00Z BNS Covered interest parity FX swaps Cross-currency basis Limits to arbitrage US dollar funding CIP violations as functional components of the dynamic cross-currency basis curve https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_09 David Borner David Borner Heiko Sorg Heiko Sorg David Borner and Heiko Sorg 2026 SNB Working Papers 2026-09 F31 G15 G2 2026-07-08T22:00:00Z it https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_08 https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_08 Forecasts, nowcasts and monetary policy lags 2026-07-07T22:00:00Z BNS Information frictions State-dependent pricing Monetary policy lags Forecasts, nowcasts and monetary policy lags https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_08 Diego M. Hager Diego M. Hager Samuel Reynard Samuel Reynard Diego M. Hager and Samuel Reynard 2026 SNB Working Papers 2026-08 E31 E52 D84 2026-07-07T22:00:00Z it https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_07 https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_07 Economy-wide capacity utilisation rate: Methodological framework and application to Swiss data 2026-07-06T22:00:00Z BNS Capacity utilisation Business cycle indicator Aggregation Switzerland Economy-wide capacity utilisation rate: Methodological framework and application to Swiss data https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_07 Andreas Bachmann Andreas Bachmann Elizabeth Steiner Elizabeth Steiner Andreas Bachmann and Elizabeth Steiner 2026 SNB Working Papers 2026-07 E22 E30 C43 2026-07-06T22:00:00Z it https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_06 https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_06 Central bank communication: New data and stylized facts from a century of Fed speeches 2026-06-21T22:00:00Z BNS Federal Reserve System Central bank communication Content analysis Language complexity Central bank communication: New data and stylized facts from a century of Fed speeches https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_06 Thomas Lustenberger Thomas Lustenberger Enzo Rossi Enzo Rossi Anna Zeitz Anna Zeitz Thomas Lustenberger, Enzo Rossi and Anna Zeitz 2026 SNB Working Papers 2026-06 E52 E58 D83 2026-06-21T22:00:00Z it https://www.snb.ch/it/publications/research/economic-notes/2026/economic_note_2026_05 https://www.snb.ch/it/publications/research/economic-notes/2026/economic_note_2026_05 Jüngste Entwicklungen am Franken-Anleihenmarkt 2026-05-20T22:00:00Z BNS Kapitalmarkt Franken-Anleihenmarkt Jüngste Entwicklungen am Franken-Anleihenmarkt https://www.snb.ch/it/publications/research/economic-notes/2026/economic_note_2026_05 Dirk Faltin Dirk Faltin Simon Hänni Simon Hänni Dirk Faltin and Simon Hänni 2026 SNB Economic Studies 2026-05 2026-05-20T22:00:00Z it https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_05 https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_05 Dollar dominance: A source of dollar volatility? 2026-05-12T22:00:00Z BNS Dollar dominance Volatility Foreign exchange markets High-frequency trading Dollar dominance: A source of dollar volatility? https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_05 Cara Bordier Cara Bordier Lukas Frei Lukas Frei Simon Stalder Simon Stalder Cara Bordier, Lukas Frei and Simon Stalder 2026 SNB Working Papers 2026-05 F31 G12 G14 G15 2026-05-12T22:00:00Z it https://www.snb.ch/it/publications/research/economic-notes/2026/economic_note_2026_04 https://www.snb.ch/it/publications/research/economic-notes/2026/economic_note_2026_04 Implementing monetary policy with repos and SNB Bills 2026-04-22T22:00:00Z BNS SNB Monetary policy implementation Interest rate steering Repos SNB Bills Implementing monetary policy with repos and SNB Bills https://www.snb.ch/it/publications/research/economic-notes/2026/economic_note_2026_04 Damien Klossner Damien Klossner Christian Myohl Christian Myohl Sabrina Stadelmann Sabrina Stadelmann Damien Klossner, Christian Myohl and Sabrina Stadelmann 2026 SNB Economic Studies 2026-04 2026-04-22T22:00:00Z it https://www.snb.ch/it/publications/research/economic-notes/2026/economic_note_2026_03 https://www.snb.ch/it/publications/research/economic-notes/2026/economic_note_2026_03 Uniformity of money - new challenges and lessons from the past 2026-04-01T22:00:00Z BNS Uniformity Singleness Money Digital money Stablecoins Central banks Regulation Trust Settlement Convertibility Cash Uniformity of money - new challenges and lessons from the past https://www.snb.ch/it/publications/research/economic-notes/2026/economic_note_2026_03 Severin Bernhard Severin Bernhard Philipp Haene Philipp Haene Severin Bernhard and Philipp Haene 2026 SNB Economic Studies 2026-03 2026-04-01T22:00:00Z it https://www.snb.ch/it/publications/research/economic-notes/2026/economic_note_2026_02 https://www.snb.ch/it/publications/research/economic-notes/2026/economic_note_2026_02 How resilient are decentralised markets? Insights from a CME outage into FX market functioning 2026-02-22T23:00:00Z BNS Market structure Foreign exchange Decentralised markets Price discovery Market outage How resilient are decentralised markets? Insights from a CME outage into FX market functioning https://www.snb.ch/it/publications/research/economic-notes/2026/economic_note_2026_02 Vincent Barthe Vincent Barthe Lukas Frei Lukas Frei Thomas Maag Thomas Maag Vincent Barthe, Lukas Frei and Thomas Maag 2026 SNB Economic Studies 2026-02 2026-02-22T23:00:00Z it https://www.snb.ch/it/publications/research/economic-notes/2026/economic_note_2026_01 https://www.snb.ch/it/publications/research/economic-notes/2026/economic_note_2026_01 NEOS - A timely indicator for economic outlook based on Swiss newspaper articles 2026-02-19T23:00:00Z BNS Sentiment analysis Economic outlook Forecasting Big data Large language models Natural language processing Neural networks NEOS - A timely indicator for economic outlook based on Swiss newspaper articles https://www.snb.ch/it/publications/research/economic-notes/2026/economic_note_2026_01 Elliot Beck Elliot Beck Franziska Eckert Franziska Eckert Linus Kühne Linus Kühne Helge Liebert Helge Liebert Rina Rosenblatt-Wisch Rina Rosenblatt-Wisch Elliot Beck, Franziska Eckert, Linus Kühne, Helge Liebert and Rina Rosenblatt-Wisch 2026 SNB Economic Studies 2026-01 2026-02-19T23:00:00Z it https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_04 https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_04 Measuring economic outlook in the news 2026-02-17T23:00:00Z BNS Sentiment analysis Economic outlook Forecasting Big data Large language models Natural language processing Neural networks Measuring economic outlook in the news https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_04 Elliot Beck Elliot Beck Franziska Eckert Franziska Eckert Linus Kühne Linus Kühne Helge Liebert Helge Liebert Rina Rosenblatt-Wisch Rina Rosenblatt-Wisch Elliot Beck, Franziska Eckert, Linus Kühne, Helge Liebert and Rina Rosenblatt-Wisch 2026 SNB Working Papers 2026-04 E66 C45 C55 2026-02-17T23:00:00Z it https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_03 https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_03 Central Bank Digital Currency and Gresham's law: An experimental analysis 2026-01-22T23:00:00Z BNS Central Bank Digital Currency Gresham's law Laboratory experiment Central Bank Digital Currency and Gresham's law: An experimental analysis https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_03 Romain Baeriswyl Romain Baeriswyl Kene Boun My Kene Boun My Camille Cornand Camille Cornand Romain Baeriswyl, Kene Boun My and Camille Cornand 2026 SNB Working Papers 2026-03 E52 E58 2026-01-22T23:00:00Z it https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_02 https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_02 From listings to all-tenant rents: A probabilistic model 2026-01-21T23:00:00Z BNS Asking rents Rent indices Duration model Shelter inflation From listings to all-tenant rents: A probabilistic model https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_02 Emanuel Nussli Emanuel Nussli Rachel Arulraj-Cordonier Rachel Arulraj-Cordonier Flurina Strasser Flurina Strasser Marko Nanut Petrič Marko Nanut Petrič Morten Bech Morten Bech Antonio Pipino Antonio Pipino Emanuel Nussli, Rachel Arulraj-Cordonier, Flurina Strasser, Marko Nanut Petrič, Morten Bech and Antonio Pipino 2026 SNB Working Papers 2026-02 R31 E31 E37 2026-01-21T23:00:00Z it https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_01 https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_01 Heterogeneous effects of monetary policy surprises on bond fund flows 2026-01-12T23:00:00Z BNS NBFIs Bond funds Monetary policy surprises Cross-border spillovers Heterogeneous effects of monetary policy surprises on bond fund flows https://www.snb.ch/it/publications/research/working-papers/2026/working_paper_2026_01 Sébastien Blanco Sébastien Blanco Miriam Koomen Miriam Koomen Pinar Yesin Pinar Yesin Sébastien Blanco, Miriam Koomen and Pinar Yesin 2026 SNB Working Papers 2026-01 G23 E52 E44 2026-01-12T23:00:00Z it https://www.snb.ch/it/publications/research/economic-notes/2025/economic_note_2025_14 The SNB implements its monetary policy by using several instruments, including repurchase agreement (repo) transactions. The SNB conducted test repo transactions involving tokenised assets and wholesale central bank digital currency. These so-called digital repos were settled on a distributed ledger technology (DLT) infrastructure. The tests revealed that settlement of repos on a DLT-based infrastructure is feasible, and provided insights into the corresponding challenges. Specifically, integrating a DLT-based infrastructure into today's money market as in the test setup presents challenges related to market fragmentation, the need for enhanced collateral management capabilities, and the harmonisation of communication standards. https://www.snb.ch/it/publications/research/economic-notes/2025/economic_note_2025_14 How can repurchase agreements be settled on a distributed ledger? Insights from the Helvetia pilot 2025-12-17T23:00:00Z BNS Swiss National Bank Repo market Distributed ledger technology Tokenised assets Wholesale central bank digital currency How can repurchase agreements be settled on a distributed ledger? Insights from the Helvetia pilot https://www.snb.ch/it/publications/research/economic-notes/2025/economic_note_2025_14 The SNB implements its monetary policy by using several instruments, including repurchase agreement (repo) transactions. The SNB conducted test repo transactions involving tokenised assets and wholesale central bank digital currency. These so-called digital repos were settled on a distributed ledger technology (DLT) infrastructure. The tests revealed that settlement of repos on a DLT-based infrastructure is feasible, and provided insights into the corresponding challenges. Specifically, integrating a DLT-based infrastructure into today's money market as in the test setup presents challenges related to market fragmentation, the need for enhanced collateral management capabilities, and the harmonisation of communication standards. Florian Böser Florian Böser Rebecca Gerosa Rebecca Gerosa Florian Böser and Rebecca Gerosa 2025 SNB Economic Studies 2025-14 2025-12-17T23:00:00Z it https://www.snb.ch/it/publications/research/working-papers/2025/working_paper_2025_18 In this paper, we analyze the effects of the introduction of the liquidity coverage ratio (LCR) on banks' funding behavior. We use changes in regulatory liquidity requirements in Switzerland as a natural experiment. Using data for the period before and after the LCR was applied for all banks in Switzerland, our dataset allows us to analyze how the introduction of the LCR affects the banks' funding structure. Our results show that the LCR had its intended effects as banks reduced their exposure to short-term funding. At the same time, we find evidence for optimization of the LCR by banks. Banks optimize their LCR by extending the maturities of liabilities slightly over 30 days, which leads to an improvement in the LCR by 10 percentage points on average. Our results imply that it makes sense to complement the 30-day LCR with longer-term liquidity requirements to reduce cliff risks. https://www.snb.ch/it/publications/research/working-papers/2025/working_paper_2025_18 LCR optimization by banks: Evidence from changes in liquidity requirements in Switzerland 2025-12-17T23:00:00Z BNS Regulatory arbitrage Liquidity regulation Contractual maturity mismatches Funding structure LCR optimization by banks: Evidence from changes in liquidity requirements in Switzerland https://www.snb.ch/it/publications/research/working-papers/2025/working_paper_2025_18 In this paper, we analyze the effects of the introduction of the liquidity coverage ratio (LCR) on banks' funding behavior. We use changes in regulatory liquidity requirements in Switzerland as a natural experiment. Using data for the period before and after the LCR was applied for all banks in Switzerland, our dataset allows us to analyze how the introduction of the LCR affects the banks' funding structure. Our results show that the LCR had its intended effects as banks reduced their exposure to short-term funding. At the same time, we find evidence for optimization of the LCR by banks. Banks optimize their LCR by extending the maturities of liabilities slightly over 30 days, which leads to an improvement in the LCR by 10 percentage points on average. Our results imply that it makes sense to complement the 30-day LCR with longer-term liquidity requirements to reduce cliff risks. Marc Blatter Marc Blatter Joséphine Molleyres Joséphine Molleyres Marc Blatter and Joséphine Molleyres 2025 SNB Working Papers 2025-18 G21 G28 2025-12-17T23:00:00Z it https://www.snb.ch/it/publications/research/working-papers/2025/working_paper_2025_17 This paper investigates the interaction between the rise of inelastic intermediaries, e.g. mutual funds and exchange traded funds (ETFs), and exchange rate dynamics. By leveraging regulatory microdata on the universe of mutual funds domiciled in Switzerland, we first document the remarkable rise of the market share of this industry. Mutual funds went from holding 5% of domestic currency fixed income instruments in 2005 to 51% in 2024. We show that these intermediaries have strict mandates and trade only when faced with in(out)-flows. This makes the market more price-inelastic on aggregate in response to asset demand shocks. We develop an analytical model that we bring to the microdata. We find that (i) an inflow into domestic mutual funds with a large portfolio weight on the domestic currency appreciates it and (ii) the reduced aggregate elasticity makes the exchange rate more sensitive to capital flows. Finally, using a weekly panel of five advanced economies, we document the external validity of this mechanism. We show that the currencies whose markets see a higher prevalence of inelastic intermediaries react significantly more strongly to capital inflows. https://www.snb.ch/it/publications/research/working-papers/2025/working_paper_2025_17 The rise of inelastic intermediaries and exchange rate dynamics 2025-12-16T23:00:00Z BNS Inelastic intermediaries Mutual funds Exchange rate dynamics Capital flows The rise of inelastic intermediaries and exchange rate dynamics https://www.snb.ch/it/publications/research/working-papers/2025/working_paper_2025_17 This paper investigates the interaction between the rise of inelastic intermediaries, e.g. mutual funds and exchange traded funds (ETFs), and exchange rate dynamics. By leveraging regulatory microdata on the universe of mutual funds domiciled in Switzerland, we first document the remarkable rise of the market share of this industry. Mutual funds went from holding 5% of domestic currency fixed income instruments in 2005 to 51% in 2024. We show that these intermediaries have strict mandates and trade only when faced with in(out)-flows. This makes the market more price-inelastic on aggregate in response to asset demand shocks. We develop an analytical model that we bring to the microdata. We find that (i) an inflow into domestic mutual funds with a large portfolio weight on the domestic currency appreciates it and (ii) the reduced aggregate elasticity makes the exchange rate more sensitive to capital flows. Finally, using a weekly panel of five advanced economies, we document the external validity of this mechanism. We show that the currencies whose markets see a higher prevalence of inelastic intermediaries react significantly more strongly to capital inflows. Johannes Eugster Johannes Eugster Giovanni Rosso Giovanni Rosso Pinar Yesin Pinar Yesin Johannes Eugster, Giovanni Rosso and Pinar Yesin 2025 SNB Working Papers 2025-17 F31 G23 G15 F21 E44 2025-12-16T23:00:00Z it https://www.snb.ch/it/publications/research/economic-notes/2025/economic_note_2025_13 The Swiss credit market environment has changed significantly since 2022. Interest rates have risen for the first time in 15 years, UBS has acquired Credit Suisse, and regulatory requirements have been tightened. The latter includes the introduction of the "Basel III Final" banking regulation and more stringent liquidity requirements for systemically important banks. Despite these changes, credit volumes have increased robustly in Switzerland, and bank lending has adjusted to both the tightening and subsequent loosening of monetary policy, as expected. https://www.snb.ch/it/publications/research/economic-notes/2025/economic_note_2025_13 Robust bank lending in a changing credit market environment 2025-11-12T23:00:00Z BNS Bank lending Regulatory requirements Banks' funding costs Robust bank lending in a changing credit market environment https://www.snb.ch/it/publications/research/economic-notes/2025/economic_note_2025_13 The Swiss credit market environment has changed significantly since 2022. Interest rates have risen for the first time in 15 years, UBS has acquired Credit Suisse, and regulatory requirements have been tightened. The latter includes the introduction of the "Basel III Final" banking regulation and more stringent liquidity requirements for systemically important banks. Despite these changes, credit volumes have increased robustly in Switzerland, and bank lending has adjusted to both the tightening and subsequent loosening of monetary policy, as expected. Romain Baeriswyl Romain Baeriswyl Andreas Freitag Andreas Freitag Maja Ganarin Maja Ganarin Romain Baeriswyl, Andreas Freitag and Maja Ganarin 2025 SNB Economic Studies 2025-13 2025-11-12T23:00:00Z it https://www.snb.ch/it/publications/research/economic-notes/2025/economic_note_2025_12 Indicators based on money in the hands of the public have fallen somewhat out of fashion for monetary policy analysis. The reason is the instability of money demand that was observed in many advanced economies in the 1990s and 2000s. In this note, I show that a careful assessment of monetary developments can still be informative about potential medium-term inflationary pressures in Switzerland. https://www.snb.ch/it/publications/research/economic-notes/2025/economic_note_2025_12 Is the quantity of money informative for future inflation? The Swiss case 2025-11-02T23:00:00Z BNS Money Inflation Monetary policy Is the quantity of money informative for future inflation? The Swiss case https://www.snb.ch/it/publications/research/economic-notes/2025/economic_note_2025_12 Indicators based on money in the hands of the public have fallen somewhat out of fashion for monetary policy analysis. The reason is the instability of money demand that was observed in many advanced economies in the 1990s and 2000s. In this note, I show that a careful assessment of monetary developments can still be informative about potential medium-term inflationary pressures in Switzerland. Samuel Reynard Samuel Reynard Samuel Reynard 2025 SNB Economic Studies 2025-12 2025-11-02T23:00:00Z it https://www.snb.ch/it/publications/research/economic-notes/2025/economic_note_2025_11 Uniformity of money is a topic that has gained increasing attention with the emergence of new forms of digital money. It describes the principle that different forms of money in the same currency are used and traded at par, i.e., at the same value. This economic note shows why uniformity of money is important for central banks and what factors underpin it. The note outlines measures to support these factors and finishes by introducing a layered perspective on the concept of uniformity of money. https://www.snb.ch/it/publications/research/economic-notes/2025/economic_note_2025_11 Exploring the concept of uniformity of money 2025-10-29T23:00:00Z BNS Uniformity Singleness Money Digital money Stablecoins Central banks Regulation Trust Settlement Convertibility Exploring the concept of uniformity of money https://www.snb.ch/it/publications/research/economic-notes/2025/economic_note_2025_11 Uniformity of money is a topic that has gained increasing attention with the emergence of new forms of digital money. It describes the principle that different forms of money in the same currency are used and traded at par, i.e., at the same value. This economic note shows why uniformity of money is important for central banks and what factors underpin it. The note outlines measures to support these factors and finishes by introducing a layered perspective on the concept of uniformity of money. Severin Bernhard Severin Bernhard Philipp Haene Philipp Haene Severin Bernhard and Philipp Haene 2025 SNB Economic Studies 2025-11 2025-10-29T23:00:00Z it