<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>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.</p>
</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.

Swiss National Bank: Is the Recent Loss a Threat to Monetary Policy? A Research Note<sup><xref ref-type="fn" rid="j_jcbtb-2024-0003_fn_001">1</xref></sup>

Journal of Central Banking Theory and Practice

This work is licensed under the Creative Commons Attribution 4.0 International License.

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

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...

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

Published Online: Jan 13, 2024

Page range: 43 - 55

Received: Feb 03, 2023

Accepted: May 15, 2023

DOI: https://doi.org/10.2478/jcbtp-2024-0003

Keywords
Swiss National Bank, central bank, monetary policy, intervention

© 2024 Vanessa Kämpf et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

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

Published Online: Jan 13, 2024

Page range: 43 - 55

Received: Feb 03, 2023

Accepted: May 15, 2023

DOI: https://doi.org/10.2478/jcbtp-2024-0003

KeywordsSwiss National Bank, central bank, monetary policy, intervention

© 2024 Vanessa Kämpf et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

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

Keywords
Swiss National Bank, central bank, monetary policy, intervention